Condominium resale prices experienced a 1.5% growth in April

Analysts from Huttons, PropNex, and Singapore Realtors Inc. (SRI), all real estate firms, noticed an increase of foreign buyers in the month. This led to the resale of condos in the core central region (CCR), or prime district, rising 23.3 percent compared to March.

The CCR was responsible for 22.8 percent of the total volume of resales, however it was far behind by suburbs (outside central region, also known as OCR) with 45.4 percent, and the remainder central region, or RCR, or city fringes, which accounted for 31.8 percent.

The prices for condos resales increased by 1.5 per cent in April after trending sideways over the last six months. This came as volumes reached an all-time high of 13 months.

The flash data that real estate portals SRX and released on May 27 showed that 1,122 condo units changed hands during the month, an increase from the 911 units that were resold in March.


The number of sales recorded during April was 17.6 percent higher than the average for the last five years.

Developers have put up a variety of properties for sale in The Residences at W Singapore Sentosa Cove and Cuscaden Reserve, which attracted buyers seeking low-cost resales properties.

The average price per square foot of the units for sale at The Residences at W Singapore Sentosa Cove was $1,789, which is nearly 40% lower than the price at which they first launched.

Singapore’s excellent living and business climate could draw high-net-worth individuals. Singapore’s stable political environment may be a significant factor in their decision to select Singapore as a place to live.

For the first four months in 2024 47 caveats were lodged for condo resale transactions by foreigners, down from 166 caveats lodged in the beginning of 2023. Of the 47, 31 were from US buyers.

A caveat, filed by the Singapore Land Authority, secures a property for the buyer.

In the short-term, he expects that home sales will continue to be driven by Singaporeans and Singapore residents.

One year after the implementation of a 60 percent additional buyer’s stamp duty for foreigners, a step up from the previous rate of 30 percent There has been an apparent increase in the number of private properties bought by foreign buyers.”

He believes that new projects launched could have also contributed to the growth in the demand for condominiums that are resold.

In addition, the higher prices of private homes that are new could have nudged potential buyers into considering older and less expensive condos that are resales in the same location. This is particularly evident in areas with more recent launches.

In the meantime, resales prices increased across all regions during the month. The RCR led gains with a 2 per cent rise, followed by the CCR with a rise of 0.3 percent. Prices in the OCR were slightly higher by 0.1 per cent.

Over the course of the year, resale prices were up 5.1 per cent. The OCR saw the largest gain of 7.2 percent and was then RCR which increased 5.2 percent, and CCR which increased only 0.2 cents.

Sub-sale transactions accounted for 9.2 percent of all secondary sales, which was up 0.1 percentage point over March.

Sub-sale sales are those that occur before the completion of a project, while secondary sale transactions include both the sub-sale and resale.

The Marq at Paterson Hill located situated in River Valley, was the most expensive condo offered for sale in April. It cost $13 million.

In the RCR, the highest transacted cost was $8.3 million for a unit located at The Peak in Queenstown, and $5.36 million for a Windy Heights unit in Kembangan in the OCR.

The median gain from resale condominiums was $337,000 in August. This is lower by $40,000 compared to the previous month.

District 10 (Tanglin & Holland) was the one with the most capital gains with the highest median at $763,000. District 1 (Boat Quay Raffles Place & Marina) had the lowest median capital gains at $2,000.



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