RCR And CCR Home Prices Narrow In March 2022


Last Updated: May 03, 2022

April 2022 sees opportunities to buy properties in Districts 9, 10 and 11 of Singapore, as the gap between the price of new condo launches in the prime central areas and the city-fringe areas get smaller. RCR home prices are creeping up while CCR home prices are not moving much. This is because unsold new condo stocks in the CCR make up the highest proportion of the 3 market segments combined in terms of ‘unsold existing stocks’ and ‘launching soon’ stocks. At the same time, RCR stocks are running low in supply while demand maintains high. Hence, the gap between RCR and CCR home prices has gotten smaller.

Median Transaction Prices In March Compared To February 2022:

Region Month-On-Month Growth (%) Sales Amount (S$)
Outside Central Region (OCR) +4.8 S$1.86M
Rest of Central Region (RCR) +5.7 S$1.75M
Core Central Region (CCR) Districts 9, 10, 11 and some parts of 1,2,4,6,& 7 – 4.9 S$2.24M

From 32.6% in Feb 2022 to 20.3% in Mar 2022, the gap in the median price transacted between CCR and RCR homes has become closer.

RCR market

RCR is seeing a reduction in new condo stock supply and that the upcoming new launches are going to set benchmark prices. These point to the reason why the RCR home prices are inching up as demand exceeds supply.

CCR Market

CCR is a traditional favourite with foreigners investing in the Singapore property market. However, with the 16th Dec 2021 recent cooling measures, foreigner property purchase of Singapore condos are low in volume.

At present, stocks in the CCR represents the largest amount of unsold units. This is approximately 49% of all launched and unsold units across all market segments as well as ready-to-launch units. For wealthy foreigners, they are willing to pay the 30% Additional Buyer’s Stamp Duty (ABSD) to buy not just into the luxury property market of Singapore but also because of our island’s stability. Also, CCR prices have not moved much so this presents a great opportunity to purchase now before prices does a V-turn and pull away from the RCR prices.

Cooling Measures Temporarily Moderates The Market:

According to the previous cooling measures in July 2019, the red hot Singapore property market cooled for a short 6 months before climbing to feverish pitch. Coupled with reduced Government Land Sale (GLS), the current new stocks supply is at an all time low of 14,000+ units. So it is likely possible that the recent 16th Dec 2021 cooling measures will only temporarily moderate the property market. If past history were to repeat itself, analysts predict that by the mid of this year which is the 6 months mark, prices are poised to rise. Demand is generated from:

  • 1. pent-up demand as buyers held back purchases because of the reeling impact of the recent cooling measures;
  • 2. majority of buyers are owner-occupiers who are not impacted by the ABSD;
  • 3. more new condo launches after the lull February Chinese New Year month which will drive sales. That said, the number of new launches for this year is still considerably low which will affect the new home sales;
  • 4. rising interest rates which may push some buyers to lock in the rates sooner; and
  • 5. Safe Management Measures (SMM) easing up further.

  • RCR And CCR Sales Higher Than OCR Leading To Higher Transaction Prices:

    RCR made up 48.9% of the sales last month in March 2022, followed by the OCR at 27.3%, and the CCR at 23.4%. With more RCR and CCR transactions due to more launches in these 2 market segments, higher prices are reflected. Of course, the price of homes has also risen over the past year because of a shortage of supply. So along with highest demand for RCR properties at high prices, the gap begins to narrow between RCR and CCR home prices.

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