Condo Resale Prices See Modest Rise Amid Reduced Volume

Real Estate Updates For the Month


Condo Resale Prices See Modest Rise Amid Reduced Volume📈🏘️

In September 2023, the condo resale market exhibited interesting trends, with prices showing a modest increase despite a notable drop in resale volume. Let's delve into the key insights:

📍Resale Volume Decline Factors

Several factors contributed to the decline in resale volume in September, which marked the lowest in the past eight months. These factors included the launch of new BTO Flats, the Hungry Ghost Festival, the PSLE examination period, and the September school holidays.

📍Price Trends and Analysis

Despite the reduction in volume, condo resale prices experienced a 0.8% increase in September. When examining price changes by region:

The Rest of Central Region (RCR) led with a 1.2% growth.
The Core Central Region (CCR) followed with a 0.5% increase.
The Outside Central Region (OCR) witnessed a 0.4% decrease.
The SRX Price Index for Condo Resale indicated a 0.8% month-on-month increase in August 2023 and a 7.6% year-on-year increase over September 2022. All regions saw a year-on-year price increase, with RCR leading at 8.1%.

📍Resale Volume Insights

In September 2023, an estimated 738 units were resold, marking an 18.4% decrease from August 2023. This volume was 35.9% lower than in September 2022 and 22.0% lower than the 5-year average for September.

Regionally, 53.1% of the volume came from OCR, 31.4% from RCR, and 15.5% from CCR. Interestingly, the percentage of sub-sale transactions to total secondary sale transactions decreased to 10.8% from August 2023.

📍Top Transacted Prices

The highest transacted price for a resale unit in September was an impressive $32,000,000 at GOODWOOD RESIDENCE (Bukit Timah). In RCR, a unit at The Cascadia was resold for S$7,260,000, and in OCR, a unit at Seaside Residences went for S$4,060,000.

📍Capital Gains and Returns Analysis

The median capital gain for resale condos in September 2023 was S$350,000, an increase of S$32,000 from August 2023. District 21 (Clementi Park / Upper Bukit Timah) had the highest median capital gain at S$894,000, while District 1 (Boat Quay / Raffles Place / Marina) had the lowest at S$14,000.

The overall median unleveraged return for resale condos stood at 29.2% in September 2023. District 21 led with a return of 70.8%, while District 1 lagged at 1.1%.


The condo resale market in September 2023 presented a blend of trends, with prices increasing despite a decline in volume. For home sellers looking to capitalize on the current market, caution is advised to avoid paying more for their next property. Buyers should stay informed to make informed decisions. The coming months will reveal whether these trends persist or new patterns emerge.


Alvin Ling | Real Estate Agent in Singapore

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