Condominium prices in RCR sees 6.3% rise in Q3 2019

Victor KangOctober 30, 2019

Aerial view of crowded Singapore highrise apartment skyscraper buildings

The growth was partly due to the revealing of plans for the Greater Southern Waterfront at the National Day Rally. 

Condominium prices in the Rest of Central Region (RCR) grew 6.3% year-on-year (YoY) in Q3 as compared to Q3 2018, reported Singapore Business Review citing Knight Frank.

The growth was partly due to the revealing of plans for the Greater Southern Waterfront at the National Day Rally.

“This announcement pushed up interest in the area, and the new launches in the vicinity sold well in Q3 2019. For instance, Avenue South Residences sold 323 units at an average unit price of $1,943 per sq ft (psf) in Q3 based on the caveats lodged as at 24 September,” said Knight Frank.

There is continued improvement for the price indices of private condominiums under all three market segments of Singapore, built on the price index increase in Q2 2019.

The property price index (PPI) of non-landed private properties in the Core Central Region (CCR) had the biggest improvement, reaching a 2.9% quarter-on-quarter (QoQ) growth to 139.2 in Q3 2019.

Knight Frank noted that more homes were purchased in the CCR due to an uncertain economic environment, as properties in the CCR are considered as safe assets most of the time.

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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg

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