In The News

Singapore, 31 May 2022

According to OrangeTee & Tie's analysis, prices of new city edge condominiums are skyrocketing. According to the firm's May Market Watcher Series report, the median price of new condominiums in the Rest of Central Region (RCR), excluding executive condominiums (ECs), increased by 8.7% to $1,972 per square foot in 2021. Between January and April, the increasing trend persisted, with median prices rising to $2,086 psf.

The rise in higher-priced transactions is driving the trend, according to Christine Sun, senior vice president of research and analytics at OrangeTee & Tie, who expects the RCR will set a new pricing benchmark. In 2021, 1,009 new condominiums on the city outskirts were sold for more than $2,500 per square foot, accounting for 19.1 percent of all units sold. In comparison, just 0.4 percent of apartments sold in that price bracket five years earlier, or 14 units, in 2017. In addition, there were 165 purchases of more than $3,000 per square foot in 2021.

Between January and April, 206 condominiums in the RCR were sold for more than $2,500 psf, with 20 condos exchanged over more than $3,000 psf at Rivière, Canninghill Piers, and Sky Everton.

“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,” says Sun.