May 2020 Condo Resale Prices Holding Up Despite Volumes Plummeting Further in the Second Month of the Circuit Breaker

09 Jun 2020
Property Data
1. RCR prices increase by 1.7%, while CCR and OCR prices decrease by 0.2% and 0.5% in May 2020. According to the SRX Price Index for Non-Landed Private Residential Resale:

non landed private resale price index 2020 may

non landed private resale price index by region 2020 may
  • Month-on-month, overall prices increase by 0.1% over April 2020.
  • Year-on-year, overall prices decrease by 0.6% over May 2019.
  • In terms of regions, year-on-year, OCR prices decrease by 2.4% and, while CCR and RCR prices increase by 0.9% and 1.0%, respectively.

2. An estimated 171 units were resold in May 2020, similar to the levels seen in Financial Crisis of 2009. May’s resale volume is a 43.0% decrease from the 300 units resold in April 2020.

non landed private resale volume 2020 may

  • Volumes are 80.0% lower than in May 2019, and 83.1% lower than the 5-year average volumes for the month of May.
  • Breaking down by regions, in May 2020, 47.6% of the volumes are from OCR, 26.5% from RCR and 25.9% from OCR.

3. The highest transacted price for a resale unit in the month is achieved at $10.6 million at Nassim Park Residences.
  • In RCR, the highest transacted price is a unit at The Seafront on Meyer resold for $2.95 million.
  • In OCR, the highest transacted price is a unit at Kovan Melody resold for $1.8 million. 

4. Overall Transaction Over X-Value (T-O-X) is NEGATIVE $10,000 in May 2020. This represented a $1,000 increase as compared to April 2020. The median T-O-X for Non-Landed Private Residential measures whether people are overpaying (POSITIVE T-O-X) or underpaying (NEGATIVE T-O-X) the SRX X-Value estimated market value.

non landed private resale median transaction over xvalue 2020 may
non landed private resale tox by district 2020 may

  • District 1 (Boat Quay / Raffles Place / Marina) posted the highest median T-O-X at NEGATIVE $2,100, followed by District 14 (Eunos / Geylang / Paya Lebar) at NEGATIVE $12,600.
  • District 15 (East Coast / Marine Parade) posted the lowest median T-O-X at NEGATIVE $40,000, followed by District 18 (Pasir Ris / Tampines) at NEGATIVE $13,000.
  • T-O-X data only include districts with more than 10 resale transactions with X-Value.
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