Condo resale prices up 4% in December

A $19.75m unit in CCR was the most expensive condo resold in December.

Condo resale prices rose 4% in December 2024 compared to the same month in 2023, according to data from the SRX and 99.co.

Month-on-month, overall resale prices remained unchanged in December.

Prices in the central core region (CCR) saw a slight decrease of 0.2%, whilst the rest of central region (RCR) and outside central region (OCR) experienced modest increases of 0.1% and 0.5%, respectively.

Transaction volumes in December totalled 992 units, which is 2.5% lower than in November but 29.9% higher than in December 2023.

The decline can be attributed to the usual year-end slowdown, along with increased competition from the five new project launches in November, many of which saw high take-up rates, drawing potential buyers away from the secondary market.

Despite this, demand for resale properties remains strong, driven by interest in move-in-ready units, a preference for larger homes, and a growing price gap between resale units and newly launched properties.

As a result, resale prices are expected to continue rising in 2025, fuelled by an increase in new unit completions in 2024 and a potential easing of interest rates that could further strengthen demand.

Resale volumes for December were 10.1% above the five-year average for the month. Of the total transactions, 47.2% were in the OCR, 34.4% in the RCR, and 18.4% in the CCR. The percentage of sub-sale transactions, which involve secondary sales before project completion, was 7.4% in December, down from the previous month.

The highest recorded resale price for a condo in December 2024 was $19.75m for a unit at Eden Residences Capitol in the CCR. In the RCR, the highest transacted price was $10.15m for a unit at Jadescape, whilst in the OCR, the highest price was $3.52m for a unit at Kew Green.

The median capital gain for resale condos remained at $370,000 in December 2024.

District 13 (Macpherson/Potong Pasir) posted the highest median capital gain at $679,000, whilst District 1 (Boat Quay/Raffles Place/Marina) had the lowest at -$75,000.

Meanwhile, the median unlevered return for resale condos was 29.8%, with District 21 (Clementi Park/Upper Bukit Timah) posting the highest return at 48.5%, whilst District 1 saw the lowest at -4.2%.