New Private Home Sales Tepid In November On Lack Of Major Project Launches And Limited Unsold Stock
15 December 2022, Singapore – New private home sales remained tepid in November as a lack of major project launches and tight unsold inventory in the primary market weighed on sales volume. Developers sold 259 new units (excluding Executive Condos) in November, representing a 17% decline from the previous month and a fall of 83% from November 2021. Three smaller projects – Hill House, Sophia Regency, and Kovan Jewel – were put on the market in November. The 72-unit Hill House sold 12 units at a median price of $3,028 psf while 34-unit Kovan Jewel shifted 4 units at a median price of $2,120 psf. By sub-markets, new home sales volumes fell across the board from October to November. The Core Central Region (CCR) led monthly sales, selling 148 units which accounted for about 57% of the monthly sales. The top-selling CCR projects during the month included Leedon Green which transacted 16 units at a median price of $2,851 psf, One Holland Village Residences which sold 15 units at a median price of $2,886 psf, and Perfect Ten which shifted 14 units at a median price of $3,154 psf.
Meanwhile, developers sold 73 new units in the Rest of Central Region (RCR) in November – down by nearly 10% from 81 units transacted in the previous month. Riviere is the most popular RCR project in November, selling 19 units at a median price of $3,024 psf. It is followed by The Landmark which sold 13 units at a median price of $2,459 psf. Riviere, which is expected to obtain its temporary occupation permit (TOP) in Q1 2023 has been steadily moving units over the past months; the 455-unit project is 87% sold as of November.
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Developers’ sales were particularly sluggish in the Outside Central Region (OCR) as the lack of sizable launches and depleted unsold stock meant fewer options for home buyers. In November, 38 new units were transacted in the OCR – down by 37% from October. Lentor Modern was the best-performing OCR project in November, selling 9 units at a median price of $2,218 psf. Meanwhile, EC sales came in at 186 units in November, following the strong sales of 498 units in the previous month. The EC sales volume was driven by Copen Grand, which sold 176 units at a median price of $1,323 psf in November. Copen Grand in the up-and-coming Tengah new town is now fully sold just after a month from its launch on 22 October 2022.
In November, developers placed 319 new units (ex. ECs) for sale– up from 102 units that was put on the market in the previous month. No new ECs were launched during the month.
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