Mori Condo News: Condo resale prices up 0.3% in Oct; fewer units sold following latest cooling measures

Mori Condo News: Prices of resale condominium units increased at a slower pace in October, with fewer units changing hands in a knee-jerk reaction to the latest property cooling measures. Condo resale prices rose by 0.3 per cent compared with September’s 1 per cent, according to flash figures from real estate portals and SRX released on Tuesday. This marks the 27th straight month of growth. It was the lowest growth rate since June 2021, when prices remained unchanged from the month before. But compared with October last year, prices were up by 10.5 per cent, with those in the suburbs rising the most at 12.3 per cent, data showed.

Meanwhile, resale volume fell by 11.6 per cent, with an estimated 1,240 units changing hands in October, down from 1,402 units in September. Resale volume declined by 24.2 per cent compared with October last year. Property analysts attributed the fall to the market reacting to the property cooling measures introduced in September that tightened housing loans. OrangeTee & Tie chief executive Steven Tan said the decrease in volume could be a result of the new 15-month wait-out period for private home owners under 55 years old who want to buy Housing Board resale flats after selling their private properties.

Mori Condo News

Mori Condo News

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Mori Condo News: Condo Resale Prices Rise, Volume Falls

Meaning wood or forest in Japanese, MORI is inspired by the modern Wabi-Sabi philosophy. Wabi-Sabi is an appreciation of the elegant beauty of nature and a way of living that embraces the meaning and value of time.

Last month, condos in the suburbs accounted for 61.1 per cent of total condo sales volume. Homes in the city fringes accounted for 23 per cent, while the remaining 15.9 per cent were in core central Singapore. ERA Realty head of research and consultancy Nicholas Mak noted that while prices of condos in the suburbs and city fringes increased, those in the core central region suffered a decline of 1.1 per cent. “This could be because a significant proportion of the property purchased in the core central region is for investment by both local and foreign buyers. The recent cooling measures, coupled with rising interest rates, have caused discretionary property investments to hit a speed bump,” he said. “The loan curbs would limit the housing budget of investors. In addition, some investors would have to pay a substantial amount of additional buyer’s stamp duties,” he added.

Mori Condo is situated at Guillemard Road, conveniently just minutes’ walk from Mountbatten (CCL), Dakota & Aljunied MRT. Witness massive transformations within close proximity with great upside potential. It is also just a short drive to Paya Lebar Commercial Hub, Sports Hub, East Coast Park, CBD, Changi Airport & more.

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