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July condo sales prices fall, volumes rise

In July, Singapore condominium selling prices fell, while volumes soared as purchasers bought earlier before the riverfront residence.

SRX and 99.co flash estimates issued on Tuesday (Aug 29) showed riverfront residence floor plan prices down 0.2% from the month prior but up 7.4% on the year.

Christine Sun, senior vice president of research and analytics at OrangeTee & Tie, said the price decrease is “too marginal to be considered a price correction” despite the second consecutive month of decline.

Riverfront residences price decrease day by day, according to PropNex Realty’s research and content chief Wong Siew Ying.

Wong added “We think private home prices are likely peaking and should continue to stabilize – demonstrating the efficacy of recent rounds of cooling measures in December 2021, September 2022, and April 2023.

From 804 units in June, 836 resale apartments changed hands, up 4%. Resale volumes were 17.7% lower year-over-year and 17.6% lower than the five-year July average.

Luqman Hakim, 99.co chief data and analytics officer, suspects competition from fresh releases for the slow rise.

Only resale prices in the Core Central Region (CCR) grew 1.1% month over month. Rest of Central Region (RCR) and Outside Central Region and OCR prices declined 0.2% apiece.

Prices climbed in all areas year over year, with the OCR rising 9%, the RCR 8.4%, and the CCR 3.7%.

The OCR accounted for 52.2% of July resale volumes, followed by the RCR at 29.5% and the CCR at 18.3%.

The typical resale condo capital gain in July was S$310,000, up S$20,000 from June.

District 10 (Tanglin, Holland) had the largest median capital gain at S$840,000, while District 2 (Chinatown, Tanjong Pagar) had the lowest at S$134,000.

The July median unleveraged return for resale condominiums was 26.9%.

District 23 (Bukit Batok, Bukit Panjang, Choa Chu Kang) had the greatest median unlevered return at 50.7%, while District 9 (Orchard, River Valley) had the lowest at 13.8%.

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