New Reporter
17-04-23, 17:10
Singapore new private home sales up 13.6% in March, but down 24.8% year on year
Apr 17, 2023
SALES of new private residential units excluding executive condominiums (ECs) continued rising in March, marking the third consecutive month of increase.
Urban Redevelopment Authority (URA) data released on Monday (Apr 17) showed that in March, developers sold 492 units, excluding ECs, up 13.6 per cent from the 433 units sold in February. Year on year, the number of units sold last month was 24.8 per cent down from the 654 units sold in March 2022.
The bulk of March’s transactions came from the outside central region (OCR), making up 46.7 per cent of total sales at 230 units sold, excluding ECs. Another 40 per cent of sales or 197 units came from the core central region (CCR), and the remaining 13.2 per cent or 65 units were in the rest of central region (RCR).
Including ECs, 513 units were sold in March, up from the 471 units sold in February and down from the 702 units sold in March 2022.
There were 573 units launched in March, a 42.9 per cent increase from the 401 units launched in February. This was led by the launch of The Botany at Dairy Farm in the OCR, which sold 184 units at a median price of S$2,068 per square foot (psf).
The other best-selling projects were Leedon Green, The Landmark, Pullman Residences Newton, Hyll on Holland, Midtown Modern, Haus on Handy, Peak Residence, Klimt Cairnhill and One Bernam.
Units sold to foreign buyers in March also made up 7.8 per cent of sales in March, with 52.6 per cent of the units they purchased in the CCR, according to Huttons Asia senior research director Lee Sze Teck.
Christine Sun, OrangeTee & Tie’s senior vice-president of research and analytics, agreed that foreign buyers continue to favour luxury homes, noting that 28 of the 38 condo units they bought in March were located in the CCR, while six were in the OCR and four were in the RCR.
Eighteen new non-landed homes were sold for at least S$5 million last month, according to URA Realis data. The most expensive new unit sold was a 2,056 square foot freehold unit at Klimt Cairnhill which changed hands at S$7.6 million or S$3,697 psf.
Property analysts expect that robust demand for private property sales will continue, in the light of how major condo launches remain in the pipeline for 2023.
Huttons Asia’s Lee noted how Tembusu Grand, which launched earlier in April, achieved a strong first weekend sale of 340 units, making it the bestselling project in the RCR.
He also noted major launches in April and May include Blossoms by the Park, The Continuum and The Giverny Residences.
He said: “The strong sales seen for the launches in 2023 is an indication that the desire to invest in properties is robust.
“Unsold units in the market remained low and there is broad-based support for prices in the market, thus giving buyers the confidence to enter the market.”
OrangeTee & Tie’s Sun noted how the return of more foreigners and permanent residents to Singapore, barring recessionary risks, may bode well for upcoming luxury launches such as Newport Residences and Skywaters Residences.
She said: “We estimate that between 8,500 and 10,000 new homes could be sold, and new home prices may climb by 5 to 8 per cent this year.”
https://www.businesstimes.com.sg/property/singapore-new-private-home-sales-136-march-down-248-year-year
Apr 17, 2023
SALES of new private residential units excluding executive condominiums (ECs) continued rising in March, marking the third consecutive month of increase.
Urban Redevelopment Authority (URA) data released on Monday (Apr 17) showed that in March, developers sold 492 units, excluding ECs, up 13.6 per cent from the 433 units sold in February. Year on year, the number of units sold last month was 24.8 per cent down from the 654 units sold in March 2022.
The bulk of March’s transactions came from the outside central region (OCR), making up 46.7 per cent of total sales at 230 units sold, excluding ECs. Another 40 per cent of sales or 197 units came from the core central region (CCR), and the remaining 13.2 per cent or 65 units were in the rest of central region (RCR).
Including ECs, 513 units were sold in March, up from the 471 units sold in February and down from the 702 units sold in March 2022.
There were 573 units launched in March, a 42.9 per cent increase from the 401 units launched in February. This was led by the launch of The Botany at Dairy Farm in the OCR, which sold 184 units at a median price of S$2,068 per square foot (psf).
The other best-selling projects were Leedon Green, The Landmark, Pullman Residences Newton, Hyll on Holland, Midtown Modern, Haus on Handy, Peak Residence, Klimt Cairnhill and One Bernam.
Units sold to foreign buyers in March also made up 7.8 per cent of sales in March, with 52.6 per cent of the units they purchased in the CCR, according to Huttons Asia senior research director Lee Sze Teck.
Christine Sun, OrangeTee & Tie’s senior vice-president of research and analytics, agreed that foreign buyers continue to favour luxury homes, noting that 28 of the 38 condo units they bought in March were located in the CCR, while six were in the OCR and four were in the RCR.
Eighteen new non-landed homes were sold for at least S$5 million last month, according to URA Realis data. The most expensive new unit sold was a 2,056 square foot freehold unit at Klimt Cairnhill which changed hands at S$7.6 million or S$3,697 psf.
Property analysts expect that robust demand for private property sales will continue, in the light of how major condo launches remain in the pipeline for 2023.
Huttons Asia’s Lee noted how Tembusu Grand, which launched earlier in April, achieved a strong first weekend sale of 340 units, making it the bestselling project in the RCR.
He also noted major launches in April and May include Blossoms by the Park, The Continuum and The Giverny Residences.
He said: “The strong sales seen for the launches in 2023 is an indication that the desire to invest in properties is robust.
“Unsold units in the market remained low and there is broad-based support for prices in the market, thus giving buyers the confidence to enter the market.”
OrangeTee & Tie’s Sun noted how the return of more foreigners and permanent residents to Singapore, barring recessionary risks, may bode well for upcoming luxury launches such as Newport Residences and Skywaters Residences.
She said: “We estimate that between 8,500 and 10,000 new homes could be sold, and new home prices may climb by 5 to 8 per cent this year.”
https://www.businesstimes.com.sg/property/singapore-new-private-home-sales-136-march-down-248-year-year