Table of contents:
- RCR and OCR prices increased by 0.3% and 0.3% respectively in May 2024, while CCR prices remain stagnant.
- An estimated 1,084 units were re-sold in May 2024, a 5.5% decrease from the 1,146 units resold in April 2024.
- The highest transacted price for a resale unit in May is achieved at S$14,000,000 at St. Regis Residences Singapore.
- The overall median capital gain for resale condos is S$361,000 in May 2024, an increase of S$21,000 from April 2024.
- The overall median unlevered return for resale condos is 30.6% in May 2024.
- Conclusion
The real estate market in Singapore is displaying dynamic shifts, with changes in property prices and resale volumes across various regions. In May 2024, the Rest of the Central Region (RCR) and Outside the Central Region (OCR) saw price increases, while the Core Central Region (CCR) remained unchanged.
But first, read last month’s report: April 2024: Condo prices up 1.5%, sales surge 23.2%
The following article analyses the most recent data from the SRX Price Index for Condo Resale. It offers insights into the month-on-month and year-on-year trends, resale volumes, highest transacted prices, and capital gains and returns for different districts.
RCR and OCR prices increased by 0.3% and 0.3% respectively in May 2024, while CCR prices remained stagnant
According to the SRX Price Index for Condo Resale, property prices in the RCR and OCR increased by 0.3% each. In contrast, prices in the CCR remained unchanged.
The overall prices increased by 0.4% month-on-month compared to April 2024. The year-on-year data showed a 4.2% increase in overall prices from May 2023. Specifically, RCR and OCR witnessed significant price increases of 6.0% and 5.7%, respectively, while the CCR experienced a price decrease of 1.9% over the same period.
An estimated 1,084 units were re-sold in May 2024, a 5.5% decrease from the 1,146 units resold in April 2024
Approximately 1,084 units were resold, indicating a 5.5% decline from the 1,146 units resold in April 2024. However, this resale volume was 7.2% higher compared to May 2023 and 19.2% higher than the five-year average for May.
51.7% of the resale volume originated from the OCR, 31.3% from the RCR, and 17.1% from the CCR.
The percentage of sub-sale transactions, representing secondary sales occurring before project completion, comprised 7.4% of the total secondary sale transactions in May 2024, indicating a 1.9% decrease from the sub-sale percentage in April 2024.
The highest transacted price for a resale unit in May is achieved at S$14,000,000 at St. Regis Residences Singapore
The highest transacted price for a resale unit in St. Regis Residences Singapore was S$14,000,000.
In the RCR, the highest transacted price was for a unit at The Waterside, which resold for S$4,960,000.
Meanwhile, in the OCR, the highest transacted price was for a unit at Grand Duchess at St. Patrick’s, which resold for S$5,530,000.
The overall median capital gain for resale condos is S$361,000 in May 2024, an increase of S$21,000 from April 2024
The overall median capital gain for resale condos was S$361,000, which reflects an increase of S$21,000 from April 2024. Though the highest was back in March 2024 with S$379,000 and looking at the current trajectory after the bounce in April, we just might see a higher capital gain.
District 21, encompassing Clementi Park and Upper Bukit Timah, had the highest median capital gain at S$657,000. In contrast, District 1, which includes Boat Quay, Raffles Place, and Marina, had the lowest median capital gain at S$19,000.
The overall median unlevered return for resale condos is 30.6% in May 2024
The median unlevered return for resale condos was 30.6%, which is just shy of March 2024’s 33.1%. But looking at the bounceback from April, the median might just surpass March’s.
But first, read last month’s report: Price gap analysis: Are HDB resale and condo prices narrowing?
District 22, including Boon Lay, Jurong, and Tuas, had the highest median unlevered return at 42.3%, while District 1 had the lowest median unlevered return at 1.5%.
The capital gains and returns of a condo resale unit are calculated by comparing the current transacted price with the previous transacted price of the same unit. Districts with fewer than 10 matching transactions are excluded from the ranking.
Conclusion
In May 2024, the Singapore real estate market displayed mixed trends. Both RCR and OCR experienced slight price increases, while the CCR remained stable. Although there was a decrease in month-on-month resale volumes, the year-on-year data revealed significant growth, particularly in the OCR and RCR regions.
High-value transactions in upscale locations such as St. Regis Residences Singapore demonstrate sustained interest in luxury properties. Additionally, significant capital gains and unlevered returns in specific districts underscore the market’s investment potential. Stakeholders need to comprehend these trends to effectively navigate the intricacies of the property market.
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Disclaimer: This information is intended solely for general informational purposes. 99.co makes no claims or guarantees regarding the accuracy, completeness, or suitability of the information, including, but not limited to, any assertion or assurance regarding its appropriateness for any specific purpose, to the maximum extent allowed by law. Despite all efforts to ensure that the information presented in this article is current, reliable, and comprehensive at the time of publication, it should not be used as the sole basis for making financial, investment, real estate, or legal decisions. Furthermore, this information is not a replacement for professional advice tailored to your unique personal circumstances, and we disclaim any responsibility for decisions made using this information.
About Azhann Rosmin
Azhann Rosmin is a writer who has 6 years of professional forte. He specialises in writing about real estate and lifestyle topics. His coverage mostly focuses on HDBs, condos, BTOs, and landed houses while also favouring topics of food, nightlife, and technology. He has worked in multiple writing positions that include cryptocurrency, fintech, e-commerce, fashion, and cosmetics. Azhann graduated with a bachelor's degree in Applied Linguistics and also writes poetry.
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