Archive for category: Misc

Month on month sales for new homes in Singapore for February 2023, excluding executive condominiums, was 9.9% higher than the previous month, yet still 20.3% lower than February the year before. This could be largely due to buyers waiting to choose from more project launches in the coming months, while some could be taking a wait and see approach to the property market.

CDL The Myst Aries acquires two adjoining plots in Upper Bukit Timah to create a highly sought-after residential area with easy access to amenities and convenience of the city-state.

With only one mid-size and a small project launched in February, the sales performance should be viewed positively, considering high-interest rates and cooling measures. Developers released 401 units, on par with the 410 units released in January. These included Terra Hill, a 270-unit freehold project by Hoi Hup and Sunway Development on Yew Siang Road, and the 24-unit freehold boutique development Gems Ville, on Lorong 13 Geylang.

Commenting on the figures, Senior Director of Research at Huttons Asia, Lee Sze Teck stated that the increase in Buyer’s Stamp Duty does not seem to have caused buyers to hold back on purchasing property. Terra Hill, which was the top-selling project for the month, sold 97 units at a median price of $2,699 psf, which is an encouraging sign.

Most of the new homes purchased were from the Core Central Region (CCR). 221 units were sold in the CCR primary market, which marks a 40.5% increase month on month. This could be attributed to buyers looking towards freehold assets for wealth preservation in times of economic uncertainty.

The number of homes being purchased by foreigners also remained at a steady 54 units, the highest since June 2022. Most of the foreign buyers were targeting luxury homes in the CCR.

March should see an increase in sales due to The Botany at Dairy Farm launching, with 48% of units taken at an average price of $2,070 psf during its launch weekend. The coming months will also see the release of projects such as EL Development’s Blossoms by the Park, Tembusu Grand by City Developments and MCL Land, Hoi Hup and Sunway’s The Continuum and The Reserve Residences by Far East Organization and Sino Group.

Overall, consultants expect full-year sales figures to lie between 7000 and 9000 units. This is largely dependent on the success of upcoming launches, which could draw more buyers into action. With new releases set to set new price benchmarks, buyers appear to still be prepared to pay for new homes in spite of the current pessimism.