Resale prices of condos inch up 0.3%

High-rise condominium buildings in the Singapore city centre and outskirts.
High-rise condominium buildings in the Singapore city centre and outskirts. PHOTO: ST FILE

Resale prices of condominium units and apartments inched up 0.3 per cent last month from October, according to data released yesterday.

November's rise reversed a 0.7 per cent month-on-month drop in October, which was the fourth straight month of decline.

But resale prices in November were down 1 per cent from the same month last year and 8.3 per cent below the recent peak in January 2014, flash estimates from SRX Property showed.

Prices in the city fringe were down 1.5 per cent year-on-year while those in outlying districts fell 2.6 per cent but resale values in prime districts were up 2.3 per cent in November over the same month last year.

The number of resale transactions fell 8.8 per cent to 581. Resale volumes were 21.3 per cent higher than the 479 deals in November 2015 but down 71.7 per cent on the 2,050 units resold in the peak month of April 2010.

Sellers last month continued to offload homes below the estimated computer-generated market value, but the margin narrowed significantly.

SRX's median Transaction Over X-Value (TOX) in November was -$3,000 compared with -$10,000 in October.

For districts with more than 10 resale transactions last month, District 4 (Mount Faber, Telok Blangah, Harbourfront) posted the highest median TOX of +25,000. Among relatively active districts, districts 22 and 27 (Boon Lay, Jurong, Tuas and Sembawang, Yishun, Admiralty) had the most negative median TOX of -$20,000.

A version of this article appeared in the print edition of The Straits Times on December 14, 2016, with the headline 'Resale prices of condos inch up 0.3%'. Print Edition | Subscribe