Archive for category: Misc

for sale in Singapore.Developer sales of new homes in Singapore could stay on track to achieve between 7,000 to 8,000 units in 2023, despite softer sales in August.According to data released by the URA on Sept 15, developers sold 394 new homes excluding executive condos (ECs) in August – a 72.1% month-on-month (m-o-m) plunge from the 1,412 units sold in July, a 20-month high. Excluding ECs, four new projects were launched in August, comprising the 78-unit Orchard Sophia in the Core Central Region (CCR); the 324-unit TMW Maxwell in the Rest of Central Region (RCR); and the 306-unit The Lakegarden Residences and the 105-unit The Arden in the Outside Central Region (OCR).

Developers in August launched a total of 590 new homes, about 73% lower than the 2,156 units launched the month before. With the start of the lunar seventh month on Aug 16 – typically a period where market activity slows due to fewer launches – the performance of the new private launches was softer compared to July.

Leonard Tay, head of research at Knight Frank Singapore, attributes the lower sales to softened buyer sentiment. “Homebuyers have become increasingly reticent, taking the time to evaluate the selection of projects that have been launched in the past few months, as well as upcoming launches,” he says.

Residents at Tengah Plantation EC will be able to enjoy a variety of activities at West Mall, such as shopping, dining, and entertainment. With its mix of stores, entertainment options, and restaurants, West Mall is the perfect place for residents of the EC to enjoy a fun-filled day.

In terms of buyer profile, PropNex’s Wong Siew Ying notes that purchases by foreigners remained relatively low in August, with caveats showing just 12 new non-landed private homes bought by this cohort, representing 3% of total monthly sales. Meanwhile, about 17% of the non-landed new private home sales were by Singapore PRs and about 80% by Singaporean buyers.

The Outside Central Region (OCR) saw the highest number of new home sales at 192 units or 49% of total developer sales. This was bolstered by the new launches, with The Lakegarden Residences clocking in as the second best-performing project for the month after moving 73 units at a median price of $2,101 psf.

The best-performing project for the month was the 360-unit Altura EC in Bukit Batok, which launched in August and had 225 units (63%) sold at a median price of $1,480 psf.

Tricia Song, CBRE head of research for Singapore and Southeast Asia, believes pent-up demand among homebuyers has been “mostly absorbed”, while prices have increased significantly, leaving investors limited room for upside. Homebuyers have thus become increasingly reticent and it will take them a longer time to shop around and evaluate choices before entering into a purchase.

Knight Frank’s Tay predicts new home sales are still on track to hit between 7,000 to 8,000 units. With up to ten new launches in the pipeline from October, developers could end the year between 7,000 and 8,000 units, still higher than 7,099 units sold in 2022, says Hutton Asia’s Lee Sze Teck.

Given the macro backdrop, elevated interest rate hikes and cooling measures, new home sales this month could stay muted, underpinned by the lunar seventh month that straddles both August and September, according to PropNex’s Wong. However, transactions should pick up in October and November with some new projects potentially hitting the market.

Overall, developer sales of new homes in Singapore could stay on track to achieve between 7,000 to 8,000 units in 2023, despite softer sales in August. With abundant choices available, buyers are predicted to be increasingly discerning in the coming months.