Huttons’ comments on July 2023 developer’s sales
July 2023 witnessed the largest number of units launched for sale since January 2021.
You may like : Sceneca Residences , Tanah Merah Mixed Development Condo for Sale in 2023
There were four major non-landed project launches after the June holiday – Grand Dunman, Lentor Hills Residences, Pinetree Hill and The Myst. A total of 2,156 units were launched for sale, almost 70 times the number of units launched for sale in June and 428.4% higher than the same period a year ago.
Know More : Mega Development Launch in 2023 – Grand Dunman
Developers sold 1,412 units in July, the strongest set of numbers since Nov 2021.
You may also like : Lentor Hill Residences ; 2nd Development in Lentor
This is 407.9% higher than a month ago and 68.9% higher than a year ago. The four major non-landed project launches in July accounted for 82.1% of July’s total sales.
Watch out for this Launch – One and Only of its Kind ; Reserve Residences
Top 10 Projects by Sales in Jul
Read About : Overseas Opportunity ; Quayside JBCC
With project launches and sales concentrated in the RCR and OCR, the proportion of sales in the CCR plunged to its lowest level of 6.2% in July 2023. This is the lowest proportion in 2 years.
The number of foreigners buying residential properties more than doubled in Jul to 23. 8 of the purchases were in the CCR, 13 in the RCR and the remaining 2 in the OCR. In terms of proportion of foreigners, it plunged to a low of 1.6% in July 2023. This is probably due to the launches in the RCR and OCR where sales are largely made by locals and permanent residents.
Proportion of Purchase by Foreigners
Read Also Across and Above The Terrain at Terra Hill
Top 3 Projects Purchased by Foreigners
Almost 25% of the sales in Jul were priced below $1.5 million. Of the 341 units priced below $1.5 million, more than 97% were in July new project launches like Grand Dunman, Lentor Hills Residences, Pinetree Hill and The Myst. More than a third of the 341 units were 2-bedroom units. This shows that developers are keenly aware of keeping the quantum in the sweet spot to attract both first time buyers and upgraders.
Take a look at – The Botany @ Dairy Farm, Most Affordable Condo in 2023
Purchases by Residential Status and Price Range in Jul
The lunar seventh month starts on 16 Aug and ends on 14 Sept. Most developers will avoid project launches during this period. That is probably why there will be another 5 launches including one EC in the first 2 weeks of August. It brings the total number of launches before the lunar seventh month to 9 which is the highest on record. Altura (EC), Orchard Sophia, The Arden, The Lakegarden Residences and TMW Maxwell have already been launched and collectively sold more than 300 units on the launch weekend.
Huttons Data Analytics estimates developer sales of more than 5,000 units in the first eight months of 2023. With up to 12 new launches in the pipeline from Sept 2023, developer sales could end the year at around 8,000 units, still higher than 2022’s 7,099 units despite the economic uncertainties.
Prices of new homes are likely to trend higher in 2023 on the back of imported inflation and high interest rates.
The Ministry for Trade and Industry is looking at relatively higher growth in 2H 2023 compared to the first half. While this may boost sentiments and give confidence, buyers are very cautious now especially when there are more projects in the pipeline.
Upcoming launches from Sept 2023
