Median prices of city fringe condo at $2,086 psf

Prices are moving up due to higher transactions.

Median prices of new city fringe condominiums, excluding executive condominiums (EC), were at $2,086 per square foot (psf) in the first four months of 2022, real estate analyst, OrangeTee, said in its market watcher series.

It also reported the median price of new city fringe condos without ECs rose by 8.7% from $1,814 psf in 2020 to $1,972 psf in 2021 even with the impact of Omicron variant and property cooling measures.

OrangeTee explained that prices are quickly rising because of expensive transactions.

In 2021, 2,568 new condos in the city fringe or rest of central region were transacted above $2,000 psf. Of which, 844 units were sold for more than $2,500 psf to S$3,000 psf, up from 21 units in 2018 and 358 units in 2019.

Meanwhile, from January 2021 to April 2022, 543 new condos in the rest of central region were sold above S$2,800 psf. Also, during this time, 963 new condos and 311 resale condos in the core central region were sold at the same price level. 

"The price overlap indicates that some buyers were willing to pay top-dollar for selected city fringe condos, similar to luxury condos, for their unique attributes, distinctive designs, and unrivalled locations," OrangeTee said.