The full article can be found in The Business Times, Real Estate Section, Page 14, and The Straits Times, Business Section, Page C1, 13 June 2018.
Resale prices of non-landed private properties rose 1.2 per cent in May from April, and rose 10.8 per cent compared to May last year due to the en bloc sales fever. The overall resale volume has also increased 25.5 per cent compared to May last year despite the 0.6 per cent decreased in May from April.
As compared to the previous months, the prices for both Core Central Region (CCR) and Outside of Central Region (OCR) increased 1.3 per cent and 1.8 per cent respectively, while the Rest of Central Region (RCR) remained unchanged. All CCR, OCR and RCR were up 11.2 per cent, 11.4 per cent, and 9.9 per cent respectively compared to last year.
ZACD Executive Director and Chief Investment Officer, Nicholas Mak said, “We can attribute the strength in the resale market partly to the spillover effect from the en bloc sale fever where a significant number of collective sales of properties in the OCR and RCR were concluded in the past year.”
The overall median Transaction Over X-Value (TOX) was recorded positive S$18,000 in May where district 9, mainly Orchard, Cairnhill and River Valley, posted the highest median Transaction Over X-Value (TOX) at positive S$80,000, while Kranji and Woodgrove areas that constitute District 25 recorded the most negative median TOX of a negative S$7,000. TOX measures how much a buyer is overpaying or underpaying on a property.