There was a consistent and notable upward trajectory in the leasehold condo market in 2023. From January to December, there was a 15.28% uptick in average prices across all regions. The most significant rise occurred in November, recording a 19.31% increase.
Simultaneously, there was a steady and substantial rise in total transaction volume each month, resulting in an impressive 139.90% increase in the total number of units sold over the entire year.
Market shift fuelled by RCR demand
The leasehold condo market showed the healthiest transaction volume compared to the freehold condo market, especially in the RCR. In 2023, the highest number of freehold condo transactions was around 380 in May, nowhere near the peak in sales volume of leasehold condos where around 800 units were sold in April. Average prices for leasehold condos saw a 3.19% rise from January to December, starting at $1,884 PSF at the start of the year to $2,305 PSF by year-end.
Top 5 best-selling leasehold new launches in the RCR in 2023
|New Launch Condo Project
|Percentage of Units Sold
|Median Price($ PSF)
|The Reserve Residences
|Blossoms by the Park
Demand for leasehold condos in the RCR was driven by a slate of new launches, including The Reserve Residences (90% units sold), Blossoms by the Park (82%), Grand Dunman (61%), and Tembusu Grand (59%). These RCR projects saw the highest number of sales in 2023. It was also supported by more recent launches such as The Landmark and Liv @ MB.
Heightened demand for leasehold condos across Singapore was likely influenced by its comparative affordability to the freehold market. Buyers were faced with elevated interest rates, slower economic growth, and a higher cost of living, on top of the ABSD rate hike, pushing them towards more affordable options such as leasehold condos in fringe areas available at lower price points at the start of the year. As demand grew and more transactions occurred, prices were pushed up in the rest of 2023.
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Should you buy or sell a leasehold condo in 2024?
If you’re genuinely looking to buy or sell a new home in 2024, you should remain level-headed when it comes to your property transaction. It may be dangerous to gamble on whether we’re at an inflection point. Rather than timing the market, you should seek the advice of a property agent to make your decision based on your real financial situation.
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