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About New Homes in March Recovered by 20.7% m-o-m | According to URA, new homes apart from executive condominiums totalled 654 units in March recovered by 20.7% m-o-m compared to February when 542 units were sold. Nonetheless, annually, new home sales in March registered 49.5% lower than the 1,296 units sold in the preceding year. This was underpinned by the absence of upcoming launches as developers carry on adopting a wait-and-see method as they adhere to the cooling measures implemented in December 2022.
Similarly, developments in the Rest of the Central Region (RCR) accounted for the bulk of new home sales at three hundred and twenty units, whereas the projects outside Central Region (OCR) registered 181 new homes in March. Also, the Core Central Region (CCR) registered 153 new home sales.
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Therefore, the best performing project in March was Normanton Park, where 83 units were fetched at a medium price of $1,887 psf. Other top-selling developments in RCR were Avenue South Residence and One Pearl Bank. These three projects registered 40% of the sale in the RCR.
Florence Residences Artist’s Impression
On the other hand, the best-selling development in OCR was The Florence Residences. 44 units were sold at a median price of $1,701 psf. This was followed by Ki Residences at Brookvale, which sold twenty-eight units at a median price of $1,976 psf last month. Also, in the CCR, Leedon Green and The Avenir topped each selling twenty-three units and registered 40% of the total sales in the top end. Contrary, Leedon Green witnessed a slight increase to $2,844 psf.
Projects that obtained 100% sales in the previous month were 3 Cuscaden found in the CCR, The Jovell in the OCR, and One-North Eden in the RCR. Apart from that, the executive condominium is anticipated to make the bulk of new home sales in the next month having the 616-unit North Gaia EC situated at Yishun being closed on 23 April. Additionally, the launch of other main developments in the RCR such as the 407-unit Piccadilly Grand located on Northumberland Road and the 298-unit Liv @ MB situated near the upcoming Katong Park MRT station is also anticipated to contribute to the increased sales and the higher transaction price in the next month.
