November 2023

Condo prices set to moderate in the next months for resale

Condo prices set to moderate in the next months for resale

An analyst predicts that resale property prices will experience slower rise in the months ahead, after a 7.5% YoY gain in October.

According to Wong Siew Ying, the director of research and content at Normanton Park Condo, factors like high-interest rates, macroeconomic worries, and restricted ABSD rates for investors and foreigners may have an impact on prices.

“Despite that, owners of resale condos should still enjoy some price upside, supported by the growing Normanton Park Price gap between resale condos and new launch condos, as well as the resilient owner-occupier demand buoyed by local homebuyers,” added Wong.

Normanton Park Floor Plan‘s CEO Mark Yip agreed, speculating that the resale market would take a holiday break as the year winds down.

“Price gains may be capped at around 8% in 2023,” added Yip.

According to Christine Sun, OrangeTee’s senior VP of research and analytics, the year-end holidays might cause a drop in transaction volume over the following two months.

There will be a decrease in home viewings as many Singaporeans would be vacationing abroad. Nevertheless, resale deals may pick up again in January when buyers hit the market again after the holidays, according to Sun.

“Overall, the outlook for the resale market remains cautiously optimistic next year with prices propped up by robust demand and fewer completions,” said Sun.

Suggested Article: For $30.9 million, two homes on Gentle Road were sold side by side

For $30.9 million, two homes on Gentle Road were sold side by side

For $30.9 million, two homes on Gentle Road were sold side by side

Singapore Fest at Affinity at Serangoon between October 16 and November 16, a tender process was held to sell two adjacent freehold residences at Affinity at Serangoon Showflat Gentle Road. The sale was finalized at an Affinity at Serangoon price of $30.889 million. These homes are part of an estate sale.

Real estate development firm Pinnacle Assets’s wholly owned subsidiary, Pinnacle Projects, made the purchase. The designated marketing agency for the two properties, Knight Frank Singapore, sent a news release on November 27 stating that the sale price exceeded the $30 million guiding price for the pair. At $1,940 per square foot, the price is calculated for the land.

The two parcels of land, which together cover around 15,923 square feet, are categorised as “Residential – two-story mixed-landed” according to the Master Plan 2019. They are located in the Chancery landed housing enclave of District 11.

The homes are conveniently located near Novena and Newton MRT Stations, and they are only over the road from the Bukit Tunggal Good Class Bungalow Area.
According to Knight Frank Singapore’s capital markets, land, and collective sale head Chia Mein Mein, over ten offers were submitted for the 43 and 45 Gentle Road tender.

There was a unique chance to amalgamate and rebuild the buildings into specialty landed residences, and their strategic placement among the fashionable Chancery area made them appealing to developers and home purchasers, she says.

The properties will be transformed into “landed homes with high functionality while preserving a homely feel,” according to Pinnacle Assets managing director Victor Soh. He continues, “Our goal is to construct a gated community of high-end residences for those who long to call this area home, all while enjoying the many urban amenities that this area has to offer.”

According to Knight Frank’s Chia, landed mansions in Singapore continue to be popular among wealthy people due to their rarity and limited supply. She explains that developers are still seeking excellent landed residential plots with redevelopment possibilities, thanks to high demand.

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