Singapore, 13 Apr 2021 The private resale housing market showed no sign of slowing down with the number of condominium units resold in March hitting the highest since May 2011, as prices rose for the eighth consecutive month.
Buyers were out in force last month as sales rebounded by 28.9 per cent to an estimated 1,662 units from 1,289 units in February with its Chinese New Year lull, according to flash data from real estate portal SRX released on Tuesday (April 13).
This makes March the ninth straight month to see more than 1,000 private resale units change hands.
Ms Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie, said: "This indicates that the resale market is currently driven by demand for more affordable homes, especially mass-market resale homes in suburban regions." Demand could also have been pushed up by the lack of new units in the suburban areas and rising new home prices, she added. Ms Sun noted there were few new mega-launches with more than 500 units in the outside central region, with only the 640-unit Clavon and 660-unit Ki Residences at Brookvale, both in Clementi, leading some buyers to turn to the resale market to find alternative housing.