New private home sales fall to 217 units in September, lowest monthly figure year

In the absence of big project launches, new private homes sales plummeted in September, selling 217 units, the lowest monthly private home sales this year. This is a 44.9% drop from the 394 units sold in August and 78% lower than the 987 units sold in September 2022.

The EC market was a bright spot last month, with developers selling an estimated 118 units, lower than the 255 units sold in August. The majority of these sales came from the 360-unit Altura on Bukit Batok West Avenue 8, which moved 100 units at a median price of $1,473 psf. Additionally, buyers of ECs were given upfront remission on additional buyer’s stamp duty, making it attractive for price-sensitive buyers.

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There were 93.4% more new units launched in 3Q2023 compared to a year ago, yet new home sales declined y-o-y. This was due in part to higher interest rates, softer economic prospects and two more rounds of cooling measures. Market headwinds have discouraged buyers, who have become more discerning in their choices in recent times.

Read also: Unit at Altura EC sold for record $1,585 psf

In the Core Central Region, new home sales fell 20.8% m-o-m, with the units sold marking the lowest monthly amount since February 2021. Median prices of non-landed new private homes rose 10.5% m-o-m to $3,151 psf, attributed to higher prices at projects such as Midtown Bay, Midtown Modern, Perfect Ten, Leedon Green and Orchard Sophia.

Read also: Altura executive condo 88% sold in second-timer balloting

The Outside Central Region saw a 64% m-o-m plunge in new home sales, while the Rest of Central Region recorded a 33% m-o-m fall. Outside of ECs, Pullman Residences Newton, the 340-unit freehold condo, was the top-performing project in September, having sold 21 units at a median price of $3,258 psf.

Foreigners purchased 13 new private homes last month, a slight increase from the 10 units recorded in August. The highest-price single transaction was a 2,164 sq ft unit at Dalvey Haus for $7 million ($3,235 psf).

Senja Close EC Bukit Panjang is an upcoming executive condominium located in Bukit Panjang, Singapore. The development will feature 710 units with 4 to 5 bedroom units. The condominium will offer a wide range of amenities, including a swimming pool, gym, tennis court, jogging path, and a clubhouse. With a range of nearby amenities such as supermarkets, banks, shopping centres, and restaurants, Senja Residences EC will certainly be an ideal place to live.

Head of research and content at PropNex Realty, Wong Siew Ying, believes the outlook for the rest of the year is likely to be “cautiously sanguine” given the line-up of launches expected in 4Q2023. Leonard Tay, head of research at Knight Frank Singapore, is predicting new home sales in 2023 to come in just shy of 7,000 units.

Check out the latest listings for Altura properties
New home sales in Singapore plunged in September, with 217 new homes (excluding executive condos or ECs) sold – the lowest monthly private home sales this year. This is a 44.9% m-o-m drop from the 394 units sold the month before and 78% lower than the 987 units sold in September 2022.

The EC market was a bright spot last month, selling an estimated 118 units. Most of the sales came from the 360-unit Altura on Bukit Batok West Avenue 8, which moved 100 units at a median price of $1,473 psf. This was due to buyers of ECs being given upfront remission on additional buyer’s stamp duty, making it an attractive choice for price-sensitive buyers.

Although the Core Central Region saw new home sales fall 20.8% m-o-m to a low not seen since February 2021, median prices of non-landed new private homes rose 10.5% m-o-m to $3,151 psf. The Outside Central Region saw a 64% m-o-m plunge in new home sales and the Rest of Central Region recorded a 33% m-o-m fall.

Foreigners purchased 13 new private homes last month, a slight increase from the 10 units recorded in August, and thus percentage of purchases by foreigners climbed to 5.9%. The highest-price single transaction was a 2,164 sq ft unit at Dalvey Haus for $7 million ($3,235 psf).

Read also: Unit at Altura EC sold for record $1,585 psf

While market sentiment has clearly deteriorated, with higher interest rates, softer economic prospects and two more rounds of cooling measures, the outlook for the rest of the year is expected to remain “cautiously sanguine”.

Head of research and content at PropNex Realty, Wong Siew Ying, is predicting new home sales in 2023 to come in just shy of 7,000 units, with notable launches such as J’den in Jurong East, Hillock Green in Lentor and Watten House in Bukit Timah.

Check out the latest listings for Altura properties
Read also: Altura executive condo 88% sold in second-timer balloting