Yield Growth Outpaces PSF Growth

Hi, this week we examine the 1) resale market, and 2) rental market.

1) Resale Market (Singapore-wide, non-landed, ex-EC)
Between July 2021 to July 2022:
a. Average PSF grew 10.0% YoY ($1,367 PSF to $1,504 PSF);
b. Volumes are down 15.6% YoY (1,542 transactions to 1,302 transactions).

Between June 2022 to July 2022:
a. Average PSF is flattish MoM ($1,500 PSF to $1,504 PSF);
b. Volumes are up 3.3% MoM (1,261 transactions to 1,302 transactions).

In July 2022, the 3 projects with the most resale transactions were Cape Royale (12), D’Leedon (12) and River Isles (11). Details of the top 200 of 607 transacted projects by volume are included in the PDF below.

2) Rental Market (Singapore-wide, non-landed, ex-EC)

Between July 2021 to July 2022:
a. Average yield grew 14.9% YoY (3.26% to 3.74%);
b. Volumes are down 24.9% YoY (3,792 transactions to 2,850 transactions).

Between June 2022 to July 2022:
a. Average yield softened 0.7% MoM (3.77% to 3.74%);
b. Volumes are down 18.3% MoM (from 3,487 to 2,850 transactions).

In July 2022, the 3 projects with the most rental transactions were Marina One Residences (32), J Gateway (24) and The Sail @ Marina Bay (24). Details of all the top 200 of 992 transacted projects by volume are included in the PDF below.

Skystone Research