As is usually the case, new launches usually steal the headlines from resale condos. To get a true feel of the market, however, we need to momentarily cast aside the hype and bluster from new launch condos and focus on transactions in the resale condo market.
In the second part of the 99.co Q3 2018 Property Report, we take a closer look at the changes in average per square foot (psf) price for resale condos in each of the 27 postal districts in Singapore for that quarter. Which district’s resale condos fared the best? And which fell back? Here’s our in-depth look:
Resale condos: Districts with the biggest percentage psf price gain in Q3 2018
5th place: D25 Admiralty / Woodlands
Resale condo transactions in Q3 2018: 39
District average psf transaction price in Q3 2018: $807
Percentage change from previous quarter: +8.61%
D25’s good quarter was mainly bolstered by higher than district average psf transaction prices for eight units at Parc Rosewood condominium (TOP: 2004), which changed hands at an average psf price of $1,092.
Elsewhere in the district, La Casa is an Executive Condominium that has attained fully-private status upon its tenth year after obtaining its TOP in 2008. The condominium, which is situated at the doorstep of the upcoming Woodlands South MRT station (Thomson-East Coast Line), can now be sold to foreigners.
Top Transacted D25 resale condos in Q3 2018:
- Parc Rosewood — 8 transactions
- La Casa — 7 transactions
- Rosewood and Northoaks — 5 transactions each
4th place: D8 Farrer Park / Serangoon Road
Resale condo transactions in Q3 2018: 37
District average psf transaction price in Q3 2018: $1,461
Percentage change from previous quarter: +8.62%
Two condos, City Square Residences and Citylights, made up more than half of all resale condo transactions in the city-fringe district last quarter. It’s worth noting that City Square Residences (TOP: 2009) is one of few freehold full-facility condos that’s located near to an MRT station and a full-fledged shopping mall. And at an average psf transaction price of $1,615, it’s a highly attractive option for its location.
Meanwhile, Citylights (TOP: 2004), a 99-year leasehold condo, changed hands nine times last quarter at an average psf price of $1,559. At 42-storeys tall, this project is for lovers of high-rise living; certain units offer spectacular city and water views.
Top Transacted D8 resale condos in Q3 2018:
3rd place: D28 Seletar / Yio Chu Kang
Resale condo transactions in Q3 2018: 32
District average psf transaction price in Q3 2018: $1,054
Percentage change from previous quarter: +12.01%
This district comprises of two distinct areas, the low-density landed neighbourhood of Seletar Hills and Mugliston Park to the south and the fast-developing, vibrant West Sengkang area to the north. While the latter is stocked with amenities ranging from cinemas to an upcoming community hub around the Fernvale area, the former neighbourhood’s appeal is restricted to motorists.
Notably, H2O Residences and Riverbank @ Fernvale are condominiums that front the Punggol River, and are within walking distance of major amenities at Fernvale, Sengkang Sports Centre and Sengkang Riverside Park.
The average psf price of resale condos in D28 has risen by a whopping 20% compared to the same quarter last year (Q3 2017).
Top Transacted D28 resale condos in Q3 2018:
- H2O Residences and The Greenwich— 6 transactions each
- Seletar Park Residence and Seletar Springs Condominium — 5 transactions each
- Mimosa Park — 4 transactions
2nd place: D1 Raffles Place / Marina Bay
Resale condo transactions in Q3 2018: 22
District average psf transaction price in Q3 2018: $2,183
Percentage change from previous quarter: +12.01%
Living at the heart of Singapore’s CBD just became more costly. Half of the transactions in the quarter were completed in July; a check revealed that all of the OTPs for these transactions were signed before the additional cooling measures kicked in.
In August and September 2018, transaction volumes were the lowest since April 2016. Nevertheless, average transaction psf prices of resale condos are at its highest since Q1 2015. Moving forward, it remains to be seen whether a price momentum that’s highly driven by foreign investors will keep pace.
[Recommended article: 3 reasons why foreign property investors still prefer Singapore]
Top Transacted D1 resale condos in Q3 2018:
- The Sail @ Marina Bay — 7 transactions
- Marina Bay Residences — 6 transactions
- The Clift — 3 transactions
1st place: D7 Beach Road/ Bugis / Rochor
Resale condo transactions in Q3 2018: 33
District average psf transaction price in Q3 2018: $1,983
Percentage change from previous quarter: +16.72%
New luxury condos such as Concourse Skyline, Duo Residences and South Beach Residences have breathed new life into the central district of Bugis and Beach Road, which hasn’t before been known as an upscale residential area. Like in D1, transaction volume has dipped following the July cooling measures, and property watches now pin hopes of the district’s continued transformation on a successful en bloc sale attempt of the iconic Golden Mile Complex.
It’s also interesting to note that 14 out of the 33 transactions in the district last quarter were for one-bedroom units or smaller. With new URA guidelines on maximum number of allowable units for future condo projects not affecting the Core Central Region (CCR), there could be a sustained demand for smaller resale condo units in D7.
Top Transacted D7 resale condos in Q3 2018:
- Concourse Skyline — 14 transactions
- Duo Residences — 7 transactions
- Southbank and South Beach Residences — 3 transactions each
Stay tuned and subscribe to the 99.co blog for more upcoming articles on Q3 2018 data and trends — part of our Q3 2018 Property Report Series.
What are your thoughts on resale condos in today’s property market? Voice your opinion in our comments section or on our Facebook community page.
If you found this article helpful, 99.co recommends Chart of the Week: Age vs Property Value in Leasehold Condos and New Launch versus Resale: Which Makes a Better Investment Property?
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