Condo Resale Prices Up 2.3% In January

Singapore condominium resale prices in the Rest of Core Region (RCR) led the uptrend as it grew 2.6%. This is the city fringe region made popular by projects like Penrose.

Condo resale prices went up 2.3% Year on Year (Yoy) and 0.5% Month on Month (MoM) in January 2020, lifted by rate hikes in the RCR and Outside Central Region (OCR), said a report by property portal SRX.Resale prices in the RCR rose by 2.6% YoY and 1.5% MoM, while properties in the OCR jumped 2.3% YoY and 0.5% MoM. In the mean time, condominium resale prices in the Core Central Region (CCR) fell 0.8% YoY but managed to inch up 1.7% YoY.

As for volume of transactions, about 684 units were resold in January 2020, reflecting a 4% increase as compared to the 658 units in December 2019. This number is also 15.9% YoY and 13.4% higher than the average 5-year volume recorded. Under such price movements, Penrose prices only increased a little.

Compartmenting down by zones, 51.9% of the volume comes from the OCR, 24.7% is from RCR and the rest of 23.5% is from CCR.

SRX portal noticed that the highest transacted rate for a resale unit in January 2020 was at Le Nouvel Ardmore at $18.2 million. In the RCR, Camelot By-The-Water condo at Tanjong Rhu had the priciest resale deal at $6.6 million, while in the OCR, a Waterfront Key condo was resold for $3.2 million. While also located in the RCR, Penrose prices are competitive.

Overall transaction over X-value is negative $2,500 in January this year, recording a $500 dip compared to December 2019.

District 13 (where Penrose condo is) posted the largest median T-O-X at positive $28,000, followed by District 25 (where The Watergardens @ Canberra prices are still competitive) at positive $24,000. In comparison, District 15 (where LIV@MB site is) posted the lowest median T-O-X at negative $30,000, followed by District 4 (Harbourfront/Sentosa area) at negative $29,700.

Source: https://sbr.com.sg/residential-property/news/condo-resale-prices-23-in-january

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