Condo Resale Prices Continue Uptrend, Volumes Flat in November: SRX, 99.Co

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Condo Resale Prices Continue Uptrend, Volumes Flat in November: SRX, 99.Co

The Business Times2023-12-26

Condominium resale prices continued to climb for the fourth consecutive month in November, although volumes were muted after showing signs of recovery in October.Flash data from SRX and 99.co released...

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Year on year, volumes were 6.3 percent higher, but 4.1 percent lower than the five-year volumes for the month of November.A majority of resale condo transactions (47.2 percent) took place in the Outside Central Region (OCR), followed by 33.9 percent from the Rest of Central Region (RCR) and 18.9 percent from the Core Central Region (CCR).In terms of resale prices, however, only the CCR and OCR registered increases at 3.1 percent and 0.9 percent, respectively. Resale prices in the RCR dropped 1.3 percent month on month.Year on year, all regions recorded price increases. The OCR led gains at 10.7 percent, followed by the RCR at 6.3 percent and CCR at 4.5 percent.The percentage of sub-sale transactions to secondary sale transactions stood at 10.6 percent, down 1.9 percent from the prior month.Sub-sale transactions refer to secondary sale transactions prior to a project’s completion, while secondary sale transactions comprise both resale and sub-sale transactions.The highest transacted price for a resale unit in November was S$15.2 million for a unit at Nassim Jade. In the RCR, the most expensive resale unit was S$6.5 million for a unit at The Sovereign, and S$4.78 million for a unit at Clementi Park in the OCR.The overall median capital gain for resale condos fell to S$330,000 in November, down S$10,000 from the month before.District 26 (Mandai, Upper Thomson) posted the highest median capital gain at S$660,000, while District 1 (Boat Quay, Raffles Place, Marina) recorded the lowest median capital gain at minus S$120,000.District 23 (Bukit Batok, Bukit Panjang, Choa Chu Kang) recorded the highest median unlevered return at 54.4 percent, while District 1 posted the lowest median unlevered return at minus 7.8 percent.Capital gains and returns of a condo resale unit are calculated by comparing the current transacted price with the previous transacted price of the same unit. 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