The PropertyGuru Singapore Property Market Index Q1 2020 looks over the key property data points that rounded out 2019 and illustrates the trends that may unfold as we enter the first quarter of a new decade.
In our report, we assess the unforeseen macro-level impact of the coronavirus Disease 2019 (COVID-19) and try to draw a parallel to the impact of SARS in Singapore’s residential real estate 17 years ago.
This report will dive deeper into aspects that could affect asking prices, districts that are likely to benefit from the new MRT stations coming into operation, and provide details on top-selling condominiums and new launches to watch out for this quarter.
Key highlights of the Property Market Index Q1 2020 Report:
- Asking prices in the non-landed private residential market continued to taper slightly downwards for the second successive quarter. However, the number of listings increased, with a growing number of homeowners showing a willingness to sell. Investors, in particular, may also be open to sub-sale, increasing competition for buyers in the market.
- Five of the top ten best-selling uncompleted condominiums in the quarter were launched prior to 2019; developments that are close to MRT stations are consistently in high demand. In 2020, new launches located within walking distance of an existing or future MRT station will continue to perform above market expectations.
- With new MRT stations on the Thomson-East Coast Line (TEL) becoming operational from January 2020 onwards, PropertyGuru expects to see an upswing in asking prices for resale private residential properties within walking distance from the new stations. District 25 and 26 both benefit from new TEL stations and are tow of the top five districts in the past quarter with the highest percentage increase in median per square foot asking price.