Sales were healthy, considering most show flats were closed during the Chinese New Year period. There was only a single project launch, the 268-unit Sceneca Residence at Tanah Merah Kechil Link, which saw robust sales last month. Owing to its good location, near an MRT station and close to ample amenities, 157 units were sold during its launch month.
The good sales take-up shows a pent-up demand for housing units, especially in the suburbs where supply remains tight. This is despite the high-interest rates and cooling measures implemented in September 2022.
Last month, the best-selling projects including EC projects were Sceneca Residence, Tenet, Leedon Green, Klimt Cairnhill, One Holland Village Residences, Riviere, Haus on Handy and Perfect Ten.
With the launch of Sceneca Residence in the Outside of Central Region (OCR), OCR formed the bulk of transactions last month with 185 units or 47.3 per cent of total new sales excluding ECs. This is followed by the Core Central Region (CCR) with 158 units or 40.4 per cent and the Rest of Central Region (RCR) with 48 units or 12.3 per cent.
According to URA Realis data, the upper end of the market saw 28 new non-landed homes sold for at least S$5 million last month. Two units were transacted for more than S$10 million. These were a 4,661 sqft unit at Dalvey Haus transacted for S$16,280,000 or S$3,493 psf, and a 3,272 sqft unit at Midtown Modern sold for S$14 million or S$4,278 psf.