Private property prices up 3.88% to an all-time high of $1,791 psf

Changi Village recorded the highest price growth for the quarter at 10.40%.
 
Prices of private properties grew by 3.88% in the fourth quarter, driving the median asking price to an all-time high of $1,791 psf, PropertyGuru reported in its Q4 2021 Property Market Index.
 
Based on the report, the highest growth in asking price was recorded in Changi Airport, Changi Village (District 17) at 10.40%  to $1,178.10 psf.
 
Behind Changi Village were Sembawang, Yishun in District 27 (10.23%  to $1,252.61  psf); East Coast, Marine Parade in District 15 (8.56% to $2,187.28 psf); Hougang, Punggol, Sengkang in District 19 (5.52% to $1,504.27 psf); and Pasir Ris, Tampines in District 18 (4.95%  to $1,294.78 psf).
 
From the top-performing districts in terms of asking price growth, three also had entries in the top 10 best selling condos for the fourth quarter namely Pasir Ris 8 in District 18; OLA, The Florence Residences and Sengkang Grand Residences in District 19; and The Watergardens at Canberra in District 27.
 
On the other hand, City Hall, Clarke Quay (District 6) had the slowest growth in its median asking price for the quarter, declining 12.30% to $3,000.00 psf. This price, however, according to PropertyGuru is still considered “very healthy.”
 
Other districts which saw a decline in prices were Mandai, Upper Thomson in District 26 (4.25% to $1,064.92 psf);  Beach Road, Bugis, Rochor in District 7 (2.13% to $2,690.97 psf); Seletar, Yio Chu Kang  n Distroct 28 (2.10%   to $1,194.03 psf); and Newton, Novena  in District 11 (0.15% to $ 2,322.73 psf).

PropertyGuru attributed the price increase of about 1% to 4% in private properties to the “impressive performance of many newly launched projects earlier in 2021.”

In August and September,  Parc Greenwich and The Watergardens at Canberra were launched with 60% and 65% of its units, respectively, already secured.

Units worth above S$3m in luxury projects such as Park Nova, 15 Holland Hill, The Avenir, and Leedon Green also moved during the quarter.

Before the end of 2021, three more projects will be launched namely Canninghill Piers, Perfect Ten, and The Commodore.

For 2022, however, PropertyGuru sees less than 10 new projects in the market “​given the “tapering land supply.”

PropertyGuru said the government will also likely cool Property cool the HDB resale market first once the economy recovers.