21/08/2023
According to a research note published by Savills Singapore, the second quarter of 2023 witnessed a noteworthy surge in the number of private residential units sold within the resale market. The figures escalated by 13.8% quarter-on-quarter, totaling 3,261 units. This upswing effectively terminates a consecutive decline spanning three quarters within the private resale market. However, when observed on an annual basis, the market still exhibits a decline of 26.1%.
The resurgence in the resale market during the last quarter can be attributed to robust sales performance, particularly in the Rest of Central Region (RCR). This region experienced a substantial boost in sales volume, recording a remarkable increase of 24.7%. Additionally, the Outside Central Region (OCR) also contributed to the market's revival, showcasing a noteworthy 12.8% upsurge in sales volume. On the other hand, sales in the Core Central Region (CCR) remained unaltered compared to the preceding quarter.
Alan Cheong, the executive director of Savills Research and Consultancy, postulated that the surge in the secondary market could potentially be attributed to the upward trajectory of HDB prices observed over the past few quarters. This upward momentum has effectively narrowed the pricing gap between private resale properties, thereby motivating increased activity within the resale market.
