Singapore Residential Prices Uptick in Q3

Singapore Residential Prices Uptick in Q3

Residential News » Singapore Edition | By Michael Gerrity | October 15, 2021 9:37 AM ET

According to Singapore property consultant Edmund Tie, Singapore's Property Price Index for all private residential properties rose for the sixth consecutive quarter by 0.9% quarter-over-quarter to 165.0 in Q3 of 2021.

The performance of non-landed prices across market segments was uneven, with prices in the Core Central Region (CCR) and Outside Central Region (OCR) falling by 0.6% and 0.2% respectively, and the Rest of Central Region (RCR) rising by 2.2% in 3Q 2021.

Overall transaction volume dropped by 3.8% qoq to 8,129 units in 3Q 2021. New sales volume grew by 20.8% qoq to 3,584 units, driven by the OCR's strong growth in new sales, suggesting robust interest for suburban homes which are relatively affordable and larger.

There were three new non-landed project launches in 3Q 2021, namely Pasir Ris 8 in Jul 2021, and The Watergardens At Canberra and Klimt Cairnhill in Aug 2021. Pasir Ris 8 and The Watergardens At Canberra, both sited in the OCR, have achieved around 90% take-up rate to date, indicating robust interest for homes in the suburbs.

Mr. Lam commented, "Prices have remained relatively steady, and demand in both the primary and secondary markets has remained robust relative to the last few quarters. While fundamentals remain sound, the current Covid restrictions would impede the viewing process and could cap the sales momentum moving into 4Q 2021."

"Homebuying demand remained buoyant especially in the suburban locations where the pricing quanta are lower and relatively more affordable. While location and price remain the key drivers of demand, buyers will increasingly factor in other project features such as flexible unit design and layout efficiency, communal areas and facilities, and smart-living features," he concluded.

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