In the past few years it has been observed that there is an increase in interest both from locals and foreigners in the purchase of high-end condos in Singapore’s Core Central Region, also known as the CCR. The CCR is one of the three regions in Singapore where high-end housing is continually being offered. Despite the area being a non-landed market for residential properties, the prices seem to be taking an upward trend based on the data available with the Urban Redevelopment Authority (URA), the land-use authority of the Republic of Singapore.
Core City Centre Condos Near to City Centre
In the most recent private residential property price index released by the URA for the aggregate of all regions, it shows a promising increase of 3.9% as of April 27, 2018. This is a higher growth in price index as compared to the 0.08% of the same quarter in 2017. Majority of the housing market variables follow the same trend; Rental Index and Pipeline supply. In the CCR alone, the price index for non-landed residential properties increased to 5.5% the first quarter of this year and this includes high-end condos as well. While the other regions show a 1.2% increase in price index for the same property type in the Rest of Central Region (RCR) and 5.5% in the Outside of Central Region (OCR) that consists of approximately 16 districts. Core City Centre condos near to Great World city are highly sought after near to Orchard.
Core City Centre Condos Great World City Area
As the momentum in the housing market continue to build for core city centre condos near to Great World City, data analysis shows an increase in the number of launched uncompleted private residential units of about 0.05% compared to last year’s; last year’s first quarter number confirmed 877 launched units while this year shows 921. The total number includes high-end condos too. Even though there is an uptrend in the price index, the take-up has taken a drastic fall from 1,864 total sold units during the first quarter of 2017 to 1,581 units sold so far this year, approximately a 15% decline. Note that this information, however, discounts the sale of Executive Condominiums which the URA confirms there were no Executive Condominiums launched during the first quarter of this year. Historical data shows a hard dip in the trend of the sales of Executive Condominiums. The last quarter of 2017 added up to 583 compared to 2016’s 795.
Core City Centre Private Residential Properties
The dip in the price of private residential properties in Singapore has been seen in 2017 where the prices went done by as low as 11% thus resulting to a fear of missing out among the consumers causing a hike in the take-up rate. Lucky are those who have made purchases at that time for it was most advantageous. Overall it does look like the property prices are on the rise even for high-end condos. Many people consider living in the CCR the ideal and in this area a lot of high-end condos are still being offered and or re-sold and so competition for these high-end residential properties is expected to continue to intensify. The increase in the interest to purchase properties of value only ensures the future of this market and we are yet to see the new trend in prices as we enter the second quarter of this year 2018.