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Hard to find condo unit under $1,000 psf

Buyers more focused on total price tag than psf cost: Analysts

Published on Sep 21, 2013 8:29 AM
 
A 484 sq ft shoebox apartment at the 99-year leasehold J Gateway in Jurong East, which was launched in June, was sold for as high as $1,774 psf. That worked out to a price of $858,000. -- PHOTO: J GATEWAY

If you think it is near impossible to pick up a mass market condominium unit for under $1,000 per sq ft these days, you could be right, as recent statistics show.

The majority of suburban private home transactions were above that price level in the second quarter of this year, according to Urban Redevelopment Authority (URA) data compiled by property consultancy OrangeTee.

The numbers underline a trend that has been increasingly apparent for the past two years - buyers will shrug off high prices on a per sq ft (psf) basis as long as the overall quantum is seen as affordable.

That seems to mean paying up to $1.2 million for a suburban private home, consultants said.

 
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Background story

UPWARD TREND

  • Units sold at prices above $1,500 psf:

Q2 of 2011: 0.5% of total transactions

Q2 of this year: 14.2%

  • Units sold at prices above $1,000 psf:

Q2 of 2011: 25.5% of total transactions

Q2 of this year: 60%