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About January 2023 Spike in Private Home Sales | At the beginning of 2023, excluding executive condominiums (ECs), a notable rise in the sale of new exclusive residences was observed, with 391 units sold – a 130% boost from the 170 sold in December 2022. The Ministry of National Development (MND) estimates that at least 10,000 first-time home buyers will take advantage of the augmented CPF Housing Grant for HDB resale flats in its initial year of implementation.
That said; information from the Urban Redevelopment Authority (URA) revealed a remarkable surge of 130% in the sale of non-executive condominiums (ECs) from 170 units in December 2022 to 391 units in January 2023. The significant rise was attributed to the introduction of new projects, notably Sceneca Residence, which accounted for 40.2% of total sales, as well as the arrival of mainland Chinese purchasers.
More on January 2023 Spike in Private Home Sales
Despite a decrease of 42.8% in new private home sales compared to the preceding year, buyers’ preference was for the Outside Central Region (OCR) where 185 units were sold, followed by the Core Central Region (CCR) with 158 and Rest of the Central Region (RCR) with 48 units sold. In January 2023, foreign buyers’ purchases skyrocketed by 58.3% month-on-month to a total of 57 units at Klimt Cairnhill, rumored to be the result of acquisitions from affluent Chinese individuals, according to Lee Sze Teck, Senior Director of Research at Huttons Asia.
Klimt Cairnhill Artist’s Impression
Additionally, a recent Business Times article has predicted that more than 10,000 newcomers to the housing market will take advantage of the raised CPF grant for HDB resale flats during its initial year. The Singapore authorities have augmented the grant allocated to those buying a pre-owned HDB flat for the first time, providing a maximum amount of $80,000 for 4-room or fewer dwellings and up to $50,000 for bigger properties if they meet all eligibility criteria.
Finally, Savills Singapore, the sole marketing representative, has declared that a freehold shophouse located at 8 Sixth Avenue in Bukit Timah is available to buy via an Expression of Interest (EOI) process. The estimated value of the property is $14.5 million.
