<ADV> Pte Resi & Prestige 4Q 2023 reports
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Read our latest report on the private residential market! In 4Q 2023, data from URA showed a sharp jump of 2.8% in private property prices compared to 0.8% in the previous quarter. Strong sales and higher prices for new project launches in the CCR and OCR led to the gains in 4Q 2023.
Median prices of resale private residential units climbed by 2.8% in 4Q 2023 in response to the higher prices achieved for new project launches. More buyers are also exploring the sub sale market for newly completed homes.
Developers are estimated to sell between 7,000 and 8,000 units while prices in the property market are likely to increase between 3% and 5% in 2024.
Watten House, the first major luxury non-landed project in the CCR sold 102 out of 180 units at an average price of $3,230 psf. More than 30 of the units sold are large format units which are sought after but limited in supply. 96% of the 102 buyers are Singaporeans and PRs which underscores the depth in liquidity of local buyers.
Transactions of luxury non-landed homes in 4Q 2023 jumped almost 90% from the previous quarter to 70 units. Based on caveats, the total value of luxury non-landed homes was $578.8 million, 95.7% higher than 3Q 2023’s $295.8 million.
The luxury non-landed homes rental market saw lesser leasing transactions in 4Q 2023 due to the year-end lull. Average rents of luxury non-landed homes in Huttons Data Analytics’ luxury homes basket contracted in 4Q 2023 by 15.2% quarter-on-quarter due to a higher proportion of 3-bedroom units which pulled down the average rents.
Interest in the local luxury non-landed homes seems to be going up. Based on recent caveats, two units at The Ritz-Carlton Residences Singapore Cairnhill were sold for $5,397 psf in January 2024. Many potential buyers have made appointments to view properties over the Chinese New Year period.
2023年第四季度转售组屋价格涨幅较上一季度的1.3%放缓至1.1%。26个组屋城镇中有14个城镇的价格涨幅在0.7%至4.9%之间。
而2023年最后一个季度售出的6,547套组屋,比2023年第三季度下降2.2%,比去年同期下降0.8%。2023年最受买家欢迎的5个组屋城镇是榜鹅、兀兰、盛港、义顺和淡滨尼。它们约占总交易量的37.1%。
2023年第四季度,有134套组屋售价在100万新元或以上,比上一季度增加4.7%。全年共转售470套,较2022年增加27.4%,占2023年总成交量的1.8%。2023年百万组屋数量最多的前3个组屋城镇是红山、大巴窑和加冷/黄埔。
总转售组屋交易量预计在25,000至27,000套之间,而转售组屋价格可能会在2024年巩固在3%至5%的范围内。
In our latest Huttons Connect bulletin, learn about what led to the faster pace of price growth in 4Q 2023 and the upcoming launches in 1Q 2024 to plan your next property move.
Other News
HDB resale prices jump 1.5% in January amid strong volumes > Read more
Strata office deals inch up 1.8% to S$1.2 billion, average price climbs 15% > Read more
Singapore’s median household income up 2.8% in real terms in 2023 > Read more
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