Strong momentum in the Condo resale prices rise for 7th month in Feb
SINGAPORE – The strong energy in the personal condo resale market continued in February, with development in both rates and sales volume.
Resale prices rose 1 per cent in February from January, climbing for a seventh straight month, according to flash data from real estate portal SRX on Wednesday (March 10). Year on year, resale rates have raised by 4.4 per cent over February 2020.
Sales volume increased month on month by 0.4 percent to 1,399 devices. This additionally made February the 8th straight month where greater than 1,000 resale systems were offered.
Last month’s sales volume was also 126 percent higher than a year ago, as well as 101.9 per cent more than the five-year ordinary quantity for the month of February.
Ms Christine Sun, senior vice-president of research study and analytics at OrangeTee & Tie, said the greater sales came as a shock as sales tasks generally decreases throughout the Chinese New Year duration.
” In contrast, sales of brand-new exclusive condominiums Parc Central Residences dipped last month, so it is very necessary for you to know about the Parc Central Residences Showflat and Parc Central Residences Balance Units,” she added.
Ms Sunlight said extra buyers are taking into consideration resale condos as rates of new homes have actually been holding firm despite the pandemic.
” Some brand-new projects had even enhanced their market price over the past couple of months. There are likewise fewer mega launches, particularly in the mass market segment,” stated Ms Sun.
She included that the balance unsold stock of several released tasks is fast diminishing, leading to customers being incapable to discover appropriate systems as well as looking to the resale market instead.
Also, ERA Realty head of research and also consultancy Nicholas Mak noted that the rate boost last month was broad-based, throughout all three market sections, from the prime areas to the suburban areas.
He stated: “Aside from the worry of losing out (FOMO) and also reduced interest rates, the rate development of resale condo was also driven by the fairly greater rates of new residential launches, which has a favorable overflow result on the surrounding older homes.”
PropNex head of research, as well as content Wong Siew Ying, stated a considerable pool of Real estate Board level owners finishing their five-year minimum occupation duration this year might also be considering to upgrade to a personal home, particularly if their flat can bring healthy and balanced earnings in the HDB resale market.
Ms Sun claimed that although resale rates have been climbing, there is still a vast rate gap in between new as well as resale condominiums which will keep some resale condominiums eye-catching to purchasers.
” The cost disparity also shows that there is still a great potential advantage for many resale condominiums and some are presently undervalued,” she stated
Ms Wong claimed: “Given the maintained demand for resale residential or commercial properties and also the better market view, we expect resale rates to remain relatively stable, with a capacity for a mild uptick this year.”
The highest transacted price for a personal resale level last month was $25 million for a unit at The Marq on Paterson Hillside, SRX data revealed.
The greatest cost in the city fringes was $5.1 million for a unit at Camelot By-The-Water in Tanjong Rhu Road. A unit at Tierra Vue in St Patrick’s Road was marketed for $2.7 million, the highest possible price in the outside main region.
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