Singapore Condo Resale Volume Up 17% In March SRX

THE number of Singapore condominium units resold in March increased 17% to 709 units from 606 units in February, according to flash estimates from real estate portal SRX Property. As the resale numbers remain resilient in the covid-19 situation, we are hopeful for a good turn out for the launch of One North Eden, where the situation would have been stabilised and the property market is back to normalcy.

But the resale volume was 13% less compared to a year ago and dropped 21% from the 5-year average volume for a singular month of March.

By region, 57.5% of March’s volume came from the outside central region (OCR), 22.9% from rest of central region (RCR) and 19.6% from the core central region (CCR).

Head of research and consultancy for OrangeTee and Tie’s, Miss Christine Sun, commented that the higher transactions might be because of deals that had been sealed earlier in the year, or were close to completion prior to the Covid-19 crisis escalation in late-March.

In the mean time, resale prices edged up 0.1% in March from February and were 0.4 % higher than the same period a year ago. This is a good sign for the  developer for One North Eden condo as they prepare for the launch.

OCR recorded a 1.3% monthly hike in condo resale rates for March, a good sign for condos such as The Watergardens at Canberra, while RCR prices declined by 1.7% and CCR dipped slightly by 0.1%.

Year on year, OCR prices went up by 0.7%, RCR dropped by 0.8% and CCR climbed 1%.

The highest sold price for a resale unit in March 2020 was a S$10.5 million unit at The Ritz-Carlton Residences. In RCR, the most pricey resale unit was at Pebble Bay which transacted for S$4.4 million, while in OCR a Flamingo Valley apartment resold for S$3.3 million.

The general transaction over X-value (TOX) in March maintained flat at negative S$2,000 versus February.

TOX, SRX’s computer-generated market value for properties, indicates how much a purchaser is overpaying (positive value) or underpaying (negative value) for a piece of real estate. The data only includes districts that has more than ten resale transactions.

District 9 (River Valley and Orchard area) documented the highest median TOX at positive S$40,000, closely trailed by District 8 (Serangoon Road / Farrer Park  area) at positive S$35,000.

The rock bottom median TOX was documented in District 20 (Bishan, Ang Mo Kio and Thomson area) at negative S$62,000, closely trailed by District 15 (Marine Parade and East Coast area) at negative S$30,000.

Miss Sun added that the impact of the Covid-19 pandemic has likely not been reflected in March’s figures.

Head of research and consultancy at ERA Realty, Mr Nicholas Mak, commented that the March numbers point to the underlying stability of the local property market and that under general circumstances, property prices and transaction volume would be rising robustly. One North Eden launch will benefit from this market pick up in the future.

ERA Realty anticipates the resale volume in April 2020 to be a small percentage of the average monthly volume of 600 to 900 units, Mr Mak said.

Source: https://www.businesstimes.com.sg/real-estate/singapore-condo-resale-volume-up-17-in-march-srx

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