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RCR and OCR prices increase by 1.4% and 2.3% respectively while CCR prices decrease by 0.3% in February 2023.
According to the SRX Price Index for Condo Resale:
- Month-on-month, overall prices increase by 1.4% over January 2023.
- Year-on-year, overall prices increase by 9.2% over February 2022.
- Year-on-year, all regions experience price increases: CCR by 6.6%, RCR by 7.3% and OCR by 11.5%.
- An estimated 756 units are resold in February 2023, a 50.3% increase from the 503 units resold in January 2023.
- Volumes are 4.2% lower than in February 2022, and 4.1% lower than the 5-year average volumes for the month of February.
- Breaking it down by region, in February 2023, 48.8% of the volumes are from OCR, 28.0% from RCR and 23.2% from CCR.
3. The highest transacted price for a resale unit in February is achieved at $20,500,000 at Nassim Park Residences.
- In RCR, the highest transacted price is a unit at Reflections At Keppel Bay resold for $8,194,000.
- In OCR, the highest transacted price is a unit at Waterfront Isle resold for $3,700,000.
4. The overall median capital gain for resale condos is $300,000 in February 2023, an increase of $26,000 from January 2023.
- District 21 (Clementi Park / Upper Bukit Timah) posts the highest median capital gain at $620,000. District 4 (Harbourfront / Telok Blangah) posts the lowest capital gain at $126,000.
- The overall median unlevered return for resale condos is 27.3% in February 2023.
- District 21 (Clementi Park / Upper Bukit Timah) posts the highest median unlevered return at 59.6%. District 4 (Harbourfront / Telok Blangah) posts the lowest median unlevered return at 8.8%.
- The capital gains and returns of a condo resale unit are calculated by comparing the current transacted price with the previous transacted price of the same unit. Districts with fewer than 10 matching transactions are excluded from the ranking.
Footnote:
We have changed our NLP Resale data source to be using only official transactions from URA. Previously agency transactions and official transactions were used. The ‘month’ in this report now refers to the month where the caveat was lodged instead of the month when the caveat was lodged OR when contract was submitted to the agency OR when OTP was signed, whichever was recorded first in our database.