Condo resales expected to slowdown in April after 17% rise in March

  • Condo resales rose 17% in March 2020 when compared to February 2020. This information was revealed in the latest report released by Real estate portal SRX property.
  • The data also revealed that there no much movement in the prices of the non-private landed homes despite the rise the resales.
  • Despite the rise in sales volume compared the previous month it was still 13% lower when compared to the sales volume in March last year and 21% lower than the average resale volume for March in the last 5 years.
  • 709 units were resold in March itself while 606 units were sold in the previous months.
  • Sales volume went below the average sales volume in February 2020 due to the coronavirus outbreak, the supply of new units from recent launches, and the seasonal Chinese new year slowdown that happens every year.
  • Orange Tee & Tie’s,head of research and consultancy , Ms. Christine Sun, opined that closer of some deals before March and deals that were near completion before the security measures were taken in the March end, can be the reason behind rise in sales in March 2020.
  • Ms. Sun also said that a slowdown is expected in sales in April as projects show casing has been postponed by various project owners as a measure to avoid the Covid-19 pandemic.
  • Resale prices went up by 0.1% in March when compared to Feb and 0.4% on a year-to-year basis.
  • As per the SRX data, the highest transacted bid was by bagged by a luxury freehold apartment at The Ritz-Carlton Residences in Cairnhill Road. It was sold out for $10.5 million.
  • While a unit at Pebble Bay and a 99-year leasehold condo in Tanjong Rhu went for S$4.4 million in the city fringes.
  • A unit in Siglap Road freehold condo Flamingo Valley, which went for S$3.3 million was the most expensive sale in the suburbs in March 2020.
  • On a regional basis, OCR bagged 57.5% of the total sales volume while RCR bagged 22.9% and the prime district or CCR ended with a share of 19.6% of the total sales volume in March 2020.

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