Property Reports

Developers’ sales more than doubled in January from December, boosted by the launch of Sceneca Residence during the month. New private home sales in January came in at 391 units (ex. Executive Condos), marking a 130% jump from the 170 units transacted in the previous month. However, sales were still down on a year-on-year basis, falling by almost 43% from the 684 units shifted in January 2022. The 391 units sold in January is the highest monthly sales since 987 units changed hands in September 2022.

Developers posted sluggish new private home sales in December, transacting just 170 units (ex. Executive Condos) – the lowest monthly home sales tally since January 2009 where 108 units were sold. On a month-on-month basis, December’s sales were down by 34.6% from the 260 units shifted in November. Meanwhile, sales fell by nearly 74% year-on-year when compared to the 650 units transacted in December 2021.

The pullback in sales could be attributed largely to the lack of major private residential project launches during the month and the year-end seasonal lull. On the other hand, sales of ECs – a public-private housing hybrid – were boosted with the successful launch of Tenet EC in Tampines in December. Developers sold 468 new ECs in December, up from 186 units moved in November. The 618-unit Tenet EC sold 451 units at a median price of $1,381 psf – accounting for about 96% of EC sales in December.

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New private home sales remained tepid in November as a lack of major project launches and tight unsold inventory in the primary market weighed on sales volume. Developers sold 259 new units (excluding Executive Condos) in November, representing a 17.3% decline from the previous month and a fall of 83% from November 2021. It is also the lowest monthly new home sales figure since December 2014 where 230 units were sold then.

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New private home sales sank to the lowest level in more than two years in October 2022, with developers transacting 312 new homes (ex. Executive condos) – it is the lowest monthly figure since April 2020 where 277 units were sold. October’s sales were down by 68.4% from 987 new homes sold in the previous month, and marked a decline of 65.8% on a year-on-year basis. Fresh cooling measures, a dearth of major project launches, and limited unsold stock in the market have weighed on developers’ sales during the month. Two new projects were launched in October: the 25-unit Enchante in Evelyn Road and landed homes at Pollen Collection in Nim Road – each selling two units.

New private home sales surged in September, more than doubling from August’s sales volume as two new mass market project launches – Lentor Modern and Sky Eden@Bedok – helped to supercharge sales during the month. Developers sold 987 new private homes (excluding executive condos), representing a 125% jump from the 438 units transacted in the previous month. This is the highest monthly home sales tally since 1,355 units were sold in May 2022. When compared to September 2021, new private home sales were up by 18.3% year-on-year last month.

Developers’ sales fell markedly from July to August owing to a dearth of new project launches amid the Hungry Ghost month. Private new home sales declined by about 48% to 437 units (excluding Executive Condos) in August, from 834 units transacted in the previous month. This is the lowest monthly sales since April 2020 – during the circuit breaker – where 277 new units were sold. On a year-on-year basis, new home sales were down by about 64% from 1,216 units sold in August 2021, where the launch of Watergardens At Canberra helped to boost sales then. August’s sales took new private home sales (ex. EC) to 5,493 units in the first eight months of 2022 – nearly 41% lower year-on-year – as fewer launches crimped transaction volume.

Private new home sales rebounded in July as the launch of AMO Residence in Ang Mo Kio helped to lift sales during the month. Developers sold 834 new private homes (ex. Executive Condos) in July, of which 366 units (or 44%) were transacted at AMO Residence. July’s sales were about 71% higher than the 488 units sold in June, while on a year-on-year basis, new home sales were down by 48% from the high base of 1,602 in July 2021. Taking in July’s sales, developers have sold 5,056 new private homes (ex. ECs) in the first seven months of 2022, epresenting a 37% drop from the 8,061 units shifted in the January to July period in 2021. The decline in sales volume was mainly due to the fewer project launches this year.

Private new home sales fell sharply in June as the lack of new launches drove a 64% decline in transactions from May to June. Developers sold 488 new private homes (ex. Executive Condos) in June, declining from the robust 1,355 units transacted in the previous month, where new projects Piccadilly Grand and Liv @ MB spurred take-up. On a year-on-year basis, sales also came in lower, easing by 44% from June 2021. June’s transaction numbers take the Q2 2022 new home sales to 2,504 units (ex ECs), which represents a 37.2% increase from the previous quarter. In the first half of 2022, developers sold an estimated 4,329 new homes.

Sales came roaring back in May after a relatively slower performance in the earlier part of the year. Private new home sales surged in May 2022 on robust sales at two project launches, with Piccadilly Grand and Liv @ MB contributing to about 41% of the month’s transaction tally. In all, developers sold 1,356 new private homes (excluding Executive Condos) in May, representing a 105.5% jump from the revised 660 units transacted in the previous month. This is also the highest monthly new home sales since 1,547 units were sold in November 2021. When compared to May 2021, developers’ sales were up by 51.5% in May 2022. May’s sales took the total new home sales for the first five months of 2022 to 3,841 units (ex. ECs) – down by 32% from the 5,658 units transacted in the corresponding period of 2021.