A Dip in October: The Current State of Sales
October saw a slowdown in new home sales in Singapore, as buyers and developers took a breather after the frenzy of activity in September. According to the latest data from the Urban Redevelopment Authority (URA), developers sold 203 new private homes (excluding executive condominiums or ECs) in October, down 6.5% from the 217 units sold in September. The sales were down by 35.4% year-on-year from 314 units sold in October 2022.
Influencing Factors Behind the Slowdown
The sales slump can be attributed to several factors. A significant one is the absence of new project launches, which have historically stimulated market activity. For instance, in July and August 2023, eight new private residential projects and one executive condominium were launched, suggesting a more vibrant market in these months​​.
Additionally, elevated interest rate hikes and cooling measures are culprits for this downturn. These elements have led to increased buyer selectiveness and a general slowdown in demand​.
Top 10 Best-Selling Private Residential Projects (Exclude EC) in October 2023
| S/N | Project | Region | Units Sold in Oct 2023 | Median Price in Oct 2023 ($PSF) |
| 1 | LENTOR HILLS RESIDENCES | OCR | 24 | $2,116 |
| 2 | THE RESERVE RESIDENCES | RCR | 23 | $2,361 |
| 3 | GRAND DUNMAN | RCR | 15 | $2,452 |
| 4 | LENTOR MODERN | OCR | 13 | $2,075 |
| 5 | THE ARDEN | OCR | 12 | $1,816 |
| 6 | KLIMT CAIRNHILL | CCR | 11 | $3,509 |
| 7 | PINETREE HILL | RCR | 9 | $2,472 |
| THE LAKEGARDEN RESIDENCES | OCR | 9 | $2,160 | |
| 8 | THE LANDMARK | RCR | 6 | $2,637 |
| THE MYST | OCR | 6 | $2,196 | |
| LIV @ MB | RCR | 6 | $2,206 | |
| MIDTOWN MODERN | CCR | 6 | $3,419 | |
| 9 | MIDTOWN BAY | CCR | 5 | $3,264 |
| THE M | CCR | 5 | $2,992 | |
| PULLMAN RESIDENCES NEWTON | CCR | 5 | $3,409 | |
| 10 | ONE BERNAM | CCR | 4 | $2,615 |
| THE CONTINUUM | RCR | 4 | $2,710 | |
| BARTLEY VUE | RCR | 4 | $1,919 | |
| LEEDON GREEN | CCR | 4 | $3,137 | |
| KI RESIDENCES AT BROOKVALE | OCR | 4 | $2,251 | |
| MYRA | RCR | 4 | $1,929 |
What to Expect in November
Given the cyclical nature of the property market and the anticipated new launches, November could see a rebound in sales. The introduction of new projects typically rejuvenates buyer interest and can lead to a spike in sales figures. In the recent previews, more than 450 units were sold from the new launches, J’den in Jurong East, and Hillock Green in Lentor Central combined.
Conclusion
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