Condominium Uptake in Singapore Soars 72 Percent

 

Sales of luxury condominiums in Singapore jumped by 72 percent or 965 units in the first quarter of 2020, despite the weak property market amid the Covid-19 pandemic.

The increase in sales was triggered by the new condominium project The M with up to 387 units.

Based on the Private Residential Market report from OrangeTee& Tie, this figure is higher than the total achievement in the same period last year which only reached 561 units.

Meanwhile, on a quarterly basis, this growth grew 7.1 percent, higher than the fourth quarter of 2019, which sold 901 units.

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Overall, the average price of non-landed luxury homes in the secondary market is relatively stable, which is around 2,020 Singapore dollars per square foot or IDR 21.53 million per square foot.

Meanwhile, new non-landed houses in the Core Central Region (CCR) are sold at a price of 2,540 Singapore dollars per square foot or IDR 27 million per square foot.

This strong market absorption in the luxury home segment is inversely proportional to the weakening state of the property market in Singapore. Mori Condo

However, in contrast to the middle segment, sales volume for non-landed residential areas in the Central Region (RCR) shrank by 18.3 percent quarterly.

In the first quarter of 2020, non-landed residential sales volume only sold 1,196 units compared to the fourth quarter of last year which sold 1,464 units.

The average price for new condominiums also fell 1 percent quarterly to an average of IDR 19.7 million per square foot, while in the fourth quarter of 2019 it reached IDR 19.5 million per square foot.

Non-landed residential prices in the secondary market also fell 2.6 percent over the same period last year.

This year, it only reached Rp 14.6 million per square foot from last year’s non-landed residential price which reached Rp 15 million per square foot.