The resale condominium market seems to be doing well, with continued increases in sales volume and prices last month.
0.8% increase in resale condominium prices
807 resale condominium units were sold last month, with prices rising 0.8% following a 0.4% increase in September. Compared to the same month last year, resale condominium prices have risen 2%. In the 3 months prior to September, prices dipped and thus the 2 consecutive months of increments are considered positive steps forward for the market segment. Sales volume have also climbed 3.6% and in a year-on-year comparison, are 14.8% higher.
While price increments were seen in all regions across the island, the core central region leads the way with an increment of 1%. Outside of the central region and in the city fringes, prices rose 0.8% and 0.7% respectively. The majority of 53% of last month’s sales, however, came from the outside of the central region; 27.5% came from the rest of central region and the remaining 19.5% from the core central region.
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$29.5 million highest transacted price for a resale apartment in October
A unit at The Marq On Paterson Hill was sold for $29.5 million last month, topping the list as the highest transacted price for a resale condominium unit. Analysts say market sentiments for new homes have been positive and this may have also spilled over to the secondary market. There were quite a number of new launches in September and October. That may have increased overall demand for private homes and created a renewed interest in resale units as buyers weigh in on the pros and cons of new versus resale properties.
New launches in the past 2 months included projects such as Cuscaden Reserve, Avenue South Residences, Meyer Mansion, The Antares, Uptown @ Farrer, Sengkang Grand Residences, Royalgreen, Midtown Bay, Neu at Novena and Midwood.
While demand for resale homes in the vicinity of these new launches may continue to rise for the rest of the year, analysts expect the pace to be slow. Downward pressure may also come from the completion of private homes, adding to the supply of resale units in the market.
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