About Increase of Residential Private Homes Price in 1Q2021 | In Singapore, a 2.9% rise in private residential prices in 1Q2021 was higher than a rise of 2.1% q-o-q in 4Q2020, as estimated by URA flash.
The increment in the first 3 months was attuned mainly to the price of landed properties, which skyrocketed by 7.8% y-o-y and 5.6% q-o-q and other non-landed developments in the (RCR) Rest of Central Region, where again prices increased by 6.1% q-o-q and 11.7% y-o-y.
In addition, the senior vice president of research and analytics at Orange Tee and Tie named Christine Sun noted that 2,527 in a total of all the non-landed homes were fetched in the (RCR) Rest of the Central Region last quarter.
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Similarly, Normanton Park, a consultant said upcoming launches in the Rest of Central Region led to sales which marked 720 units, the highest transaction last quarter that shifted hands at median price recording a $1,765 psf. Sun notes that $1,765 psf is higher than the median price of $1,704 psf for non-landed homes in the Rest of the Central Region.
Other projects that made above $2,000 psf transaction include (43 units, $2,099 psf) Avenue South Residence, (337 units, $2,257 psf) The Reef at King’s Dock, (66 units, $2,445 psf) Amber Park, and (34 units, $2,407 psf) One Pearl Bank.
Nonetheless, the head of research at Knight Frank Singapore Tay Leonard said, “With an increase in demand propelled by HBD upgraders because of the HBD buoyant market resale, upcoming development continues to make sales volumes. (The Resale Index increased by 2.8% q-o-q and 8.0% y-o-y in 1Q2021 as estimated by HBD flash).
In the same vein, the residential price of a home in the (OCR) Outside of Central Region increased by 0.9% whereas price lowered by 0.3% in (CCR) the Core Central Region.