{"id":3303,"date":"2024-04-26T11:28:11","date_gmt":"2024-04-26T03:28:11","guid":{"rendered":"https:\/\/pinegroveresidence.sg\/navagrove\/?p=3303"},"modified":"2024-04-26T11:28:11","modified_gmt":"2024-04-26T03:28:11","slug":"condo-resale-prices-inch-up-in-march-as-volume-rebounds-17-4","status":"publish","type":"post","link":"https:\/\/pinegroveresidence.sg\/navagrove\/condo-resale-prices-inch-up-in-march-as-volume-rebounds-17-4\/","title":{"rendered":"Condo resale prices inch up in March as volume rebounds 17.4%"},"content":{"rendered":"
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Resale condominium prices inched up by 0.4% in March, marking a rebound from February’s seasonal slowdown, as reported by real estate portals Singapore Real Estate Exchange and 99.co<\/a> on April 25. This increase, slightly higher than February’s 0.2%, reflects a gradual recovery in the market.<\/p>\n

Analysts attribute this modest price growth to a disparity in price expectations between buyers and sellers, alongside prevailing high interest rates<\/a>. Despite some willingness to negotiate, many sellers are reluctant to significantly lower their asking prices due to the high cost of replacement homes.<\/p>\n

On a year-on-year basis, resale condo prices rose by 5%, with suburban areas experiencing the highest increase at 7.1%. This uptrend can be attributed to increased condo launches in the suburbs in recent months, boosting the prices of resale units.<\/p>\n

The resale volume also saw a notable rebound in March, increasing by 17.4% with an estimated 883 units changing hands, compared to 752 units in February. This uptick is attributed to the resumption of project launches post-Chinese New Year, stimulating activity in the resale market.<\/p>\n

The relaunch of luxury condo Cuscaden Reserve<\/a> at more attractive price points injected renewed interest into the private resale market, with discounted offers starting from $2,900 per square foot. Despite this surge in transactions, resale volume remains lower compared to March 2023, down by 22.8%.<\/p>\n

Transactions by foreign buyers increased to 1.3% of total resale volume in March, up from 0.5% in February. However, foreign investment interest remains subdued due to the punitive Additional Buyer’s Stamp Duty (ABSD<\/a>) rates implemented in April 2023.<\/p>\n

In terms of location, the lion’s share of condo resale transactions occurred in the suburbs, followed by city fringes and prime districts. Notably, the highest transacted price was $8.7 million for a 99-year leasehold unit at Corals at Keppel Bay, highlighting the diversity of the market.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

The Straits Times<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Resale condominium prices inched up by 0.4% in March, marking a rebound from February’s seasonal slowdown, as reported by real estate portals Singapore Real Estate Exchange and 99.co on April 25. This increase, slightly higher than February’s 0.2%, reflects a gradual recovery in the market. Analysts attribute this modest price growth to a disparity in […]<\/p>\n","protected":false},"author":1,"featured_media":3304,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"class_list":["post-3303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-property-news"],"_links":{"self":[{"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/posts\/3303","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/comments?post=3303"}],"version-history":[{"count":1,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/posts\/3303\/revisions"}],"predecessor-version":[{"id":3305,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/posts\/3303\/revisions\/3305"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/media\/3304"}],"wp:attachment":[{"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/media?parent=3303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/categories?post=3303"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/tags?post=3303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}