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Volume Of Private Resale Flats Jumps To Its Highest In Almost 3 Years
This article was originally on GET.com at: Volume Of Private Resale Flats Jumps To Its Highest In Almost 3 Years
The number of non-landed private resale flats in Singapore sold last month stood at 689 units - the highest since May 2013 when 726 units were resold.
According to the flash figures released by SRX Property yesterday, the 689 units resold in April 2016 was a 17.6% increase compared to the 586 units resold in March 2016.
The figures also increased year-on-year. There was a 28.1% increase in the units resold in April this year compared to the 538 units resold in April last year.
Some of the properties that were reported by The Straits Times that had high resale numbers were OUE Twin Peaks in Leonie Hill, A Treasure Trove in Punggol Walk, and D'Leedon in Leedon Heights.
Despite the high resale volume however, these non-landed properties were sold at lower prices compared to a year ago.
The flash figures reported that year-on-year, there was a price drop of 0.5%.
For example, a 936 square ft (sq ft) strata unit at Parkview Apartments in Bukit Batok was sold at $770,000, which is $822 per sq ft (psf) in April 2015, but dropped to $675,000 with a psf of $721 in April this year.
There was an overall increase of 0.5% in prices compared to the month before. The Rest Of Central Region (RCR) saw a 0.7% price increase and the Core Central Region (CCR) saw a 1.3% price increase, while the Outside Central Region (OCR) saw a 0.2% decrease in prices.
Does the increase in resale volume for these properties signal a rebound in the property market? It remains to be seen. We recently reported that the Singapore economic outlook is still gloomy and 60% of developers in Singapore foresee a drop in residential property prices.
Keen To Find A Property?
This could be a good time for you if you’re looking to buy a property. Or maybe you might want to wait because there are more ECs and condos that are set to launch in the coming months in Singapore.
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