Subsales transactions comprised 9.2 per cent of all secondary sales, which was up 0.1 percentage point over March.
Sub-sale sales are secondary sales that occur before the completion of a project. secondary sale transactions encompass both resale as well as sub-sale.
The highest priced condo resold in April was a $13 million unit at The Marq on Paterson Hill in River Valley.
In the RCR the highest-transacted cost was $8.3 million for a property at The Peak in Queenstown, and $5.36 million for a Windy Heights unit in Kembangan in the OCR.
The median annual capital gain from resales of condos was $337,000, a decrease of $40,000 from the month before.
District 10 (Tanglin & Holland) was the one with the most capital gains with the highest median at $763,000. District 1 (Boat Quay Raffles Place & Marina) had the lowest median capital gains of $2,000.
After a period of six months of stagnation, the resale price of condominiums jumped by 1,5 per cent in April. Volumes reached a record high of 13 months.
On May 27, data released by real estate portals SRX & 99.co showed that 1,122 condominium units were sold for the month. This is up from 910 units resold during March.
The volume of sales in April was 17.6 percent more than the average of the last five years.
Analysts from Huttons, PropNex, and Singapore Realtors Inc. (SRI) All real estate agencies, observed an increase in foreign buyers during the month. The result was a rise in resales of condo transactions in the core central region (CCR) or prime district, rising 23.3 per cent compared with March.
Transactions within the CCR comprised 22.8 percent of the total resale volumes, although they were outnumbered by the outside central region (OCR), or suburbs, at 45.4 per cent and the remainder of central region (RCR), or city fringe, that accounted for 31.8 percent.
Developers have put up several homes for sale at The Residences at W Singapore Sentosa Cove and Cuscaden Reserve, which attracted buyers looking for undervalued resale properties.
The average price per square foot of units available for sale at The Residences at W Singapore Sentosa Cove was $1,789, which is nearly 40% less than the original launch price.
People with high net worth may be moving to Singapore due to its great lifestyle and business environment. The stable political environment could be one of the reasons behind these individuals’ choice for Singapore as a safe and secure location to live.
Foreigners filed 47 caveats to condo resales during the first quarter of 2024 compared to 166 caveats filed during the same timeframe in 2023. Of the 47 caveats, 31 were from US buyers.
A caveat, lodged with the Singapore Land Authority, secures a property for the buyer.
In the near term, he expects that sales of homes will continue to be dominated by Singaporeans and Singapore residents.
“One year following the introduction of an extra 60 percent stamp duty on foreigners, in comparison to the prior 30 percent, the share of private properties purchased by foreigners has stabilized.”
He believes that the new launches of projects may have contributed to the growth in demand for resale condominiums.
In addition, the higher prices of new private homes could have nudged prospective buyers to consider older and less expensive condos that are resales in the same region. This trend is more apparent in areas where there are many new developments.
Resale prices, meanwhile, inched up across all regions during the month. RCR was the first region to gain with a 2.2% increase, and was followed by CCR that gained 0.3 percent. The OCR prices were slightly higher by 0.1 percent.
Resale prices increased by 5.1 percent in the past year. The OCR registered the highest increase at 7.2 percent, being followed by the RCR rising 5.2 percent, and the CCR with a slight increase of 0.2 per cent.