Condo resale prices remain unaffected in May

    • As per the latest data from the real estate portal SRX, prices for condominiums remained unaffected in May while the transaction kept drowning for the second consecutive month due to circuit breaker measures in April 2020.
    • There was a 43% decline in the resale of private non-landed homes in May as only 171 units were resold in May compared to 300 units resold in April. This decline in the resale of condos is similar to the decline during the global financial crisis in 2009.
    • The resale volume was 80% lower for the month of May on a year-on-year basis while it was 83.9% lower than the last 5-year average for May.
    • The prices were slightly higher in May compared to April. Prices went up by 0.1% in May as compared to prices in April 2020 while the prices were 0.6% lower on a year-on-year basis.
    • On a regional basis, prices were high in the Rest of Central Region (RCR) by 1.7%, while they went down by 0.2% and 0.5% in Central Core Region (CCR) and Outside Central Region (OCR) respectively.
    • The continuous decline in the sales volume can be attributed to the dependency on physical house viewings said Ms. Christine Sun, head of research and consultancy at OrangeTee and Tie.
    • Nicholas Mak, head of research and consultancy, ERA Realty assumes the sales volume to stay between 150 and 300 in June due to the continued restrictions on physical house viewings.
  • The most expensive resale for the month of May was an Apartment at Nassim Park Residences which for $10.6 million dollars. The other two condominiums that went for a price of more than $10 million dollars were a unit at Ardmore Park that went for $27.65 million dollars at S3,163 psf and another unit at Claymore that went for a whopping $17 million dollars or $3,456 on April 2020.

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