Overall private home prices rose by 0.3% q-o-q in 2Q2020

By Valerie Kor / EdgeProp Singapore | September 8, 2020 10:30 AM SGT
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The residential market is experiencing signs of pent up market, with percentage Singaporean buyers increasing (Photo: Unsplash)
SINGAPORE (EDGEPROP) - Private home transactions increased to 1,080 units in July, the highest since November last year. Overall home prices have also risen by 0.3% q-o-q as a result of pent-up demand, according to a report by Edmund Tie’s Private Homes Report. It attributes higher demand to the low interest rate environment and the high amount of liquidity in the system.
Additionally, buyers are adopting a mid- to long-term view of the market to buy into well located and designed projects and some developers have also offered “star buys” and incorporated flexible design features and wellness into their designs, making them particularly attractive, says Ong Choon Fah, CEO at Edmund Tie.
25% of apartments transacted in 2Q2020 were under $1 million, which is five percentage points higher than in 1Q2020. In the CCR, sales were led by Kopar at Newton, with units mostly between $2 million and $3 million. In the RCR, sales were driven by Parc Esta and Stirling Residences, with units mostly between $1 million and $1.5 million.
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The report also states that buyers are shifting away from units under 500 sq ft, which accounted for less than 10% of total transactions, down from 14% in 1Q2020. Units between 500 sq ft and 700 sq ft rose by three percentage points to 36% in 2Q2020. Edmund Tie states that this could be as a result of the rise of remote working.
Even though travel restrictions have affected overseas demand, Singaporean purchases have made up for the slack and accounted for 80% of non-landed residential sales in 2Q2020, up from 77% in the previous quarter.
Check out the latest listings near Parc Esta, Stirling Residences, Kopar at Newton
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