Condo Resale Prices Stable in August 2024, While Volumes Declined by 1.7% Across All Regions

1. CCR decreased by 0.6% in August 2024, while RCR increased by 0.9%. Although OCR appeared unchanged, it was slightly negative before rounded to 0%, causing the index to dip slightly from 258.8 to 258.7.

          According to the SRX Price Index for Condo Resale:

• Month-on-month, overall prices remain the same.

• Year-on-year, overall prices increased by 4.6% compared to August 2023.

• Year-on-year, CCR, RCR, and OCR experienced price increases of 1.7%, 7.2%, and 4.2%, respectively.

2. An estimated 1,080 units were resold in August 2024, a 1.7% decrease from the 1,099 units resold in July 2024. 

• Volumes were 16.8% higher than in August 2023 and 5.2% higher than the 5-year average volumes for August.

• Breaking it down by region, in August 2024, 52.2% of the volume were from OCR, 29.2% from RCR, and 18.5% from CCR.

• The percentage of sub-sale transactions to the total secondary sale transactions (i.e., Resale + Sub-Sale) was 7.6% in August 2024, a 0.7% decrease from July 2024.

• Sub-sale transactions refer to secondary sale transactions that happened before the project was completed.

3. The highest transacted price for a resale unit in August was achieved at S$12,080,000 at Nassim Mansion.

• In RCR, the highest transacted price was a unit at The Makena resold for S$7,000,000.

• In OCR, the highest transacted price was a unit at St. Patrick’s Residences resold for S$3,668,000.

4. The overall median capital gain for resale condos was S$357,000 in August 2024, a decrease of S$21,000 from July 2024.

• District 10 (Tanglin / Holland / Bukit Timah) posted the highest median capital gain at S$720,000. District 1 (Boat Quay / Raffles Place / Marina) posted the lowest median capital gain at -S$81,000.

5. The overall median unlevered return for resale condos was 30.7% in August 2024.

• District 16 (Bedok / Upper East Coast) posted the highest median unlevered return at 45.3%. District 1 (Boat Quay / Raffles Place / Marina) posted the lowest median unlevered return at -4.6%.

• 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.