Photo by Amos Lee on Unsplash

Selling prices for private properties grow by around 3%-5% in Q2

The strong takeup in new condo launches boosted prices during the quarter.

Average selling prices of non-landed and landed private properties grew by 4.78% QoQ and 3.53% QoQ, respectively.

According to PropertyGuru, prices were boosted by the strong uptake for new condominium launches, especially in the Rest of Central Region (RCR) which had two major launches for the quarter –- Piccadilly Grand and  Liv @ MB.

The two projects were able to sell 77% and 75% of their units during their respective weekend launches.

“This reflects the pent-up demand for attractive projects with compelling sales attributes, such as having a city fringe location and being within walking distance of MRT stations and amenities,” PropertyGuru said.

The success of Piccadilly Grand and  Liv @ MB also pushed up District 8 (Farrer Park/Serangoon Road) and 15  (East Coast/Marine Parade)  as the top performing districts for the quarter in terms of price growth.

District 8’s median asking price grew by 38.90% QoQ to $2,139 psf, whilst District 15’s rose by  15.77% QoQ to $2,012 psf.

Meanwhile, PropertyGuru also noted that the price growth of landed properties is slowing down likely because of the widening gap between buyers’ and sellers’ expectations

“The finite stock of landed homes secures its status as a highly sought-after property class. Individuals who intend to buy landed property tend to purchase once they find a suitable property at an agreeable price,” the property expert commented.

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