The Singapore condo resale market in October 2024 presented a fascinating mix of price adjustments and heightened buyer activity. For the first time this year, resale condo prices experienced a slight dip, while transaction volumes surged. Several record-breaking transactions across the Core Central Region (CCR), Rest of Central Region (RCR), and Outside Central Region (OCR) highlighted the demand for resale condos this month. Despite the seasonal trends that typically dampen activity, buyers were drawn to the comparative affordability of resale units and the exclusivity of high-value properties.
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Condo resale price index: Overall decrease of 0.5%
In October 2024, the condo resale market experienced a modest price decline of 0.5% month-on-month according to the SRX Price Index for Condo Resale. This was the first price contraction this year, breaking a steady upward trend that had persisted since December 2023. The dip reflects the beginning of market recalibration, possibly influenced by increasing affordability considerations and external market factors.
Across regions, CCR and OCR recorded price increases of 0.5% and 1% respectively compared to September. However, RCR experienced a notable decline of 0.8%. These movements highlight the diversity in demand and pricing dynamics within Singapore’s regions, with OCR likely benefiting from its relative affordability.
Despite the monthly decline, year-on-year prices remained 3.6% higher than in October 2023. CCR, RCR, and OCR experienced price increases of 3.7%, 3.3%, and 3.9%, respectively.
Additional reading: Prices edge up as buyers return, volumes dip amid competition from new launches in Sep 2024
Resale condo transaction volume increased by 8.1%
While prices fell, transaction volumes moved in the opposite direction. October 2024 saw 1,124 resale transactions, representing an 8.1% increase from the 1,040 units transacted in September. On a year-on-year basis, the rise was even more significant, with a 29.1% increase compared to October 2023.
The current activity also exceeded the 5-year average for October by 11.3%. This growth suggests that buyers are taking advantage of the narrowing price gap between resale and new launch properties, with some turning to the resale market for relatively affordable options.
Regionally, the OCR dominated transactions in October 2024, accounting for 50% of the total volume. RCR followed with 31.1%, while CCR contributed 18.9%. This distribution emphasises the sustained appeal of OCR properties, which offer a balance of affordability and accessibility for a broad spectrum of buyers.
As for the sub-sale transactions (sales occurring before project completion), they made up 8% of the total secondary sales in October 2024, remaining unchanged from the previous month.
Additional reading: HDB rental price surge as condo rental market stabilises in October 2024
Notable resale transactions in October 2024
October 2024 saw several high-profile resale transactions, underscoring continued demand for luxury and premium properties in Singapore. These record-breaking transactions occurred in all three regions — CCR, RCR, and OCR. Here’s a deeper look into these properties and the factors contributing to their impressive resale prices.
CCR: S$14.1 million at Cuscaden Reserve
Located in the prime District 10 (Tanglin/Holland/Bukit Timah) along Cuscaden Road, Cuscaden Reserve set a benchmark in October with a resale price of S$14.1 million. With a 99-year leasehold, the new condo just obtained Temporary Occupation Permit (TOP) last year.
This Bauhaus-inspired condo has a 28-storey tower housing a finely crafted collection of 192 apartments with 1- to 3-bedrooms. Jointly developed by SC Global, New World Development, and Far East Consortium, Cuscaden Reserve has several key factors that may play a part in its high resale price.
- Prestigious location: Cuscaden Reserve is situated in the heart of Orchard, Singapore’s premier shopping and lifestyle belt. Its proximity to renowned shopping malls like ION Orchard, Tanglin Mall, and luxury hotels enhances its appeal among affluent buyers.
- Architectural excellence: With world-class architecture and thoughtfully designed units by SCDA Architects, this development caters to discerning individuals seeking both opulence and comfort.
- Scenic views: Cuscaden Reserve has windows with the best views towards the Orchard Shopping Belt, Singapore Botanic Gardens, and Orchard Boulevard.
- Limited supply: The scarcity of new luxury developments in the CCR makes high-quality resale units like those at Cuscaden Reserve highly coveted.
This highest transaction in October 2024 reflects the resilience of the CCR market, where ultra-wealthy buyers prioritise exclusivity and premium amenities, even in a softer broader market.
