City Fringe Homes are in high demand
According to the recent report from Urban Redevelopment Authority of Singapore (URA) which highlight about demand-soppy of residential homes sale in Singapore. City fringe home sales volume in last 3 quarters are rising up significantly.
URA classified ares in & surfing central region into 3 categories for easy reference in the analysis.
- Central Core Region (CCR) refer to the very core area or city centre
- The Rest of Core Region (RCR) refer to the area surrounding CCR
- Outside Core Central
City fringe home in layman term referring to properties in sub-central called “The Rest of Core Region” (RCR). In the other hand, it refer to mid-end market. Residents are enjoying amanities and conveniences of CCR at the much lower prices. Region (OCR) refer to the out of CCR & RCR.
Residential Property Market Trends
The first 3 quarter this year, there are 6 new residential projects launches in Singapore out of total 22 projects launches. Nonetheless, developer had released city fringe homes out 3,675 units of 7,736 units or 47.5% for sale. Much higher number comparing to 2107-2019, which are only 39.2% of all. There are lack of launches in RCR due to pandemic lock down from 7 April 2020 to 1 June 2020.
By Then there were city fringe residential properties launched out at 2,348 units after lifting lockdown in June. This number made 3 times the amount of units released in Q2. Among these RCR condominiums, are the Forett At Bukit Timah 633 units, Penrose 566 units.
Prices of apartment & condo in RCR
Report from URA revealed that RCR price increased 7.3%, OCR 32.8% in contrast with OCR which decreased 1.2% in the past 10 years. Similar trend continue through first 3 quarter of 2020. However demand of city fringe homes of RCR had increased due to the convenience in access to city centre & restoration of buyers confident after lockdown. Thereafter price of RCR home raised up 2.5% q-o-q. The large number of units for sale in RCR are also contributed to the number of units sold.
In this Q3, developers successfully sold OCR homes 284 units, RCR homes 1,381 units. Attached table showing Penrose as a top seller projects at the moment with attractive average prices follow with Penrose, Jadescape, The Woodleigh Residences, Daintree Residences. URA also released the upcoming process go news city fringe homes or RCR, It locations, Tenure & Estimated number of units. These Includes Liv @ MB, one-mort Eden, The Landmark, The Ling @ Beauty World & The Reef at King’s Dock.
URA Analysis also showing that this trend likely to continue..
This article is responding to & analyse the News Article:
"Demand for city-fringe homes on the rise"
Source: The Business Times
By Nicholas Mak & Nguyen Thu Ha
19 Nov 2020