The Singapore condo resale market saw a slight cooling off in August 2024, with volumes decreasing by 1.7% month-on-month as buyers awaited a potential interest rate cut. According to data from SRX and 99.co, 1,080 resale condo units were transacted in August, a dip from the 1,099 units in July. Despite this, transaction volumes remain robust—16.8% higher compared to August 2023, and 5.2% above the five-year average for the month.
Price Stability Across the Market
While sales volume dipped, resale prices stayed stable. The overall price index for resale condos remained unchanged month-on-month, showing resilience despite market uncertainties. Year-on-year, prices increased by 4.6%, with the Core Central Region (CCR) recording a modest 1.7% gain. Meanwhile, the Rest of Central Region (RCR) and Outside Central Region (OCR) showed stronger growth, with prices increasing by 7.2% and 4.2%, respectively.
Regional Breakdown and Sub-Sale Trends
A breakdown of sales shows that the OCR accounted for the largest share of transactions at 52.2%, followed by the RCR with 29.2%, and the CCR contributing 18.5%. In terms of sub-sale transactions (units sold before project completion), August saw a slight decline to 7.6% of total secondary transactions, down from 8.3% in July.
Capital Gains and Notable Transactions
The median capital gain for resale condos in August stood at S$357,000, marking a decrease of S$21,000 from July. Notably, District 10 (Tanglin / Holland / Bukit Timah) posted the highest median capital gain at S$720,000, while District 1 (Boat Quay / Raffles Place / Marina) saw a negative median gain of -S$81,000.
In terms of luxury sales, the highest transaction in August was recorded at Nassim Mansion in the CCR, where a unit was resold for a staggering S$12.08 million. The RCR saw a high of S$7 million at The Makena, while the OCR’s top resale was S$3.67 million at St. Patrick’s Residences.
Looking Ahead
The slight dip in resale volumes suggests that buyers are taking a wait-and-see approach, possibly anticipating a reduction in interest rates before making their next move. However, the continued year-on-year price growth and strong capital gains indicate that the market remains resilient, particularly in prime districts and for luxury properties.
Source: 99-SRX/URA
