Bucking the trend: Two districts record soaring resale prices in May

Buyers fork out $80,000 more in one area.

Non-landed private residential property prices have continued its downward slide in May. Overall resale prices of non-landed private homes slipped by 0.3%, representing a 17-month low since December 2012.

However, two districts are going against the grain by recording the highest transaction over x-values (TOXs) in the past month. The TOX measures how much people pay compared to recent transaction prices.

A report by the Singapore Real Estate Exchange released today revealed that District 10 (Bukit Timah, Holland Road, Tanglin) posted the highest positive TOX value of $80,000 in May.

District 21 (Upper Bukit Timah, Ulu Pandan) is a far second with a TOX value of $29,000 last month.

“This means that majority of the non-landed private property buyers last month in these districts purchased their units above what other buyers who came before them paid for in similar units,” the report noted.

This is in sharp contrast to overall median TOX recorded for the past month, which stands at negative $10,000 for non-landed private resales.

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