The average price of new condominiums in the Core Central Region (CCR) rose 10.5 percent to $3,014 per square foot (psf) in the second quarter from $2,728 psf in the first quarter, reported Singapore Business Review citing OrangeTee & Tie.
This significant price hike of new home sales could be due to the increased demand for luxury homes during the period under review. In Q2 2019, 37 units at Boulevard 88 changed hands at an average price of $3,736 psf, while 3 Cuscaden moved 27 units at $3,584 psf.
OrangeTee & Tie noted that resale condo prices also increased at a slower pace at 1.3 percent during the same period.
With demand for luxury homes rising substantially in recent months, overall sales volume in the CCR grew for a second consecutive quarter, from Q1’s 563 units to 615 units in Q2 2019, added the real estate agency.