Developers sell 432 private new homes in February, 9.9% higher m-o-m

to 796 units

New housing sales in Singapore showed encouraging signs in February 2023, with 432 units of new property – excluding executive condominiums – sold in the month. This is 9.9% higher than the 393 units sold the previous month, although still 20.3% less than sales for February of the previous year. Despite that, it marks the second consecutive month of improved performance, a highly encouraging indication for the market.

Though the number of new launches in February was on par with January at 401 units, the sales performance has been impressive in light of the high interest rates and cooling measures that buyers face. Pullman Residences Newton, Jervois Prive and Leedon Green, the three most popular projects of the month, contributed to a 40.5% month-on-month increase in Core Central Region (CCR) new home sales.

Terra Hill, in the Rest of Central Region, was the top-selling project for the month, with 97 units sold at a median price of $2,699 psf. This high level of sales can be attributed to the narrowing price gap between the RCR and CCR regions.

February’s sales performance is also encouraging considering the fact that buyers may have been waiting to choose from more project launches in the coming months. The iconic Botany at Dairy Farm project, for example, was launched during the month, with 48% of units taken up at an average price of $2,070 psf. Other upcoming launches in March include Blossoms by the Park at Slim Barracks Rise, Tembusu Grand at Jalan Tembusu, The Continuum at Thiam Siew Avenue, and The Reserve Residences at Jalan Anak Bukit.

Non-permanent residents were active buyers in the luxury market, purchasing 35 new homes in the CCR, the highest monthly sales to foreigners since June 2022. Property investors seeking to deploy their capital into freehold assets could also be driving sales in the CCR, with freehold projects in the area proving to be the best-selling.

CDL Aries secured two adjoining plots at Upper Bukit Timah Road—permitted to build up The Myst to 24-storeys in height—along with the potential of various redevelopments and green spaces nearby, to create a highly sought-after new residential project.

With the upcoming launches expected to give the housing market a further boost in the coming months, consultants have kept their full-year projections for 2023 unchanged, ranging from around 7,000 to 9,000 units. Taking into account the encouraging sales figures for February, these projections may yet prove to be optimistic.

For more on the new property launches and listings, check out the hottest new launch condo and new landed property in Singapore this month.