Singapore’s October 2023 new private home sales fell for the third straight month amid the absence of new property launches.
According to data released by the Urban Redevelopment Authority (URA), developers sold 203 units last month, excluding executive condominiums (ECs).
The October sales figure is a decline of 6.5% from the 217 units moved in September and a 35.4% drop when compared with October last year.
However, sales are expected to rebound in November due to the launch of J’Den at Jurong East and Hillock Green at Lentor. J’Den sold 87.5% of its 368 units while Hillock Green sold 27.6% of its 474 units.
Meanwhile, sales figures in November are also expected to be boosted by Watten House located at Bukit Timah Road, the last project in CCR (Core Central Region) to be launched this year. It is expected to draw interest from some genuine buyers looking for their own stay.
Property analysts forecast November’s sales figure to be in the range of 700 to 800 units, while December would ease to fewer than 200 units as the year-end season set in.
In view of J’Den’s strong sales, the 2023 private new home sales figure is estimated to be 6,600 to 7,100 units, which is comparable to the 7,099 units sold in 2022.
Moving forward to 2024, private new home sales are expected to remain “optimistic”, driven by more new launches.
Other than Watten House, other upcoming new property launches will include the following:
- The Arcady near Boon Keng MRT station
- Hillhaven near Hillview MRT station
- Lentoria near Lentor MRT station
- Sora at Jurong Lake District