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Rental And Resale Home Prices Decline For Non-Landed Private Homes

Fizah Hatman
Updated

This article was originally on GET.com at: Rental And Resale Home Prices Decline For Non-Landed Private Homes

Both resale and rental prices on certain non-landed private homes in Singapore are dwindling to new lows.

Condo owners are selling off their properties because of job losses and a fear of a more pessimistic economic outlook.

For example, prices at Cairnhill Plaza in Orchard Road hit its lowest per square ft (psf) price since 2007, where a 3000 sq ft four-room apartment was going for around $1,300 psf.

Prices at the Marina Bay area have also gone lower. For example, prices at The Sail @ Marina Bay hit its lowest psf. A 678 sq ft studio apartment was tagged at $1,475 psf late of last February. This low price point has not been seen in over five years.

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At Orange Grove Residences, there have been three transactions where they each suffered a loss of nearly $1 million.

The drop in prices is due to the decline in demand; there is no longer a demand for large luxury units especially in the Core Central Region (CCR) as expats who are in middle-management or executive level positions are receiving smaller housing budgets.

Rental prices there have also dropped, based on data from the Urban Redevelopment Authority (URA).

For example, a two-bedder at Marina Bay Residences dropped from $8,000 in March 2015 to $7,500 in March 2016.

Also seeing a drop in rental is Caribbean at Keppel Bay in district 4. A three-bedder there dropped from $7,000 in March 2015 to $6,500 in March this year.

Keen To Look For A Private Property?

If you are interested in looking for a private property in district 4, here’s our property guide to Telok Blangah and Sentosa Cove that might help.

If you’re looking for a home loan in Singapore, use a home loan website like GET.com to help you compare home loans so you can make an informed decision.

But if you want to refinance your home loan, here are 4 things you can consider when comparing home loans.

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