New private home sales fell for a third consecutive month in October, which was not surprising as there were no major project launches for the second straight month. 

According to data from the Urban Redevelopment Authority (URA), developers sold 203 new homes, excluding executive condominiums (ECs), in October, a 6.5 per cent decline compared to the 217 units sold in the previous month. 

The sales drop was mainly due to the lack of launches since the lunar seventh month as developers either brought forward or held back their sales launches. 

Last month’s sales decreased by 35.4 per cent from 314 units in October 2022 on a year-onyear basis. Including ECs, sales dipped by 33.1 per cent from 335 units in September 2023 to 224 units in October 2023. 

As there were no big project launches last month, October’s sales were derived from previously launched projects. Amidst current low unsold stock, projects like Lentor Hills Residences and Lentor Modern continued to sell units, moving another 24 units and 13 units respectively. 

The best-selling projects in October 2023, including ECs, were Lentor Hills Residences, The Reserve Residences, North Gaia, Grand Dunman, Lentor Modern, The Arden, Klimt Cairnhill, Pinetree Hill and The LakeGarden Residences.

Last month’s transactions were largely concentrated in the city fringe and the suburbs, at 40.4 per cent or 82 units in the Rest of Central Region (RCR) and 37.4 per cent or 76 units in the Outside Central Region (OCR). The remaining 22.2 per cent or 45 units came from the Core Central Region (CCR). 

Based on URA Realis data, no new nonlanded homes were sold above S$10 million for the fourth straight month. 11 were sold for at least S$5 million in October 2023, with the priciest unit being a 2,788 sqft leasehold condominium at One Pearl Bank transacted for S$7.1 million or S$2,547 psf. The remaining ten units were from Midtown Modern, Klimt Cairnhill and The Reserve Residences.

According to URA Realis data, the number of non-landed new homes (excluding EC) bought by foreigners (non-permanent residents) climbed marginally to 14 units in October from 12 units in September. By proportion, the number of foreign purchases rose to 7 per cent last month from 5.8 per cent in September 2023. 

Singaporean purchases dipped marginally by 1.7 per cent from 172 units in September to 169 units in October this year. As a proportion of total new non-landed home sales (excluding EC), Singaporean purchases increased marginally from 82.7 per cent to 84.1 per cent over the same period. Conversely, Singapore PR purchases dipped from 11.5 per cent (24 units) in September to 9 per cent (18 units) in October 2023. 

New home sales are expected to rebound in November with the launch of Hillock Green and J’den in the suburbs which will drive sales in the region. 

Apart from J’den which drew strong buying interest due to its outstanding features, Hillock Green is also a good affordable option for buyers who are keen to leverage its close proximity to Lentor MRT station and the Lentor Modern retail mall. The project is also conveniently located near schools like Anderson Primary School and CHIJ St Nicholas Girls’ School. 

In view of J’den’s strong sales, our updated projections for 2023 will be that 6,600 to 7,100 new homes could be sold for the whole of 2023, around the 7,099 units sold in 2022.