SINGAPORE – Resale prices for non-landed private residential properties in Singapore dipped slightly in November after two straight months of increase, according to flash figures from real estate portal SRX Property on Tuesday (Dec 10).
Condominium resale prices dipped 0.1 per cent in November from the previous month, compared with a 0.8 per cent rise in October. Year on year, prices were 1.5 per cent lower.
Sales volume, meanwhile, fell 7.2 per cent, with 801 units resold in November, compared with 863 units in October. But year on year, the number of units sold was 25 per cent more than in November 2018, and 10.7 per cent higher than the five-year average volume for the month of November.
By location, the core central region (CCR) and rest of central region (RCR) saw a 1 per cent drop in prices in November from the previous month, while the outside of central region (OCR) was up 0.8 per cent.
Year on year, core central region prices rose 1.1 per cent and prices outside of the central region increased 2.9 per cent, while prices for the rest of the central region dropped 0.6 per cent.
The highest transacted price for a resale unit for November was Hilltops, which went for $25.08 million.
In the rest of the central region, the highest transacted price was for a unit at The Crest that was resold for $3.7 million. Outside the central region, the highest transacted price was for a unit at The Trilinq, resold for $4.98 million.
The overall transaction over X-value (TOX) worsened in November to negative $2,000, representing a $2,000 decrease from October, which had recovered from September to reach $0.
The highest median TOX was recorded in District 2’s Chinatown and Tanjong Pagar at positive $55,000, followed by District 13’s MacPherson and Potong Pasir at positive $18,900.
The lowest median TOX was recorded in District 16’s Bedok or Upper East Coast at negative $41,000, followed by District 8’s Farrer Park and Serangoon Road at negative $40,000.
TOX measures how much a buyer is overpaying (positive value) or underpaying (negative value) for a property based on SRX’s computer-generated market value. The data includes only districts with more than 10 resale transactions. A $0 TOX means buyers are getting units at the estimated market value.
Separately on Tuesday, it was announced that the Singapore Institute of Surveyors and Valuers (SISV) and SRX owner StreetSine Technology Group have reached an understanding on the use of automated valuation models following court-initiated mediation. With this, StreetSine dropped its lawsuit against the SISV and 26 other parties, marking the end of a three-year dispute.
This version of article first appeared at The Business Times.
Photo: SC Global