The price of mass-market condo is supported by fundamentals.

The demand for and price of mass-market condos is supported by a solid market.
In the face of rising HDB resale and median household income, more people are looking at non-landed residential options.

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The mass-market condominium represents about half of the total condominium sales in Singapore. This segment influences the overall private housing market in terms of price dynamics and trends.

In this analysis mass-market condos refers to all types residential non-landed properties in the Outside Central Region. These condos tend to be gated communities, with amenities such as parking, landscaping and pools.

Price Trends
In Q3 2017, after a four-year drop in private housing prices from 2013 to 2017 the price began to recover. The price index of OCR non-landed private residential properties has risen 39.8% in the past five-year period, exceeding the 34.3% rate of growth for the non-landed private housing index island-wide. OCR condo prices experienced a particularly strong increase from late 2021 until Q3 of 2022. This was partly due to the steady rise in HDB resale prices.

Rent Trends
Rents on non-landed residential properties increased more rapidly than prices over the last five year period. The total rental index for non-landed private housing increased by 45.2% over the period Q4 2017 – Q4 2020, exceeding the 34.3% increase in the price index. The OCR rental index for non-landed housing grew the most, by 55.9%.

Market Size
Over the past 19-year period, the mass segment of the non-landed private market has consistently been largest in terms housing units traded. This is due to the fact that the OCR covers four out of five regions in Singapore.

Buyer Profile
HDB upgraders prefer suburban condominiums to other private housing segments. In 2022, HDB upgraders accounted for 45% mass-market condominium buyers, contradicting the myth that HDB Upgraders dominate private housing in OCR.

You can also read our conclusion.
As HDB owners upgrade their flats, mass-market condominiums can help them achieve this goal. Prices and demand are backed by a strong market, including the increasing interest from HDB buyers and investors.

About 30 to 40 housing projects, with 30% of units in the OCR, are expected to be launched in 2023. It is expected that this will meet the need for new private housing within the OCR, without creating an oversupply.


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