Chart of the Day: RCR condo prices up 6.3% in Q3

This was boosted by new launches and the government sharing plans for GSW.

This chart from Knight Frank shows that condo prices in the Rest of Central Region (RCR) jumped 6.3% YoY in Q3 compared to Q3 2018, which was partly attributed to the sharing of plans for the Greater Southern Waterfront during National Day Rally.

Also read: Government to add residential and commercial areas to Greater Southern Waterfront

“This announcement pushed up interest in the area, and the new launches in the vicinity sold well in Q3 2019. For instance, Avenue South Residences sold 323 units at an average unit price of $1,943 per sq ft (psf) in Q3 based on the caveats lodged as at 24 September,” the report read.

The price indices for private condos across all three market segments in Singapore continued to improve, building on the increase in the price index in Q2 2019. The PPI of non-landed private properties in the Core Central Region (CCR) showed the most significant improvement, recording a 2.9% QoQ growth to 139.2 in Q3 2019.

In a quarterly basis, the Core Central Region recorded the highest rise at 2.9% QoQ. Knight Frank noted that the uncertain economic environment encouraged more home purchases in the CCR because properties in the CCR are often considered as safe assets.