Singapore, 03 Oct 2022 PRIVATE residential property prices rose 3.4 per cent in the third quarter, largely driven by strong sales at new launches in the suburbs which notched new benchmark prices, though price growth is expected to slow for the rest of the year.
For the first nine months of 2022, private residential home prices have increased 7.8 per cent, higher than the 5.3 per cent growth over the corresponding period last year. This follows the full-year increase of 10.6 per cent in 2021. Private home prices have risen 23 per cent since bottoming in Q1 2020, at the onset of the Covid-19 pandemic.
According to Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie, a total of 939 new non-landed homes in OCR were transacted at a median price of at least S$2,000 psf, of which 21 were above S$2,400 psf.
“Last quarter, the highest psf median price inked for a non-landed home in OCR was a 463 square foot (sq ft) freehold condominium sold for S$2,556 psf at The Gazania in Serangoon, followed by a 732 sq ft leasehold apartment transacted for S$2,513 psf at Lentor Modern in Lentor Central,” she said.