Condo resale prices up 9.2% in May

A $14.08m condo in Yong An Park was the most expensive unit resold for the month.

Condo resale prices rose 9.2% in May compared to the same month in 2022, according to the latest report by SRX and 99.co.

Condo resale prices in the core central region (CCR) rose by 7.1% over the same period. Prices in the rest of central region (RCR) and outside central region (OCR) climbed 9.6% and 9.9% year-on-year, respectively.

Prices are also 0.9% in May compared to April, with CCR and OCR resale prices rising by 1.7% and 1.6%, respectively. In contrast, RCR condo resale prices were 0.3% lower in May compared to a month earlier.

Volume-wise, an estimated 946 units were resold in May, 8.9% higher than the 869 units resold in April. 

Whilst prices were higher, volumes resold were 18.8% lower than in May 2022 and 4.2% lower than the 5-year average volumes for the month of May.

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By region, 50.8%  of the volumes are from OCR, 31.8% from RCR and 17.5% from CCR.

A Yong An Park condo unit clinched the title of the most expensive resale unit transacted in May, selling for $14.08m.

In RCR, an Aalto unit achieved the highest transacted price for a resale unit, selling for  $13.2m; and in the OCR, the highest transacted price is a unit at Ocean Park that resold for $3.66m.

The overall median capital gain for resale condos is $308,000 in May 2023, a decrease of $2,000 from April 2023.