Business

Jump in non-landed private home resale activity

Resale transactions went into overdrive last month with numbers rocketing over the level recorded in September.

It is a sign that life is roaring back into the market, though things are still well below the glory days of 2010 and 2014.

There were 1,461 non-landed private residential units resold last month, up 18.7 per cent from the 1,231 shifted in the previous month, according to SRX Property estimates.

The year-on-year result is even more impressive with October's volume up 122 per cent from the 658 units resold in October last year, but it was still 28.7 per cent below the peak of 2,050 units in April 2010.

SRX Property said private non-landed resales for the first 10 months this year are 46 per cent higher than the whole of last year. It predicts the volume for the whole of this year will be around 12,600 units - up 65 per cent from last year's 7,633 units.

Mr Wong Xian Yang, OrangeTee's head of research and consultancy, expects resale volumes of private homes to continue growing on the back of increased demand.

He suggests that the record resale prices for city-fringe non-landed private homes could have been fuelled by the surge in land prices for both collective sale sites as well as Government Land Sale sites.

Resale prices for condos and private apartments in the city fringe or Rest of Central Region reached a new high last month, going by SRX Property flash estimates.

The index for RCR reached a new peak at 184.6 last month, exceeding the previous high of 182.1 in August 2013. - THE STRAITS TIMES

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