Channel NewsAsia

Condominium resale prices edge up in January

Prices of condominiums on the resale market inched up 0.6 per cent last month, while the number of units resold fell 20 per cent, says SRX Property.

SINGAPORE: Prices of condominiums sold on the resale market edged up 0.6 per cent in January, despite a fall in the number of units sold, according to a local property index.

The resale volume of non-landed private residential units fell 20 per cent from the previous month, with an estimated 364 units resold in January, SRX Property said. On a year-on-year basis, resale volume was up 3.7 per cent.

ERA’s Key Executive Officer Eugene Lim attributed the decline to sluggish buying activity typical of the month before Chinese New Year. Buying activity is expected to pick up momentum later in the year, he said.

However, resale prices inched up 0.6 per cent from the previous month, with prices in the Core Central Region, Rest of Central Region and Outside Central Region rising 1 per cent, 0.1 per cent and 0.8 per cent, respectively.

Overall, prices were down 1.7 per cent from a year ago.

MEDIAN TOX DOWN

The median Transaction Over X-Value (TOX), which measures whether people are overpaying or underpaying SRX Property’s estimated market value, fell in January to -S$10,000.

For districts with more than 10 resale transactions, District 25 (Kranji, Woodgrove) posted the highest median TOX of S$24,000. The lowest median TOX was in District 12 (Balestier, Toa Payoh, Serangoon), with -S$36,000.