Singapore, 15 Feb 2023 SALES of new private residential units in January made a strong recovery from the low volumes in December last year, with volume partly driven by returning demand from Chinese buyers.
Urban Redevelopment Authority (URA) data released on Wednesday (Feb 15) showed that the total number of new private residential units sold in January was 391, boosted by the launch of Sceneca Residence, which moved 157 units. January’s numbers were a 130 per cent increase from December’s volume of 170 units.
“The good sales take-up shows a pent-up demand for housing units, especially in the suburbs, where supply remains tight,” said Christine Sun, senior vice-president of research and analytics at OrangeTee. She noted that the healthy volume also came despite the rise in mortgage rates and implementing of cooling measures in September 2022.
“We expect more foreign buyers and permanent residents to return to Singapore’s property market, especially with the reopening of China’s international borders,” she added.
OrangeTee’s Sun noted that the number of new condo units (excluding EC units) bought by foreign buyers continued to rise after last September’s cooling measures, from 43 units that month to 56 units in January.
High-value units continued to sell in January. Sun noted that 26 new non-landed homes sold for at least S$5 million last month, and two units transacted at over S$10 million. These were a 4,661 sq ft unit at Dalvey Haus sold at S$16.28 million or S$3,493 per sq ft, and a 3,272 sq ft unit at Midtown Modern, which sold for S$14 million or S$4,278 per sq ft.