Condo resales hit two-year high last month, Latest Singapore News - The New Paper

Condo resales hit two-year high last month

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The resale condo market reached a two-year high last month with 1,509 units changing hands, according to flash figures from real estate-portal SRX Property yesterday.

It trumped the 1,311 transactions recorded in August, which had the highest monthly resale volume since May 2018. The sales figure from last month represented a 21.6 per cent jump from the 1,241 units resold in September.

The volume of resold units transacted last month was also 72.9 per cent higher than that in October last year.

Prices for the core central region rose by 0.5 per cent, the rest of central region by 1 per cent and outside central region by 0.8 per cent.

Ms Wong Siew Ying, PropNex's head of research and content, said that transactions of resale units last month were driven by sales of mass-market homes, which accounted for 58 per cent of the total volume.

Brisk sales in the private condo resale market seem to be broadly in line with the private new home sales market and the Housing Board resale segment, reflecting a "healthy underlying demand for homes", she said.

The highest transacted price last month was for a resale unit at Wallich Residence in Tanjong Pagar, which was sold for $62 million.

The super penthouse in Singapore's tallest building was previously owned by British billionaire inventor James Dyson, who purchased the unit a year ago for a reported $73.8 million.

Looking ahead, ERA Realty research and consultancy head Nicholas Mak said the recovery seen in the resale condo market in the past three months is "just the beginning".

He noted that Democrat Joe Biden's win in the recent US presidential election would likely benefit a trade-dependent country such as Singapore and aid in its economic recovery. This, in turn, would likely have a positive impact on the real estate market.

"Furthermore, the recent advances by pharmaceutical companies in the development of Covid-19 vaccines could also gradually improve investment sentiments, which would spill over to the real estate market," he added.