Condo resale prices climbs for the 5th consecutive month in December

This is despite a dip of 10.4% in condo resale volume.

The condo resale market saw prices rising by 0.5% in December, the fifth consecutive price increase despite volumes falling by 10.4%, a report by 99.co said.

“2024 is expected to have more new launches compared to 2023 with 10 to 15 estimated new launches expected in Q1 alone. Already, we have seen Hillhaven and Arcady launched in January with good takeup rates, directly competing with the resale market. Coupled with Chinese New Year approaching in February, we expect a continued slowdown in the Condo resale market in Q1 2024,” Luqman Hakim, Chief Data & Analytics Officer at 99.co said.

Sub-sale transactions increased back to 13% of total transactions. Hakim said this demand can be attributed to the lack of new launches in December and Sub Sale units near TOP being an attractive alternative.

RCR prices increased by 0.6% whilst CCR and OCR prices decreased by 0.5% and 1.2% in December 2023.

Month-on-month, overall prices increased by 0.5% over November 2023 whilst year-on-year, overall prices increased by 7.5% over December 2022. YoY, all regions experience price increases, with CCR by 4%, RCR by 8.3% and OCR by 8.2%.

743 units were resold in December last year compared to 829 in November.

The highest transacted price for a resale unit in December is achieved at $12.5m at Four Seasons Park.  In RCR, the highest transacted price is a unit at Corals at Keppel Bay resold for $8.4m whilst in OCR, the highest transacted price is a unit at The Trilinq resold for $4m.