In our interactions with our customers, referrals and even friends, many of them feel that the current prices of the new launches in the OCR are really high – is that the truth?
As we can see from the table, over the span of the last 12 years, the prices of new launches in all regions have been increasing.
Let’s take a closer look at the OCR prices, in 2011 the price of an OCR new launch would cost you about $1,000 psf, but today we see prices crossing the $2,000 psf mark.
This substantial increase in price in the OCR has people wondering if buying a house in the OCR is now too expensive – since the price gap between the OCR and RCR is relatively narrow.
If we were to dial it back to 2016, Seaside Residences launched and was selling at about $1,400 psf while the resale projects in that area were only going at $800 – $900 psf. But today, Seaside Residences has crossed the $2,000 psf mark.
Let’s take a look at the examples of The Clementi Canopy and Grandeur Park Residences which TOP in 2019 and 2020 respectively, their prices also hover around the $1,800 – $2,000 range.
Or the more recent launches such as Parc Clematis and SengKang Grand Residences which are respectively only at a sub-sale stage and just TOP, are also selling at an average of $2,000 psf.
It goes to show that the demand for properties in the OCR market has pushed prices to the $2,000 psf mark that it is today. What does that say about the new launches in OCR?
New launches in the OCR are launched at an average price of $1,800 psf, with the resale market hovering around the $1,800 – $2,000 psf range, and we have also seen OCR resale prices hitting as high as $2,400 psf.
That begs the question, why are OCR new launches selling relatively lower than the resale prices?
This is due to the current market conditions that we are facing, with higher interest rates, cooling measures, and the supply of GLS introduced to the market. That is why developers are offering attractive prices for their new launches in the OCR.
Are there opportunities in the OCR market?
Our answer would be a resounding YES!
Considering the price movements over the past 10 years, didn’t you wish you have bought one earlier?
What do you think the prices are going to be in the next 5 years?
Wondering if it’s the right time to buy, sell, or wait it out?
These decisions can be tough, and there isn’t a one-size-fits-all answer.
But don’t worry, that’s where we come in!
At Let’s Talk Property, we are here to provide clarity to you and guide you step-by-step in your real estate journey!
Whether you’re a first-time buyer or a seasoned investor, we hope to partner with you to create a clear plan that’s tailored to your unique needs and provide objective guidance to help you make the best real estate decision.
So, if you’re looking to buy, sell, or just want to chat about your real estate options, we’re here for you!
With our extensive on-the-ground experience, you can trust us to provide a top-notch real estate experience that’s both informative and stress-free.
Do contact us for a sharing session!
Let’s Talk Property
Dillon @ 9389 1992
P.S. HDB Owners, with so much UNCERTAINTY, Should you BUY, SELL or WAIT?
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