PropertyGuru Property Market Index Q3 report: Which districts saw the highest psf growth?

The PropertyGuru Singapore Property Market Index Report Q3 2020 examines what played out in the sector during an unprecedented second quarter of the year, identifying key trends that are unfolding as we enter the third quarter, marked by the opening up of the economy and a well-managed health crisis.

Due to the stringent circuit breaker measures that put a pause on most of Singapore’s economy, the quarter was off to a slow start. However, when showflats reopened in June, there was a market rebound likely caused by pent up demand. According to the PropertyGuru Property Market Index Q3 2020, the quarter eventually closed with a slight gain, registering a 2.15% increase to 111.9 points.

There was a relatively higher proportion of new launch condominiums sold in the quarter, as many expect the economy to recover by 2022 to 2023, when most of these projects are slated for completion.

These trends align with the Urban Redevelopment Authority’s (URA) data, which noted a 0.3% price increase in the private residential market despite earlier estimates of a 1.1% fall in the property price index.

Meanwhile, the PropertyGuru’s Supply Index saw a record-high 46.39% increase. This was driven by a large pool of sellers in the resale market who are keen to let go of their properties. There were also higher proportions on new condos compared to resale condos sold.

Key findings of the PropertyGuru Property Market Index Q3 2020 report:

  • Asking prices in the non-landed private residential sector saw a surprising increase despite a significantly higher number of listings on PropertyGuru. The Property Price Index rose by 2.15% to 111.9 from 109.6 in the previous quarter
  • More new condo launches were sold on PropertyGuru compared to resale condos. New sales accounted for 70.3% whilst 29.7% were resale condos
  • There were also more listings recorded on PropertyGuru. The PropertyGuru’s Supply Index saw a record-high 46.39% increase, driven by a large pool of sellers in the resale market who are keen to let go of their properties
  • The top 5 districts that saw the highest median psf price growth were districts 7, 15, 12, 23 and 26, whilst districts 13, 8, 9, 28 and 22 saw the highest median psf price declines
  • MRT stations remain a top priority for condo buyers. Seven out of 10 condos were located within a 10-minute walk to the MRT station, indicating that buyers continue to place high emphasis on the transport- accessibility to a property
  • For the second successive quarter, large developments that typically have larger plots of land and more comprehensive facilities made up most of the top 10 bestselling projects in Q3 2020. On the ground, it was also observed that buyers prefer more spacious units, likely due to the expectation that the work from home culture is set to stay for the longer term. This also aligns with the findings of PropertyGuru’s Consumer Sentiment Study H2 2020, where 33% of the respondents indicated a preference for bigger layouts
  • On the investor front, we expect an increase in demand for less volatile assets like properties in H2 2020. This is a common trend during economic slumps when interest rates are low and consumers are tight with their money.

Read an overview of the PropertyGuru Property Market Index Report Q3 2020. Or, learn our insights on the property price and supply indices and the top performing districts and projects of the quarter.


With thanks to Stuart Chng for his contributions to this report – Stuart is the Senior Associate Executive Director of OrangeTee & Tie, a renowned leader in the real estate industry and co-founder of Navis Living Group.


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