RESALE CONDOMINIUMS ARE BACK IN THE SPOTLIGHT - SPECIAL ISSUE - RESIDENTIAL MARKET DEPTH - ORANGETEE
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Special Issue
Resale Condominiums Are
Back In The Spotlight
Residential
Market Depth
Q3 2021
Resale market making a strong comeback after a two-year hiatus
Resale Condo Resale Condo
Vaccine optimism and an anticipated global Quarter Transactions Median Price
economic upswing stoked a frenzy of property buying Units Q-o-Q S$PSF Q-o-Q
activities around the world. Pent-up demand bolstered Q1 2020 1,708 -12.2% $1,253 -2.6%
by ample liquidity and record-low mortgage rates is Q2 2020 743 -56.5% $1,262 0.8%
propping up home prices worldwide. Q3 2020 2,869 286.1% $1,234 -2.2%
Q4 2020 3,447 20.1% $1,226 -0.6%
In Singapore, the private resale market is cast into Q1 2021 3,752 8.8% $1,292 5.4%
the spotlight after a two-year hiatus. Demand for private Q2 2021 4,161 10.9% $1,305 1.0%
resale condominiums rose strongly amid the pandemic. Jul 2021 1,247 -70.0%* $1,337 2.5%*
According to caveat records from the Urban Source: URA, OrangeTee & Tie Research & Analytics *Not a full quarter
Redevelopment Authority (URA), 9,160 private non-
landed homes excluding Executive Condominiums (EC)
were sold in the first seven months of this year. This is
more than the 8,767 units moved last year and higher
than the 7,547 units sold in 2019. This year’s
transactions have surpassed the full-year sales from
2013 to 2016.
The good sales performance that we are seeing
now is in stark contrast to the third quarter of 2018
when resale volume dipped by more than 45 per cent
quarter on quarter after cooling measures were
implemented. Resale demand remained low thereafter
and around 1,700 units were averagely sold per quarter
from Q4 2018 to Q2 2020. In contrast, 3,752 units were
sold in the first quarter of this year while 4,161 units
were transacted in the second quarter. The sales
turnaround is a positive sign for the resale market.
8 Saint Thomas
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Demand surge for suburban resale projects Marina One
Residences
In the suburban region, demand for resale
condominiums surged strongly on the back of a
diminishing supply. 2,116 resale condominiums were
sold in OCR in Q2 2021, 516.9 per cent more than the
343 units sold in Q2 2020. In terms of proportion, 50.9
per cent of resale volume were in OCR last quarter, while
28.5 per cent in CCR and 20.6 per cent in RCR. For OCR,
the 50.9 per cent in Q2 2021 is higher than the 46.2 per
cent in Q2 2020 and 46.6 per cent in Q2 2019.
Resale condominiums in OCR
Source: URA, OrangeTee & Tie Research & Analytics from 30.2 per cent in Q2 2020 per cent to 47.4 per cent
in Q2 2021. Therefore, some resale condominiums
Developers have been paring down their unsold
could be undervalued, and there could be potential for
stock as sales have been brisk throughout the
further price growth.
pandemic, and only two large projects (excluding ECs)
with more than 500 units have been launched in the
Best-selling resale condominiums
OCR since 2020, resulting in a signifcant supply-
demand imbalance. Many buyers have been struggling The most popular luxury projects in 2020
.
to find new homes in the suburban areas since supply and 2021* were Marina One Residences (229 units),
has been dwindling. 8 Saint Thomas (119 units), D’Leedon (100 units),
The Sail @ Marina Bay (71 units), and Nouvel 18 (48
Supply will likely remain low as most developers
units) in the Core Central Region (CCR).
have yet to replenish their land banks. The land supply
in the suburban and city-fringe has dipped to a new low The best-selling suburban resale
since the end of the collective sales cycle in 2018. There condominiums over the same period were High Park
have been few successful enbloc deals, and supply Residences (126 units, median price of S$1,232 psf),
from the government land sales have been moderated. The Minton (117 units, S$1,082 psf), Parc Rosewood
(96 units, S$1,093 psf), and D’Nest (86 units, S$1,088
Price growth
psf). Most of the top-selling projects were
attractively priced; transacting below the S$1,581
The resurgence in resale demand sparked a
median price for new condominiums in the Outside
price recovery and the market seems to be at the
of Central Region (OCR).
