TRANSACTION VOLUME
15 August 2023 – July reported strong new home sales with the launch of four major projects ahead of the Hungry Ghost Festival. The ramped-up project launches in July have piqued the interest of new home buyers. Some 1,412 units of new homes (excluding Executive Condominiums) were sold in July 2023. This is some five times higher than the 278 units sold in June 2023. Some 59 Executive Condominiums (EC) were sold in July 2023.
The four major project launches, Grand Dunman (RCR), Pinetree Hill (RCR), Lentor Hills Residences (OCR) and The Myst (OCR), collectively account for more than 80% of all new sale units in July 2023. As a result, new sales distribution was dominated by RCR and OCR, with proportions of 59.2% and 34.6% respectively for these regions. There were no EC launch in July.
PRICE
The median transacted prices of new sales (excluding EC) stayed fairly stable across all market segments over the last two months.
LUXURY PROPERTY MARKET
Only 11 new luxury private housing units (>=$5mil) were sold in July 2023, and some 9 units were bought by Singaporeans. Foreign buyers have shunned away from the luxury home segment since the government hiked the ABSD rates for foreign buyers to 60%.
OUTLOOK
STRONG PIPELINE OF PROJECT LAUNCHES FOR THE REST OF 2023
Thirteen projects are expected to launch from September 2023 till the end of the year. Major projects set to launch include Hillock Green (OCR), The Hill @ one-north (RCR) and Marina View Residences (CCR).
New home buyers today, have a wider selection of projects to choose from are taking a noticeably longer time to commit to a purchase.
