Singapore new private home sales hit 6-month low in June

There were only 278 units sold during the month.

Singapore developers’ sales fell to a 6-month low in June 2023 owing to a dearth of new project launches. 

According to PropNex, new private home sales (ex. executive condos) came in at 278 units in June, representing a 73.2% decline from May’s robust sales of 1,039 units, and a 43% year-on-year fall from 488 units sold in June 2022.

Here’s more from PropNex:

The sluggish sales were mainly due to a lack of new project launches during the month, as developers held back on putting projects on the market in June, where sales activity tends to be slower owing to the June school holidays where many families may be traveling. There were limited major projects being launched in June, resulting in a sharp month-on-month decline in developers’ sales compared to May, where two launches (The Continuum and The Reserve Residences) boosted demand then.

For the third month running, the new home sales were led by the Rest of Central Region (RCR) where 147 new homes were sold in June. Despite leading sales, June’s RCR transactions were still down significantly by 82.6% MOM from the 847 units transacted in May, where healthy sales at The Reserve Residences and The Continuum helped to supercharge RCR sales in the previous month. Meanwhile, the launch of Tembusu Grand and Blossoms by the Park had lifted RCR home sales in April 2023. 

The Reserve Residences was the top-selling RCR project during the month – shifting 79 units at a median price of $2,646 psf. A 17-unit boutique development Lavender Residence which was launched in June transacted 8 units at a median price of $1,972 psf. RCR home sales would likely lead transactions again in July following the launch of Grand Dunman and Pinetree Hill over the weekend.

The Core Central Region (CCR) saw 112 new private homes sold, marking a 26.8% MOM decline from May’s sales. Developers continued to pare down on their unsold CCR inventory. The best-selling projects included Leedon Green which sold 14 units at a median price of $2,812 psf, the Van Holland which transacted 13 units at a median price of $2,692 psf, and The Atelier which moved 12 units at a median price of $2,663 psf in June.

New home sales in the Outside Central Region (OCR) continued to be tepid in June as the low unsold inventory in this sub-market limited buying opportunities and crimped demand. OCR new home sales fell by 51.3% MOM – its third straight monthly decline – to 19 units in June. The top-selling mass market project (ex. EC) in June was Lentor Modern which sold 5 units at a median price of $2,125 psf. OCR sales are expected to rebound in July with the launch of The Myst and Lentor Hills Residences this month.

In the EC segment, developers sold 19 new units in June – up slightly from 17 units transacted in the previous month. North Gaia EC in Yishun led sales with 14 transactions at a median price of $1,280 psf. 

Developers placed 31 new units (ex. ECs) for sale in June – down sharply from 1,595 units that were put on the market in the previous month. The only fresh project launched in June was the 17-unit freehold mixed-use development Lavender Residence in Kallang in the RCR.