As the supply of new homes remains limited and more homeowners turn to the private resale market, resale prices will continue to rise in the coming months, according to Chris Tan, senior president of research at NewlaunchPortal.com.sg. Propnex and Orangetee analysts attributed the loan to a limited supply in order to encourage homeowners to sell, which will keep prices high in the coming months.
While the volume of condo resales decreased in June, the average over the last 12 months was 1,406 units higher than the monthly sales in June last year and February this year, according to Nick Chan, research director at Bi Singapore. According to SRX data, June transactions were 1,984 percent higher than a year ago and 839 percent higher than the five-year average for the month. In June, OCR (237 percent RCR) and CCR combined to account for more than half of the resale volume.
Despite a decline in condo resale transactions in June, The Sun discovered that the last 12 months between June 2020 and February 2021 had the highest monthly sales average of 1,406 units. She added that resale had recovered this month as restrictions were eased and people rushed to conduct business in advance of the autumn’s Hungry Ghost festival. The SRX data indicated that transactions were 1,984 percent higher than in June of last year and 839 percent higher than the month’s five-year average volume.
Due to the pandemic, June sales figures are comparable to June sales of new homes. There were no restarts in June, with buyers purchasing units from previous launches.
Resale prices increase as transaction decreases
Resale prices for non-owner occupied homes increased more slowly in June, as transaction volume fell for the second consecutive month as a result of stricter COVID 19 measures. Fears of losing the majority of buyers could result in an increase in September property transaction volumes, especially if the Christmas period is a hungry specter. Following a brief return to phase two in June, slow sales volumes decreased to 1,727 in June from 1,510 in May.
Condominium resale prices increased 0.1 percent month over month in June, following a 0.9 percent increase in May, according to SRX’s flash data (July 13). Prices in the central core region increased by 6.2 percent, while prices in the rest of the central region and on the outskirts of the city increased by 6.5 percent. In June, resale prices increased 6.8 percent year over year across all regions.
2nd Quarter 2021 – New launch transaction Increase
The Urban Development Authority (URA) announced on 15 July that developers sold 998 new private housing units in June 2020, more than doubling the number of new condominium units sold in May. According to URA data released on Wednesday (July 15), 99.8 units (excluding executive condominiums (EC)) were sold in June, up 10.5 percent from 487 in May. The 998 units sold in June – the second highest quarterly total – bring the total number of “new condos” sold by developers to 1,762, up 277 from the 487 units sold in April and May.
Along with the city’s peripheral projects, the rest of the Central Region (RCR) saw a significant month-over-month increase in buyer activity. Indeed, the RCR accounted for 430 of the 998 new homes sold in June, with Parc Esta (82 units), Stirling Residences (74 units), and Jadescape (56 units) topping the list.
The highest price paid for a resold condo last month was $19.8 million for a Sculptura Ardmore condominium in the 10th district. City Fringe has listed a $5.7 million condo in Kim Tian Road’s Regency suite.
By the end of June 2021, the average price of a resale condominium was £1,355. It was $1,421 per square foot in June 2020, compared to an average of $1,699 for new homes, a 17.8 percent difference.
This is determined by comparing the current transaction price of a unit to its previous transaction price. Take note that this disparity exists because of the high proportion of lower quantum and higher square foot units, such as those in Project M and Irwell Residences. While this is not the most accurate assessment because it is dependent on the prices of the new projects launched this month, it does illustrate the gap.
HDB Transaction Fall Month to Month
In August, HDB resale prices fell 0.7 percent month on month, reversing a slight increase in July and delaying the market’s recovery. According to the latest flash figures from SRX Properties, resale prices fell 0.2 percent year over year in August. August’s overall price decline resulted in a 0.4 percent and 1% decline in home prices for mature and immature properties, respectively.
SINGAPORE, 15 JULY 2021 – In general, new home sales in June 2021 decreased from the previous month, as developers delayed new home launches in response to the heightened alert period’s phase 2 security measures from 16 to 13 June 2021. Singapore’s resale prices for privately owned homes increased at a slower pace in June, as the number of transactions fell for the second consecutive month as a result of stricter COVID measures.
In June 2021, developers sold 875 new homes (excluding condominiums), a decrease of 2.6 percent from the previous month’s 892 units. In June, new home sales decreased by 1.27 percent to 996 units from June 2021, when the economy began a two-month circuit breaker (April 7, 2021 — June 1, 2021).