Singapore new home sales hit 7-month high of 887 units in April
Sales were up 34% from the previous year, thanks to two new project launches.
According to PropNex Realty, Singapore developers’ sales hit a 7-month high in April 2023 as two fresh project launches – Tembusu Grand and Blossoms by the Park – powered an 80% surge in new home sales.
Developers sold 887 new homes (ex. executive condos) in the month, rising from the 492 units shifted in March. This is the strongest monthly performance since September 2022, where 987 new homes were transacted. On a year-on-year basis, sales were up by 34% from April 2022.
Here’s more from PropNex:
April’s new home sales were supercharged by the Rest of Central Region (RCR) which saw 628 new homes sold in the month, with Tembusu Grand and Blossoms by the Park collectively accounting for 89% (559 units) of the RCR’s sales. Overall, the two new projects made up 63% of the overall monthly home sales in April. The 628 units transacted in the RCR is the highest monthly tally for this sub-market in 11 months (since 893 units were sold in May 2022). Meanwhile, the 455-unit Riviere sold 10 units at a median price of $2,954 psf in April and it is now fully-sold.
There were two new projects launched in April. Tembusu Grand sold 354 out of its total 638 units (55% take-up) at a median price of $2,463 psf, while Blossoms by the Park moved 205 out of its 275 units (75%) at a median price of $2,427 psf in April. In May 2023, apart from freehold development The Continuum which has been launched, another project is slated to hit the market - namely the integrated development The Reserve Residences in Jalan Anak Bukit which was opened for preview last week (May 12).
The Core Central Region (CCR) transacted 208 new private homes in April – up by 5.6% from the previous month. The Atelier in Makeway Avenue in Newton was the best-selling CCR project in April, shifting 46 units at median price of $2,658 psf. Meanwhile, Pullman Residences Newton (19 units at a median price of $3,215 psf) and Leedon Green (19 units at a median price of $2,838 psf) continued to book steady sales.
New home sales in the Outside Central Region (OCR) declined by nearly 78% to 51 units from March to April, owing to the absence of new launches and limited unsold stock in the sub-market. The top-seller in the OCR in April was The Botany at Dairy Farm where 12 units were sold at a median price of $2,087 psf. This was followed by The Gazania which transacted 10 units at a median price of $1,755 psf.
In the EC segment, developers sold 22 new units in April, relatively on par with the 21 units that changed hands in March. North Gaia EC in Yishun topped EC sales, selling 18 units at a median price of $1,271 psf. Sales at North Gaia – which was launched in April 2022 – could continue to pick up as more buyers turn to the project amid the paring down of unsold EC supply. There were no new EC launches in April.
Developers placed 779 new units (ex. ECs) for sale in April (mostly from Tembusu Grand and Blossoms by the Park) – up from 573 units that were put on the market in the previous month. This is the highest number of units launched for sale in a month since 913 units were launched in September 2022.