A Glimmer of Hope: Luxury Condo Sales Pick up During Faltering Economy

Written by: Guo Zhenhao

Sale of Luxury Condos Rise While Non-landed Home Sales Falter

The sales of luxury condos in the first quarter of 2020 rose to 72% in comparison to the first quarter of 2019. Compared to the fourth quarter of 2019, this year’s first quarter saw an increase of 7.1% in the sales of posh homes.

This defies the declining trend in the rest of the property market due to the circuit breaker measures . Non-landed sales volume for the Rest of Central Region shrank 18.3% from the previous quarter, largely due to the ongoing pandemic slowing down new launches.

Singapore Luxury Home Prices Remain Steady

Non-landed resale luxury homes remained at a steady price of $2,020 per square feet on average. New, non-landed homes in the Core Central Region fetched $2,540 per square feet.

However, the proportion of luxury homes sold below $3 million, which were considered to be a low price quantum, rose from 73.9% in the previous quarter to 80.5% this quarter.

Resale Condo Prices Experience a Minor Blip

Average resale condo prices dipped by 1% from the previous quarter, while resale non-landed homes had a larger slip at 2.6%.

Mass market condo prices were the only condo prices that maintained the status quo at $1,042 per sqft. New non-landed home prices Outside Central Region were the hardest hit, experiencing a 4.8% slide from the previous quarter.

Mass Market Non-landed Home Sales Crash

Resale non-landed homes and mass market’s non-landed homes declined the most this quarter, plummeting by 16% and 23.5% respectively.

Amongst the mass market homes, Treasure at Tampines performed the best, selling 216 units, while Parc Clematis and Parc Botannia sold 93 units and 72 units respectively.

Wish to purchase a home during this pandemic? Contact our property agents at +65 6886 9009 for up-to-date advice on the latest property market trends!

Source: Singapore Business Review

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