Condo resale prices up 0.8% in November

New projects delays and homeowners cashing in on the housing boom drove up sales.

Condo resale prices rose for the 16th consecutive month in November, registering a 0.8% month-on-month, according to the latest data from the SRX and 99.co. 

Prices in the core central region (CCR), rest of central region (RCR), and outside of central region (OCR) inched up by 0.3%, 0.6% and 1%, respectively in November.

Compared to November 2020, overall prices rose by 9.3%, with prices in the CCR, RCR, and OCR climbing by 8.6%, 8.8%, and 9.9%, respectively.

Volume-wise, an estimated 1,636 units were resold in November, 2.4% higher than the 1,598 units resold the month prior.
 
The number of units resold was also 21.8% higher than in November 2020, and 67.5% higher than the 5-year average volumes for the month of November.

Sales may have improved after safe management measures were eased in November, following Singapore’s overall infection numbers and hospital situation stabilised, according to OrangeTee & Tie’s Christine Sun. 

“Moreover, many homeowners are cashing in on the housing boom. A number of investors, landlords and owner-occupiers have sold their condominiums in recent months since their house values have increased and there are many potential buyers in the market,” Sun noted.

Another reason for the sales boom may be due to demand from young married couples following construction delays in new projects. 

“Therefore, some young married couples have settled for more affordable condominiums in the suburbs. People prefer resale homes as they are larger but cheaper than new homes,” Sun said.

By region, 58.5% of the volumes are from OCR, 26.1% from RCR and 15.4% from CCR; with the highest transacted price for a resale unit achieved by a condo unit at Alba, which was sold for $26.4m.
 
In RCR, the highest transacted price is a unit at Aalto resold for $11.5m; whilst a $3.6m unit at The Vision in the OCR was resold for $3.6m.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Expert counters call for petrol tax holiday
The KPMG analyst said it’s necessary to retain petrol and diesel taxes.   An expert from KPMG countered calls for a petrol tax holiday amidst rising fuel costs.
Economy
Global minimum tax implementation likely to be delayed until 2024
The expected push back is amidst recent developments in Europe.   The implementation of the global minimum tax of 15% by 2023 might be delayed until 2024, according to an expert from KPMG.   KPMG Partner Mark Addy said the pushback will likely be due to the recent developments in Europe – hitting record inflation, the ongoing Russia-Ukraine conflict, and more.   Addy, however, said the implementation will not be delayed beyond 2024 given the very strong momentum for the global minimum tax.
Economy