Condo resale prices dip again, but sales surge

Resale prices of condominiums and apartments dipped again last month for the second consecutive month, although sale volumes surged, according to data out yesterday.

Overall condo resale prices were down 0.5 per cent last month from June, which recorded a 0.4 per cent decline from May, breaking a four-month upward trend.

Prices in the city fringes, or rest of central region, posted the biggest drop of 1.1 per cent last month, while the suburbs or outside central region retreated 0.3 per cent. Core central region prices inched down 0.1 per cent month on month.

The declines in all three market segments could be due to the increase in supply of new homes, said Ms Christine Sun, OrangeTee & Tie's head of research and consultancy, yesterday.

"Many new projects have been launched in recent months, and the rising competition for potential buyers probably caused some sellers to lower their asking prices for their resale homes," she added.

Sale volumes climbed 32.2 per cent last month, with 882 units resold, compared with 667 transacted in June. But volumes were 19.8 per cent lower over July last year, which saw "unusually high activity" ahead of the introduction of cooling measures, real estate portal SRX Property said. Still, volumes last month were 11.1 per cent higher than the five-year average volume for July.

The pick-up in sales could largely be attributed to more buyers returning to the market after the June holidays, Ms Sun noted.

  • $17.5m

    The priciest resale last month, which was a high-floor unit at the freehold Boulevard Vue in Cuscaden Walk.

The priciest resale last month was at freehold Boulevard Vue in Cuscaden Walk, where a high-floor unit went for $17.5 million.

A unit at Dakota Residences, a 99-year leasehold condo in Dakota Crescent in District 14, was the biggest sale in the city fringes at $4.2 million.

The highest sale price in the suburbs was the $3.3 million paid for a unit at Bayshore Park, a 99-year leasehold property along the East Coast Parkway.

A version of this article appeared in the print edition of The Straits Times on August 15, 2019, with the headline 'Condo resale prices dip again, but sales surge'. Print Edition | Subscribe