Condo Resale Prices Rise For 21 Straight Months, Up 0.7% In April:, SRX

May 12, 2022

Condominium resale prices in Singapore are up for the 21st straight month to rise 0.7 per cent in April, as compared to prices in March. Credit: Lim Yaohui

Condominium resale prices in Singapore are up for the 21st straight month to rise 0.7 per cent in April, as compared to prices in March.

On a year-on-year basis, condo resale prices rose 9 per cent, with all regions experiencing price increases, according to a flash report by SRX Property and released on Tuesday (May 10).

Resale prices in the outside central region (OCR) saw the highest increase at 10.8 per cent. Prices in the core central region (CCR) rose 7.4 per cent, and those in the rest of central region (RCR) were up 6.7 per cent.

Meanwhile, resale volumes fell 2.2 per cent as compared with March 2022, with an estimated 1,368 units resold in April. Compared to April 2021, volumes also fell 31.3 per cent, although it was still higher than the 5-year average volumes for the month of April.

More than half the transacted volume, or 56.3 per cent, came from the OCR. Meanwhile, the CCR took up 15.9 per cent of the volume and the RCR took up 27.8 per cent.

Property analysts noted that the resilient demand likely signals a recovery in the condo resale market following the immediate effects of property cooling measures launched in December.

Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie, said while April’s volume is down from March, it is still significantly more than the 1,137 units transacted in January and 979 units in February.

“Moreover, demand can be considered firm given that prices have risen for 21 straight months,” Sun said.

As for Nicholas Mak, ERA Realty Network head of research and consultancy, he expects resale prices may also be boosted by new condo launches, as some are expected to be launched in the coming months at new record prices in their neighbourhoods.

According to SRX and, the highest transacted price for a resale unit in the month was S$10.3 million for a unit at The Orchard Residences.

In the RCR, this was S$9.5 million for a unit at Silversea in Marine Parade. Meanwhile, in the OCR, a unit at The Parc Condominium on West Coast Walk was resold for the highest price at S$3.3 million. and SRX said the overall median capital gain for April was S$250,000, or S$12,000 higher than the month before.

District 11 (Newton and Novena) posted the highest median capital gain at S$513,000, while District 4 (Sentosa and Harbourfront) is the only district with a median capital loss at S$9,900, same as with March. and SRX calculates capital gain or loss of a condo resale unit by comparing the current transacted price with the previous transacted price of the same unit. Capital gain data only includes districts with more than 10 matching transactions.

Looking ahead, analysts expect the return of foreigners into Singapore could further boost housing demand, although the market may see some headwinds from macroeconomic concerns such as rising inflation.

Lee Sze Teck, Huttons Asia senior director of research, noted that the recent change in rule for buying under trust may have created some uncertainty.

On Sunday night, the Ministry of Finance announced it was imposing an Additional Buyer’s Stamp Duty (ABSD) of 35 per cent on any transfer of residential property into a living trust from May 9.

Credit: Business Times

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