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

February 2023 saw an increase in new home sales for the straight second month, with 432 units sold (excluding ECs). This is 9.9% higher than the 393 units sold the previous month and 20.3% down from the number sold in February 2022. Developers released 401 new homes in February, on par with the 410 units released in January.

The top-selling project of the month was Terra Hill, the 270-unit freehold project by Hoi Hup and Sunway Developments on Yew Siang Road. A total of 97 units were sold at a median price of $2,699 psf. It contributed to 22% of last month’s new private home sales.

The remaining homes released were from ongoing projects. Pullman Residences Newton, Jervois Prive, and Leedon Green all had more units released in February. Pullman Residences Newton moved 38 units at a median price of $3,171 psf and Leedon Green moved 21 units at a median price of $2,943 psf. Christine Sun, OrangeTee & Tie’s senior vice president of research & analytics, believes the sales performance is encouraging and notes that only one mid-size and a small project were launched.

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A total of 222 private housing units were sold in the CCR primary market, more than double the 107 units released in the CCR last month. Seven of the top-performing projects in February were freehold projects in the CCR, indicating that buyers continue to see value in the CCR. This could be partly attributed to investors deploying their capital into freehold assets for wealth preservation amid heightened uncertainty.

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The number of new homes purchased by foreigners also stayed steady last month, with 54 new homes acquired by non-permanent residents, compared to 53 units in January. Most foreigners bought luxury homes in the CCR.

Sales volumes in March should be supported by The Botany at Dairy Farm, Sim Lian Group’s 386-unit project at Dairy Farm Walk which was taken up at an average price of $2,070 psf. Other upcoming launches in the next two months include EL Development’s Blossoms by the Park at Slim Barracks Rise, Tembusu Grand at Jalan Tembusu by City Developments and MCL Land,Hoi Hup and Sunway Developments’ The Continuum at Thiam Siew Avenue, and The Reserve Residences at Jalan Anak Bukit by the joint venture between Far East Organization and Sino Group.

Leonard Tay, Knight Frank Singapore’s head of research, believes the new launches may galvanise more buyers into action. Other consultants have also kept their full-year forecasts unchanged, ranging from around 7,000 to 9,000 units.

The February 2023 new homes sales figures show encouraging results despite challenges like high-interest rates and cooling measures, and indicate that buyers are prepared to pay for new homes despite the present pessimism. Don’t miss out to check out the hottest new launch condos and new landed properties in Singapore and see for yourself what great deals are available!