Delicensed projects buoy CCR resale prices, volumes

Singapore

SRX Property's resale price sub-index for non-landed private homes in Core Central Region (CCR) in May 2016 was up 4.7 per cent from a year ago. Over the same period, its sub-index for the city fringe or Rest of Central Region (RCR) inched up 0.6 per cent while the sub-index for the suburbs or Outside Central Region (OCR) contracted 2.0 per cent.

The volume of monthly resale deals in CCR has also been rising steadily from 84 units in December 2015 to 88 units in January, 93 units in February, 133 units in March, 163 units in April and 232 units last month. OrangeTee's senior manager for research and consultancy, Wong Xian Yang, said CCR resale volumes were uplifted in May partly due to developer sales at OUE Twin Peaks in the Grange Road/Leonie Hill Road area on the back of the introduction of two new payment schemes. "Another project which may have contributed to resale volumes last month could have been Ardmore Three, which is offering 15 per cent discount and 15 per cent additional buyer's stamp duty rebate based on media reports," he added.