Singapore new private home sales more than tripled in November | Real Estate Asia
, Singapore

Singapore new private home sales more than tripled in November

Sales surged by 286% from 203 units in October to 784 units in November.

According to data from PropNex Realty, Singapore developers’ sales more than tripled from October to November, as strong demand for fresh project launches supercharged new home sales following three months of muted transaction volumes. 

In November, 784 new private homes (ex. EC) were sold – surging by about 286% MOM from the 203 units shifted in the previous month. On a year-on-year basis, new home sales were up by about 202% from 260 units transacted in November 2022.

November’s sales tally is the highest in four months since 1,413 new units (ex. EC) were sold in July. Three new projects that were launched in the month – J’den, Hillock Green, and Watten House – collectively accounted for nearly 73% (570 units) of November’s sales. Taken together, developers sold 6,316 new private homes (ex. EC) in the first 11 months of the year. PropNex expects that 2023’s sales volume will not surpass the 7,099 new units (ex. EC) shifted in the whole of 2022.

The Outside Central Region (OCR) led sales in November, thanks to the robust demand at J’den in Jurong East and the healthy take-up at Hillock Green, the latest project to be rolled out in the Lentor estate. This sub-market made up about 69% of the total monthly sales tally. Transactions shot up by more than seven times from 76 units in October to 539 units in November, with J’den and Hillock Green making up nearly 86% (or 461 units) of the month’s sales. J’den was the top performer in November (see Table 3), selling 329 units at a median price of $2,475 psf; it is now more than 89% sold and is the best-selling new launch in 2023. In addition, J’den has also set a new benchmark average price for non-landed OCR launches, tipping over the $2,400-psf level. Meanwhile, Hillock Green moved 132 units (28% of total units) at a median price of $2,110 psf. At 539 units, this is the strongest OCR sales in over a year, since 686 new units were transacted in September 2022. 

The Core Central Region (CCR) also staged a strong rebound in sales in November. Developers sold 151 new units – up by about 236% MOM from 45 units in the previous month – and it is the highest CCR sales tally since 153 units were transacted in May 2023. As with the OCR, home sales in the CCR was boosted by a new project, being the 180-unit Watten House which sold 109 units (about 61% of total units) at a median price of $3,199 psf. The next best-selling CCR project in November was 19 Nassim which moved 5 units at a median price of $3,396 psf. 

Over in the Rest of Central Region (RCR), developers sold 94 new private homes, rising by about 15% MOM from the 82 units sold in October. The most popular RCR projects in the month included Pinetree Hill and Grand Dunman which each sold 17 units at a median price of $2,446 psf and $2,567 psf respectively, as well as The Continuum which transacted 16 units at a median price of $2,791 psf. In the first 11 months of 2023, the RCR has shifted more than 2,970 units, higher than the 2,732 units in the entire 2022.

For the EC market, developers sold 16 new ECs in November, down from from 21 units sold in the previous month. North Gaia was the top-selling EC project in November, moving 9 units at a median price of $1,315 psf, followed by Altura which sold 4 units at a median price of $1,469 psf. Based on URA data, there are now just 299 unsold new EC units on the market, which should bode well for the upcoming Lumina Grand EC in Bukit Batok that is slated to be launched in January. 

Developers placed a total of 970 new units (ex. EC) for sale in November – up sharply from the 54 units (ex. EC) released for sale in the previous month. J’den, Hillock Green, and Watten House made up about 97% of the units launched in November.


Join Real Estate Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


How Metland Indonesia deals with weaker residential purchasing power
The real estate firm continues to expand with residences that are attractive to consumers because of pricing, the ‘growing house’ concept, and sustainable features.