New launches push developers’ April new home sales to 887 units, up 80% m-o-m

April saw record-breaking new home sales in Singapore with 887 units sold (excluding executive condominiums), according to data released by URA on May 15. This marks a hefty 80.3% increase m-o-m and a 37% increase y-o-y. It is also the fourth consecutive month of growth, offering a positive outlook as the property market sees a steady rise in demand.

Residents living at The Myst Condo also get to enjoy the scenic views of the surrounding HDB estates, the serenity of the nearby park, and its nearness to the Bukit Panjang Plaza and the Hillion Mall. The Myst CDL is a well-planned residential development offering a vibrant living experience to its residents. With its location right in the heart of Bukit Panjang, there is no shortage of amenities and lifestyle options available. Residents of The Myst Condo can expect to find a variety of shopping, dining, leisure and entertainment options. In addition, educational institutions such as Ngee Ann Polytechnic and Bukit Panjang Primary School are conveniently located close by.

Two major launches in the Rest of Central Region last month were the primary drivers of the record-breaking sales: the 638-unit Tembusu Grand and the 275-unit Blossoms by the Park.

Tembusu Grand, which launched for sale on April 8, saw a high uptake of 354 units sold for a median price of $2,463 psf. Blossoms by the Park, which launched for sale on April 29, sold 205 units (nearly 75%) at a median price of $2,427 psf. Not surprisingly, these two projects together accounted for 63% of April’s total private home sales in the region.

In the Core Central Region, 208 new private homes were sold in April, representing 23% of total sales. The most popular CCR project was The Atelier with 46 units sold at a median price of $2,658 psf.

The Outside Central Region (OCR) saw substantially fewer sales in April — just 51 units — due to the lack of new launches that month. The Botany and The Gazania were the top-sellers in the OCR, with 12 and 10 units sold respectively.

The Executive Condominium (EC) segment saw 22 units sold in April. North Gaia led sales with 18 units sold at a median price of $1,271 psf.

Though the number of foreign buyer purchases of new homes nearly doubled to 70 in April — the highest since May 2022 — analysts are unsure if this trend will continue in the future. The new cooling measures (which took effect on April 27) includes the doubling of additional buyer’s stamp duty (ABSD) rate applicable to foreigners, to 60%. This could result in a pull-back in CCR demand.

Nonetheless, interest in luxury homes among foreign buyers is still seen to be robust and ERA Realty Network’s Eugene Lim suggests that Singapore’s “stable governance and strong currency” may attract more foreign investments in the long run.

New home sales in the coming months may be supported by the upcoming launch of The Reserve Residences. This 732-unit condo by Far East Organization and Sino Group is expected to draw keen interest from both local and foreign markets.