Singapore’s 2023 private home sales hit 15-year low

A total of 6,452 new homes were sold during the year.

There was a notable reduction in new private home sales in Singapore last year. According to OrangeTee, in 2023, 6,452 new homes, excluding ECs, were sold, registering the lowest annual sales since 2008, when 4,264 such homes were transacted. 

Last year’s sales decline could be attributed to a combination of factors, including the property cooling measures in April 2023, lack of project launches, macroeconomic uncertainty, and interest rate hikes. 

Here’s more from OrangeTee:

The sales decline was significant when compared to the preceding year. Compared to 2022, last year’s sales dipped 9.1 per cent from 7,099 units. In 2021, sales of 13,027 new homes were recorded, which represents a decline of 50.5 per cent for 2023.

Best-selling projects 

Most transactions were located in the city fringe and suburbs last month. 66 units, which accounted for 48.9 per cent of the total transactions excluding EC, were in the Rest of Central Region (RCR), while 45 units (33.3 per cent) were in the Outside Central Region (OCR). The Core Central Region (CCR) moved 24 new units, making up 17.8 per cent of the total transactions. 

In December 2023, the most popular projects, including ECs, were The Continuum, The Landmark, The Myst, North Gaia, Lentor Modern, and J’den.