Baseline price of mass market condominium to exceed $2,000 psf in 2023

Overall, residential prices will increase by 7% next year.

Real estate expert, Savills, projects price per square foot (psf) baseline of mass market condominiums will go above $2,000 in 2023.

“The S$2,000 psf price crossover for highly subscribed projects like Piccadilly Grand, AMO Residences and Lentor Modern in 2022 provides empirical evidence that the the mass market could take such prices,” Savills explained.

“This brings to question whether the price psf measure is the line that potential buyers take when looking at affordability or what is deemed expensive. It also questions the cap set on affordability levels for mass market and Executive Condominiums.” Savills added.

Overall, residential prices are expected to rise 7% YoY in 2023.