Local real estate market trends

The local real estate market has been glowering, and with consistent increments in terms of selling prices and volume, what trends can be extrapolated from past figures?

Private properties in prime and financial districts see keen interest

Analysts remain positive about a 7% to 10% increase in private residential prices come year-end 2018. Consumer response to developer sales remains upbeat and resale properties are also seeing residual interest as buyers compare prices of existing and new properties in the vicinity.

Rooftop, 120 Grange.

Buyer interest in the prime districts of 9 to 11 are picking up once more. The high-end property market is likely to do well this year due to the spate of en bloc deals in these districts. At least 13 such deals have been closed in this region and resale properties here are also enjoying renewed interest.

Luxury property prices have risen 5% in the first quarter of 2018, pulling ahead of increments in the mass market and mid-tier segments.

In the new mass market condominium segment, units sized between 670 and 870 sq ft are most in demand, accounting for 27% of new sales transactions last year. For the resale market, apartments between 1,140 and 1,340 sq ft accounted for 23% of transactions.

Integrated development units and landed housing rare but in demand

The landed property market also seems to grow as more private property upgraders seek bigger freehold homes. Prices in this segment have been falling in the past years and buyers are finally taking the bite before the upcoming market upturn.

Serangoon Garden Way. Picture: iProperty

Terrace houses in district 19 are particularly popular with buyers with the median selling price of $1,091 psf. For more affordable total quantum, landed homes in districts 17,22, 25 and 27 may provide viable options.

Prices here fall between $820 psf to $880 psf. The countrywide median stands at $1,205 psf.

For those who prefer properties with amenities such as gyms, swimming pools, and other shared facilities, integrated developments such as Marina One Residences may be more their cup of tea.

Marina One Residence. Picture: iProperty

Situated in the Marina Bay district, Marina One Residences provides seamless connectivity to 4 MRT lines and also a waterfront-living lifestyle. It is also within walking distance of the Marina Financial district and as an integrated development in the central business district, it has one of the largest green sanctuaries in the area.