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RCR: S$8.6 million at The Sovereign
The most expensive RCR transaction in October was a unit at The Sovereign, transacted at S$8.6 million. Situated in District 15 (East Coast/Marine Parade) along Meyer Road, The Sovereign is an exclusive freehold development that combines the charm of East Coast living with upscale urban sophistication.
Possible reasons for The Sovereign’s significant resale price include:
- Seaside location: The Sovereign offers panoramic sea views, a rare feature highly valued by both local and international buyers. Its proximity to East Coast Park adds lifestyle value for residents who enjoy outdoor activities and waterfront living.
- Accessibility: The property is well-connected to the city via the East Coast Parkway (ECP). Tanjong Katong MRT (TE25) station is also a short walk away (500m).
- Prestige and exclusivity: Being a freehold development in the RCR further bolsters its long-term value, especially as land scarcity continues to push demand for such properties.
OCR: S$4.7 million at The Parc Condominium
Over in the OCR, the highest resale price of S$4.7 million was recorded at The Parc Condominium in District 5 (Clementi/Buona Vista/West Coast). This freehold condominium, developed by Chip Eng Seng, is known for its family-friendly environment and spacious units with up to 5-bedroom layouts.
See also Hudson Place Residences in District 5.
Some other factors that might lead to its high price are:
- Accessibility: The development is close to Clementi MRT Station (EW23/CR17) and major expressways like the Ayer Rajah Expressway (AYE). Its proximity to the International Business Park and educational institutions such as NUS and Singapore Polytechnic further enhances its demand among professionals and expatriates.
- Future growth potential: The area surrounding Clementi is slated for further development under the URA Master Plan, adding investment value to properties in the region.
This notable transaction highlights the OCR’s ability to attract buyers willing to pay premium prices for space, convenience, and growth prospects, especially for freehold properties.
Additional insights into the condo resale market
These high-value transactions recorded in October 2024 underline several important trends in Singapore’s real estate market:
- Properties in premium locations or those offering unique features (such as sea views or proximity to business hubs) command significantly higher prices.
- Freehold developments or those in mature estates with limited new launches continue to fetch higher prices due to their perceived long-term value.
- Despite economic uncertainties, ultra-high-net-worth individuals remain active in the market, focusing on properties that align with their lifestyle and status.
Capital gains and returns on resale condo units
Resale condos continued to deliver robust returns for investors. The overall median capital gain for October 2024 increased to S$368,000, up S$9,000 from September. District 20 (Ang Mo Kio/Bishan/Thomson) led the charge with the highest median capital gain of S$650,000. In contrast, District 2 (Chinatown/Tanjong Pagar) posted the lowest median capital gain at S$143,000, reflecting variations in investment performance based on location and demand dynamics.
Unlevered returns followed a similar trend. The overall median stood at 29.6%, with District 20 again leading at 45%. District 2, with its lower unlevered return of 14.1%, highlights the influence of market maturity and transaction volume on investment profitability. These statistics reinforce the long-term value of carefully chosen resale condo investments in strategic locations.
Main takeaway
October 2024 presented a turning point for the condo resale market. The first price decline of the year signals a stabilisation of earlier price growth, allowing buyers to regain negotiating power. Despite this, transaction volumes rose sharply, driven by attractive price gaps between resale and new launch properties.
The regional performance underscores the resilience of OCR properties as a popular choice among budget-conscious buyers, while CCR and RCR continue to attract high-net-worth individuals. Luxury resale transactions further highlight the sustained appeal of Singapore’s premium condo market.
Looking ahead, the year-end holiday season and a slew of November condo launches may temper resale activity in the coming months. Nevertheless, with strong capital gains and unlevered returns, resale condos remain a compelling choice for both homeowners and investors, offering opportunities for stable long-term growth.
Are you keeping an eye on a particular condo but unsure if it fits your budget? Check now with 99.co’s Affordability Calculator!
About Ananda Bayu
Ananda has been wrangling Singapore's complex real estate trends into readable bites since 2020. She writes like she's explaining it to a friend over kopi — because who has time for jargon? When off the clock, she’s probably doom-scrolling through cat memes on X, convincing herself it's the highest tier of "creative inspiration".
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