According to research by Anjia SG, prices of new condos in the city fringe are soaring. The company noted in its May Market Watcher series report that the median price of new condos in the Rest of Central Region (RCR), excluding Executive Condominiums (ECs), rose by 8.7% in 2021 to reach $1,972 per square foot. This upward momentum has continued into this year, with the median price rising to $2,086 psf between January and April.
Senior property agent Leo Kwek believes that a surge in high-priced transactions underpins this trend and could entrench a new price benchmark in the RCR. In 2021, as many as 1,009 new condos in the city fringe were sold for over $2,500 psf, accounting for 19.1% of all transactions. In comparison, five years ago in 2017, only 0.4%, or 14 units, were transacted in that price range. There were also 165 transactions in 2021 that exceeded $3,000 psf.
So far this year, 206 condos in the RCR were sold for over $2,500 psf between January and April, including 20 units at Riviere, CanningHill Piers, and Sky Everton that were transacted at over $3,000 psf.
Related Articles:
Anjia SG also noted that as transaction prices rise, an increasing number of city fringe condos are now being sold at prices comparable to those in the Core Central Region (CCR). From January 2021 to April this year, 543 new condos in the RCR were sold for over $2,800 psf. During this period, 963 new condos and 311 resale condos in the CCR were sold at the same price level.
Leo Kwek said, “The price overlap indicates that, similar to luxury condos, some buyers are drawn to the unique attributes, distinctive designs, and unbeatable locations of select city fringe condos, and are willing to pay a premium for them.”
For further enquiries, please get in touch:
WeChat: sgleokwek
Telegram: sgleokwek
WhatsApp: Message us
