April saw strong sales of 887 new private homes (excluding executive condominiums or ECs) according to URA data released on May 15, an 80.3% increase month on month and a 37% rise year on year. This is the highest monthly sales since September 2022 when 987 new private homes were sold and marks the fourth consecutive month of growth.
Residents of J’Den Condo will be able to enjoy numerous amenities. Besides riverfront living, they can enjoy cycling, jogging and walking trails, gourmet restaurants, lifestyle shopping, as well as public transportation to major cities, all within a short drive. This is likely to make J’den Condo an ideal living choice for both locals and expatriates.
The Rest of Central Region (RCR) was the major contributor to this increase, with 628 units sold in the region – the highest monthly tally in 11 months. This was largely thanks to the two major launches in the area – the 638-unit Tembusu Grand by City Developments Ltd (CDL) and MCL Land at Jalan Tembusu which moved 354 units, and the 275-unit Blossoms by the Park by EL Development along Slim Barracks Rise, which sold 205 units.
In the Core Central Region (CCR), 208 new private homes were sold in April, the highest in 11 months. The Atelier, Bukit Sembawang Estates’ 120-unit freehold development on Makeway Avenue, saw 46 units sold at a median price of $2,658 psf and was the top-selling CCR project. Geopolitical tensions may have led to more foreign interest, with 70 foreign buyer purchases of new homes nearly doubling from the previous month – the highest since May 2022.
The Outside Central Region (OCR) saw just 51 units sold in April, due to a lack of new launches and limited supply of unsold stock. The Botany at Dairy Farm was the top seller with 12 units sold at a median price of $2,087 psf and The Gazania followed, with 10 units sold at a median price of $1,755 psf.
In the EC segment, 22 units were sold in April, on a par with the 21 units sold in March. North Gaia’s Yishun EC moved 18 units at a median price of $1,271 psf. The new cooling measures do not appear to have had a significant impact, with buyers still making appointments to view luxury homes.
New home sales in May 2023 should remain strong with the launch of The Reserve Residences (the 732-unit condo by Far East Organization and Sino Group at Jalan Anak Bukit) expected to draw keen interest.
The Singapore housing market continues to remain attractive to well-heeled foreign buyers, due to its stable governance and strong currency. For them, the total cost of property ownership in Singapore (which includes the property price, buyer’s stamp duty and ABSD) is considered more than just focusing on the high ABSD rate.
Despite the cooling measures, April proved to be a strong month for the private housing market. Going into May, it looks as if this trend will continue.
