Singapore Property | The first half of 2020 saw an increase in non landed Homes sales drop $659.2 million from $1.4 billion registered in the second half of 2019. This property decline was attributed to the implementation of strict measures worldwide and also restriction of travel along the national borders.
The decline began in 2H 2019 when the average unit price of the non-landed property was at $2,412 per sqft. from $2,479 in 2H of 2019. There was also a decrease in the unit purchased i.e., 85 units from 155 units in 2H 2019.
“While there are uncertainties around the entire residential market in Singapore, caused by weakened prices amid the COVID-19 outbreak, there were important deals around that time. These also involve the sale of The Claymore a unit on the 25th floor for $17.0 million in April as well as a penthouse unit at Ardmore Park for $27.7 million after the start of the lockdown in April” said Knight Frank.
More on Non Landed Homes Sales Drop by 52.9% in 1H 2020
Knight Frank expects the purchase of non-landed property to improve as we go into the second half of 2020. This is as a result of ease restriction across the country and also the improvement of the economy. Foreign buyers are optimistic about the event of non-landed property and see a safe-haven for investment in Singapore’s residential property.
The Property Price Index (PPI) of the private home remained unchanged from Q1 2020. The price remained at 170.3 in the second half of 2020 from declining from 0.9% as at first half of 2020. This record was revealed by the Urban Redevelopment Authority on real estate statistics.
Knight Frank also revealed that 106 landed homes equaling $1 billion were sold in the first half of 2020. This is a decrease of 23.1% from the second half of 2019 having 125 units equaling $1.3 billion.