beginning of an upcycle. Compared to Q2 2020, resale
condominium prices for the overall market rose 3.4 per Similarly, many projects that were popular in
cent in Q2 2021 to S$1,305 psf. From Q2 2020 to Q2 the city fringe were sold below the median price for
2021, new condominium prices grew at a much faster new condominiums in Rest of Central Region (RCR)
pace of 17.1 per cent compared to the 3.4 per cent at S$1,846 psf, including Reflections at Keppel Bay
increase for resale condominiums. As a result, the price (139 units, S$1,601 psf) and the Caribbean at Keppel
gap of new and resale condominiums widened further Bay (85 units, S$1,528 psf).
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Most popular resale condominiums exclude EC (2020-2021*)
Price
Median price difference
Median of new (upside
Condos price S$psf condos in potential)
Project Name Tenure sold (A) District district (B)** (B-A)/A South Beach
Core Central Region Residences
MARINA ONE RESIDENCES LH 229 $2,337 1 NA NA
8 SAINT THOMAS FH 119 $2,760 9 $2,920 5.8%
D'LEEDON LH 100 $1,639 10 $2,330 42.2%
THE SAIL @ MARINA BAY LH 71 $1,835 1 NA NA
NOUVEL 18 FH 48 $3,099 10 $2,691 -13.2%
ICON LH 47 $1,676 2 $2,477 47.8%
SOLEIL @ SINARAN LH 40 $1,834 11 NA NA
ONE SHENTON LH 39 $1,613 1 NA NA
Rest of Central Region
REFLECTIONS AT KEPPEL BAY LH 139 $1,601 4 $2,272 41.9%
SIMS URBAN OASIS LH 98 $1,543 14 $1,680 8.9%
CARIBBEAN AT KEPPEL BAY LH 85 $1,528 4 $2,272 48.7%
EIGHT RIVERSUITES LH 79 $1,474 12 NA NA
BARTLEY RIDGE LH 79 $1,446 13 $1,903 31.6%
THE INTERLACE LH 65 $1,287 4 $2,272 76.5%
COMMONWEALTH TOWERS LH 63 $1,858 3 $2,139 15.1%
THE GARDENS AT BISHAN LH 55 $1,142 20 $1,742 52.5%
THE CASCADIA FH 50 $1,721 21 $1,886 9.6%
SKY VUE LH 47 $1,711 20 $1,742 1.8%
WATERBANK AT DAKOTA LH 47 $1,626 14 $1,680 3.3% As supply of new homes
Outside of Central Region remains limited in the suburban and
HIGH PARK RESIDENCES LH 126 $1,232 28 $1,372 11.4%
city fringe areas, we expect demand
THE MINTON LH 117 $1,082 19 $1,581 46.1%
PARC ROSEWOOD LH 96 $1,093 25 NA NA for resale homes to remain resilient.
D'NEST LH 86 $1,088 18 $1,409 29.5% Buyers looking for affordable
BOTANIQUE AT BARTLEY LH 75 $1,538 19 $1,581 2.8% homes may turn to the resale market
WATERTOWN LH 74 $1,365 19 $1,581 15.8%
in the suburban region or selected
LA FIESTA LH 74 $1,259 19 $1,581 25.6%
MELVILLE PARK LH 73 $694 18 $1,409 103.0%
city fringe areas. Therefore, this
COCO PALMS LH 73 $1,239 18 $1,409 13.7% year’s resale volume is estimated to
THE BAYSHORE LH 72 $979 16 $1,555 58.8% hit 17,000 to 18,000 units, which will
Source: URA, OrangeTee & Tie Research & Analytics *up to 15 August 2021 caveat records surpass the total resale volume in
**using the respective freehold (FH) or leasehold (LH) comparables in the district 2019 and 2020.
Please contact us for research inquiries
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Resale Projects Marketed by OrangeTee
Cuscaden Stars of Kovan
Reserve
Corals At Keppel Bay
Scotts Square
Bishopgate Residences
Contact Our Sales Team:
www.orangetee.com
The Crest Cuscaden Reserve
St.Regis Residences
The Trilinq
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