Singapore condo resale prices edge up in January: SRX

Resale prices for non-landed private residential properties in Singapore rose slightly in January 2020 after a flat performance in December, according to flash estimates from real estate portal SRX Property.

Condominium resale prices were up 0.5 per cent compared to December. Year on year (y-o-y), prices increased 2.3 per cent.

Meanwhile, volume grew 4 per cent to 684 units resold in January, from the 658 units resold in the previous month. Sales volume climbed 15.9 per cent y-o-y, and was also 13.4 per cent higher than the five-year average for the month of January.

By region, resale prices in the core central region (CCR) fell 0.8 per cent last month from December. Meanwhile, prices in the rest of central region (RCR) rose 1.5 per cent and increased by 0.5 per cent for condos outside central region (OCR).

All three regions saw higher prices y-o-y in January this year. Prices rose 1.7 per cent in the CCR, 2.6 per cent in the RCR, and 2.3 per cent in the OCR.

In terms of sales volume last month, about half (51.9 per cent) came from the OCR, while 24.7 per cent of units resold were in the RCR and 23.5 per cent were in the CCR.

The highest transacted price for a resale unit in January was S$18.2 million at luxury condo Le Nouvel Ardmore in District 10.

The most expensive unit in the RCR was in Camelot By The Water in Tanjong Rhu, resold for S$6.6 million, while the OCR saw its priciest unit resold for S$3.2 million at Waterfront Key in Bedok.

The overall transaction over X-value (TOX) in January 2020 worsened to negative S$2,500, down S$500 decrease from December 2019.

TOX measures how much a buyer is overpaying (positive value) or underpaying (negative value) for a property based on SRX’s computer-generated market value. The data includes only districts with more than 10 resale transactions.

The highest median TOX was recorded in District 13 (MacPherson and Potong Pasir) at positive S$28,000, followed by District 25 (Admiralty and Woodlands) at positive S$24,000.

The lowest median TOX was recorded at District 15 (East Coast and Marine Parade) at negative S$30,000, followed by District 4 (Sentosa and Harbourfront) at negative S$29,700.

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