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


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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

While the information is considered to be true and correct at the date of publication, changes in circumstances after the time of publication may impact on the accuracy of the information. The information may change without notice and Ohmyhome is not in any way liable for the accuracy of any information printed and stored or in any way interpreted and used by a user.

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