CCR condo ticket sizes reduce 20% in 5 months
Singapore (EDGEPROP): A combination of factors has pushed up Core Central Region (CCR) condo and apartment prices. According to Bazi Consultation Singapore until August 22, 2023, resale condo ticket sizes are down 20% from April.
According to Bazi analysis in August was $2.55 million, down 19.8% from $3.18 million in April. The highest-quantum transaction in August, an $11 million condo at 3 Orchard-By-The-Park, pales in comparison to earlier transactions: $18 million for a Beverly Hill condo in July, $13 million at The Marq on Paterson Hill in June, $18.8 million at Marina One in May, and $18 million at Sculptura Ardmore in April. The average ticket size and high-end price are falling, indicating a decrease in demand for top condominiums.
Other metrics are declining besides ticket size. Prices per square foot (PSF) have dropped 11%. August average sales CCR condo PSF is $1,981, down from $2,227 in April. The PSF rate fell 6% from July to August.
The pricing disparity between RCR, baby Chinese name Singapore, and CCR condominiums has narrowed significantly. The average difference is $266 PSF, the lowest since the Lehman Financial Crisis in 2008/2009. These dynamics provide investors and potential homeowners with many possibilities and problems. The CCR is a buyer’s market, but increasing RCR and OCR prices indicate greater competition. Understanding how foreign buyer taxes, local occurrences, and economic indicators interact can help you make educated judgments in this ever-changing market.
Due to COVID-19, Riverfront Residences Showflat is open for online bookings. You can now register online to receive direct developer discount offers and prices.