About April Developer Sales Plummet 58.1% to 301 Units. Developer sales of new private condominium units (excluding Executive Condominiums) dropped by 58.1% month-on-month in the month of April. From 718 units in the month of March to 301 units, according to the URA data on 15th May. This represents a decline of 66.1% year-on-year from April last year, which saw 887 units sold.
Mohan Sandrasegeran, SRI, attributes the decline to the reduce of major new development launches. There are 3 new developments launched in April. 32 Gilstead, situated in Novena (13 units), The Hill @ One-North, situated in Queenstown (142 units), and The Hillshore, situated in Pasir Panjang (59 units).
Artist’s impression of The Hill @ One-North
Wong Siew Ying, PropNex Realty, notes that these new developments are smaller. And offer fewer units compared to larger projects launched in March. Consequently, buyers turned to those already launched projects like The Botany @ Dairy Farm, April’s top-seller.
Despite the limited new launches, the sales for the new projects was positive. Lee Sze Teck, Huttons Asia, reports that 32 Gilstead sold 4 of the 14 units at a median price of SGD3,443psf, The Hill @ One-North sold 42 of the 142 units at SGD2,614psf. And The Hillshore has also sold 3 of the 59 units at SGD2,599psf.
Leonard Tay, Knight Frank Singapore, observes that buyers are now more selective. And less driven by a “fear of missing out.” Many are more careful and take their time to find properties that match their preferences. With some turning to the sub-sale market for nearly completed homes.
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Sub-sale transactions have increased since year 2023, with a quarterly average of 324 sub-sales, up 69.2% from 2022. The last quarter saw 377 sub-sales, primarily in the RCR and OCR, indicating a preference for nearly ready to move in units.
In April, The Botany @ Dairy Farm led sales, selling 50 of the 386 units at a price of SGD2,004psf. This development has sold 87% of its units till now. The Hill at one-north was the 2nd best-seller, driven by its proximity to business parks and academic institutions.
New freehold development, 32 Gilstead, saw 4 of the highest priced transactions in April, including a SGD14.5 million unit sold at SGD3,455psf.
Sales of Executive condominium units also fell by around 55%, from 114 units in the month of March to 51 in the month of April. North Gaia in Yishun topped the EC sales with 33 units sold at a price of SGD1,315psf. Next was Lumina Grand on Bukit Batok West Avenue 5, where 18 out of its 512 units were sold.
Lee expects subdued developer new condo sales in May and June, with limited new launches and also due to the June school holidays. Upcoming launches include the Kassia condo in Flora Drive with 280 units and SORA condo in Yuan Ching Road with 440 units.
Significant future projects include the 916-unit, The Chuan Park by Kingsford Development as well as MCC Singapore. And the 847-unit Emerald of Katong by Sim Lian Group. These new developments are expected to maintain the dominance of suburban projects in the new sales market, according to Christine Sun, chief researcher at OrangeTee.
Read Also: Upcoming launches like Novo Place EC, Norwood Grand, and Parktown Residences.
