Condo sales pick up in Q3 as circuit breaker eases

New transaction volumes to hit 8,000 to 9,000 by 2020.

The non-landed residential property market in Singapore recorded a “gravity-defying” rebound in sales for Q3 2020 despite the year being distressed with the Covid-19 pandemic and what’s likely Singapore’s worst recession ever, said a report by Knight Frank.

Sales volumes of non-landed residential properties (not including ECs) more than doubled from the earlier quarter, registering 5,895 unit. This has been a good sign for many who are pushing for their Property Agent Career.

Pent-up demand from purchasers who deferred their buys, together with the low interest rate environment, pushed up sales momentum. Specifically, those with needs-based purchasers and those who were afraid that rates might spike in the near-term may have assisted the drum up of sales, the report added.

A notable figure of the almost 50,000 HDB home owners who claimed their keys between 2014 to 2015 were also able to bankroll their gains and upgrade to a private residence after reaching their 5-year Minimum Occupation Period (MOP).

Overall, new transaction volumes are predicted to hit about 8,000 to 9,000 units as Singapore proceeds toward Phase three of the Circuit Breaker (CB). Rates are also anticipated to remain mainly flat for the entire 2020. The Price List of Kopar At Newton reflects this phenomenon.

The resale property market also reversed in Q3 2020, following the new launch market. An entirety of 2,480 units were sold in the secondary market, more than 3 times the 758 resale units transaction in the last quarter.

“More resale property transactions were concluded as physical viewings restarted in Phase two and owners were more confident in permitting viewings with the decline of COVID-19 cases,” said Mr Khoo Zi Ting, Miss Linda Chen, and Mr Leonard Tay of Knight Frank.

On the flip side, the Core Central Region (CCR) properties registered a fall in prices, with the PPI for non-landed private abodes dropping 4.9% QoQ to 128 units. That’s what made Kopar at Newton attractive for buyers. In the mean time, non-landed prices in Rest of Central Region (RCR) jumped 3.3% QoQ to 155 units.

With majority of the new project launches in Q3 2020 within the RCR, new launch volumes experienced the largest jump at 177% QoQ as compared to Outside the Central Region (OCR) and the CCR, registering 1,797 transactions. New launch sales were bolstered by projects like Penrose and Avenue South Residence which sold some 60% and 50% of all their units respectively within their launch weekend, a sign that the pent-up demand post-circuit breaker is strong.


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