Still Ms Sun said the lower CCR prices in 2020 very much depends on what was launched, and does not exactly mean prices in the luxury segment have dropped across the board.
Going by the URA Property Price Index which includes new and resales, CCR private home prices have risen by 0.4 per cent in 1H 2020 from end-2019 and is now 4.7 per cent below the all-time peak in Q1 2013, said Ms Wong. To this end, developers - well aware of the challenging conditions - are pricing units sensitively. Such an approach has drawn positive response from buyers, as shown by the good take-up at The M and Kopar at Newton, for example, she said.Chern Woon Lam, Edmund Tie, senior director, research & consulting, said the fall in CCR prices is due to a mix of the economic climate and the launched products.
Of course, not all the expensive units cost tens of millions. Two units at 3 Cuscaden were sold this year for S$2.6 million and S$1.6 million. The lower priced S$1.6 million was for a 473.6 sq ft-shoebox unit which translated to a princely S$3,446 psf. Buyers looking for less expensive CCR homes can consider resales which averaged S$2,073 psf in H1 2020, up slightly from S$2,046 psf in H1 2019.
Ms Wong:"With the economic uncertainties and pandemic exerting downward pressure on prices in the CCR, this could actually be an opportune time for interested buyers to evaluate properties in Singapore's prime housing districts. Taking a medium- to long-term view, the outlook for the Singapore property market remains positive."