Overall private home prices rose by 0.3% q-o-q in 2Q2020
At the same time, homebuyers are taking on a mid- to long-term perspective of the industry to purchase into well located as well as produced projects including some property developers have recently also used “celebrity buys” and also put together adjustable composition benefits and wellness into their compositions, constructing them specifically interesting, points out Ong Choon Fah, CEO at Edmund Tie.
Exclusive residence deals rose to 1,080 units in July, the highest ever since Nov last year. General condominium sales prices have furthermore risen by 0.3% q-o-q as an aftereffect of pent-up demand, basing on to a release by Edmund Tie’s Private Homes Report. It associates higher demand to the lowered interest rate setting together with the strong level of liquidity in the system.
25% of homes transacted in 2Q2020 were under $1 million, which is five percentage points more than in 1Q2020. In the CCR, profits were led by Kopar at Newton, with units primarily among $2 million and $3 million. In the RCR, deals were made by Parc Esta including Stirling Residences, with units mainly around $1 million and $1.5 million.
The statement also says that home buyers are switching off units under 500 sq ft, which justified lesser than 10% of overall contracts, declining from 14% in 1Q2020. Units about 500 sq ft and also 700 sq feet picked up by 3 percentage points to 36% in 2Q2020. Edmund Tie claims that this perhaps as a result of the increase of remote working.
Even if travel limitations have indeed influenced overseas demand, Singaporean sales have actually outweighed the slack and justified 80% of non-landed residence deals in 2Q2020, rise from 77% in the past quarter.