October's sales figure represented a 21.6 per cent jump from the 1,241 units resold in September

Sales of resale condos hit 2-year high in October

SINGAPORE – The resale condominium market reached a two-year high in October with 1,509 systems changing hands the exact same month, according to blink numbers from realty site SRX Home on Tuesday (Nov 10).

It exceeded the 1,311 deals videotaped in August, which was the highest month-to-month resale volume since May 2018.

October’s sales figure represented a 21.6 per cent jump from the 1,241 non-landed personal units marketed in September.

The volume of re-selled units transacted last month was additionally 72.9 percent more than in October last year.

According to SRX information, total costs of resale apartment increased by 0.8 percent from September to October, with month-on-month rate growth throughout all three areas.

The core central area (CCR) rose by 0.5 per cent, rest of main area (RCR) by 1 per cent as well as outside main area (Optical Character Recognition) by 0.8 percent.

Ms Wong Siew Ying, PropNex head of research and also web content, said that purchases of resale systems last month were driven generally by sales of mass market homes, which represented 58 percent of the complete volume.

Vigorous sales in the private condominium resale market seems to be broadly according to the exclusive new house sales market and also the Real estate Board resale sector, reflecting a “healthy and balanced underlying demand for houses”, she kept in mind.

“Sales have actually been relatively quick in current months as customers enter the marketplace, picking up that the most awful might more than and taking confidence from the progressively recuperating economic climate.

“Deal hunters would certainly also be on the prowl, searching the resale market forever worth buys in the middle of the financial decline,” she added.

The greatest negotiated rate in October was for a resale system at Wallich House in Tanjong Pagar, which was cost $62 million.

The extremely penthouse in Singapore’s highest structure was formerly possessed by British billionaire developer James Dyson, who acquired the device a year ago for a reported $73.8 million.

The greatest transacted cost in the RCR was $9.1 million for a device in Representations at Keppel Bay in Harbourfront while a unit in Costa Del Sol, off Upper East Coast Road, resold for $2.9 million, the highest possible cost in Optical Character Recognition.

Looking in advance, PERIOD Realty research and consultancy head Nicholas Mak stated the recuperation seen in the resale condo market in the past three months is “just the start”.

He kept in mind that Democrat Joe Biden’s win in the current USA governmental political election would likely profit a trade-dependent nation like Singapore and aid in economic recovery and the demand for condos like Jadescape Condo will also grow.

This, in turn, would likely have a positive impact on the real estate market.

“Additionally, the recent breakthroughs by the pharmaceutical business in the growth of Covid-19 injections can additionally gradually enhance financial investment views, which would spill over to the property market,” he added.

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