by OrangeTee & Tie Pte Ltd.

Condo resale prices rise for 22nd straight month in May, more units sold

SRX Private Residential Data

Singapore, 14 Jun 2022

The month of May saw a slight increase in resale condominium unit prices for the 22nd consecutive month, and transactions increased as buyer confidence increased despite property cooling measures. According to data from real estate portals 99.co and SRX, condominium resale prices increased 0.3% in May, less than the 0.7% increase seen in April (June 14).

Data indicated that prices had increased by 8.4% since May of last year. Condominium prices in the suburbs and on the outskirts of the city increased by 0.5% and 0.7%, respectively, in May, while they decreased by 1.2% in the core central area.

The strong buying sentiment in the condominium resale market was reflected in the new sale market last month, noted OrangeTee & Tie senior vice-president of research and analytics Christine Sun.

"This indicates that buying sentiment has generally improved across the different housing segments and may pick up further in the coming months," she said. "Growing macroeconomic uncertainty may also spur more investors to park their money in safe-haven assets like properties," she added.

The suburbs accounted for 60.2% of all sales in May in the category of condominiums. Homes on the outskirts of the city made up 24.7% of all housing units, with downtown Singapore's core accounting for the remaining 15.1%. The Nassim, a freehold building in the Tanglin neighborhood, has a unit that sold for $20 million in May, which was the highest price ever paid for a resale condo.

The highest transaction price outside of the city limits was $4.85 million for a 99-year leasehold apartment at Silversea in Marine Parade. A freehold apartment at Clementi Park in the Sunset Way neighborhood sold for $6.5 million in the suburbs.

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