Condo resale prices up 4.3% in June

A S$13.6m unit in RCR was the most expensive condo resold in June.

Condo resale prices rose 4.3% in June compared to the same month in 2023, according to data from the SRX and 99.co.

Prices of secondary homes in the rest of central region (RCR) and outside central region (OCR) rose by 6.4% and 5.7%, respectively, compared to a year earlier. In contrast, condo resale prices in the core central region (CCR) declined by 0.2%.

Compared to May, prices were 0.2% higher. RCR prices rose by 1.3%, CCR prices dropped by 0.6%, and OCR prices remained stagnant.

An estimated 809 units were resold in June– 29.9% lower than the 1,153 units that were resold in May. This is also 5.2% lower than the number of condos resold in June 2023.

Whilst the drop in resale volume was “drastic” compared to the 2 months preceding it, June’s volume of condos resold was largely in line with the monthly average in the past 12 months, said Luqman Hakim, chief data & analytics officer at 99.co.

“Whilst we partly attribute this drop to the June holidays, we also attribute this drop to the competition from the marketing of upcoming new launches,” Hakim said.

Hakim and 99.co expect prices to continue to inch up, based on their observation that buyers are finding value in purchasing newly built condominiums rather than getting new launches.

OCR gets most sales
By region, 50.5% of the condos resold were from the OCR, 31.7% were in the RCR, and the remaining 17.8% were in the CCR.

Meanwhile, the percentage of sub-sale transactions to the total secondary sale transactions is 11.1% in June 2024. This was a 3% increase from the percentage in May 2024, according to SRX and 99.co.

Sub-sale transactions refer to secondary sale transactions that happened before the project was completed.

The most expensive condo resold in June was a unit at Reflections at Keppel Bay, which was bought for $13.6m.

In CCR, a unit at The Tate Residences resold for $9m in June.

In the OCR, the highest transacted price was a unit at Waterfront Key resold for $4.08m.