Over the course of the year, resale prices increased by 5.1 per cent. The OCR had the highest increase of 7.2 percent which was followed by RCR which was up 5.2 percent, and CCR that only increased 0.2 cents.
The sub-sale transaction made up 9.2 percent of all secondary sales in March, which is an increase of 0.1 percentage points.
After a period of six months of stagnation, the resale price of condominiums jumped by 1,5 per cent in April. The volume reached a record of 13 months.
Data from the real estate websites SRX and 99.co published on May 27 showed that 1,122 condo units were sold during the month, an increase from the units sold for resales of 911 in March.
The volume of sales during April was 17.6 percent higher than the average of the last five years.
Analysts from Huttons, PropNex, and Singapore Realtors Inc. (SRI), all real estate agents, noted an increase in foreign buyers during the month. The number of resales for condo transactions in the prime district (CCR) or core central region (CCR) was up 23.3 percent when compared with March.
The CCR represented 22.8 percent of all transactions for resales, but was surpassed by suburbs (outside central region, also known as OCR) at 45.4% and the rest central region, or RCR, or city fringes, which contributed for 31.8 percent.
Developers have put up several homes for sale at The Residences at W Singapore Sentosa Cove and Cuscaden Reserve, which attracted buyers looking for undervalued resale properties.
The cost per square foot of the units available for sale at The Residences at W Singapore Sentosa Cove was $1,789 which is almost 40% lower than the price at which they first launched.
Singapore’s excellent living and business atmosphere could attract ultra-high net worth people. Singapore’s stable political environment may have played a role in the decision of these people to choose Singapore as a location to reside.
In the first four months of 2024, 47 caveats were submitted for condo resale transactions by foreign buyers, a decrease from 166 caveats lodged in the first four months of 2023. 37 of those caveats came originated from US buyers.
A caveat, filed by the Singapore Land Authority, secures a home for the purchaser.
In the short-term, he expects that sales of homes will still be dominated by Singaporeans and Singapore residents.
One year after the implementation of a 60 percent additional buyer’s stamp duty for foreign buyers, an increase from 30 percent it has seen a notable improvement in the number of private properties bought by foreign buyers.
He believes that the recent condo developments could have contributed to the rise in demand.
Additionally, the high prices of new private homes could have nudged potential buyers to look at older – and relatively cheaper condominiums for resales in the same region. This trend is more evident in areas with higher new developments.
In the meantime, resales prices were up across the board for the month. The RCR was the most popular with a 2 percent rise, followed by the CCR with a rise of 0.3 per cent. The OCR prices were marginally up by 0.1 percent.
Sub-sale sales are those that are made prior to the completion of a task, whereas secondary sale transactions include both sub-sales and resales.
The Marq at Paterson Hill located in River Valley, was the most expensive condo resold during April. It was worth $13 million.
In the RCR the highest value transaction was $8.3million for a property in The Peak, Queenstown. The OCR’s Windy Heights unit, Kembangan earned $5.36million in its unit.
The median annual capital gain for resale condos was $337,000, which is down $40,000 from the month before.
District 10 (Tanglin and Holland) had the highest median capital gains at $763,000. District 1 (Boat Quay Raffles Place & Marina) had the lowest median capital gains of $2,000.