Demand for resale condos holds steady in May

Resale transactions to stay muted in June in view of the school holidays.

Resale prices of private condos continued to inch up for the fourth consecutive month in May due to sustained demand, according to property analysts.

Christine Sun, chief researcher and strategist at OrangeTee Group, said the volume of condos resold last month was up 7% YoY and still exceeded the five-year average for May, indicating that there is “sustained demand for resale condos,” despite the 5.5% MoM drop.

Prices have also held up, with condo resale prices inching up 0.4% MoM and 4.2% YoY.

Sun said HDB upgraders and locals buying homes for their own use are the main drivers of the secondary market, with more than half of resale transactions being affordable homes in the suburbs.

“Moreover, there is still a significant price difference between new and resale condos, which may have led buyers to choose more cost-effective options available in the resale market,” she added.

Mark Yip, CEO of Huttons Asia, said the absence of major condo project launches last month might have driven some homebuyers to turn to the secondary market/

For June, Yip expects buying activity to drop by 30% and settle between 600-700 units from 1,084 units last month in view of the school holidays.

Wong Siew Ying, PropNex’s head for research and content, shared the same view, noting that transactions will likely retreat this month after rebounding in the recent months.

Follow the link s for more news on

Huttons Asia

Orange Tee and Tie

PropNex

private condo resale volume

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia