May 2023 – New Private Home Sales Report

 

New Private Home Unit Sales for May 2023
In May 2023, the sales of new private property homes (excluding EC) moved briskly with 1,038 units sold. The previous time period where private residential sales surpassed a thousand units was in May 2022.

The surge in transaction volume can be attributed to the healthy take-up rate of two new launches, The Continuum in D15 and The Reserve Residences in D21.  Both projects are in the Rest of Central Region (RCR).

In the current high interest rate environment, homebuyers that do not have urgent housing needs and can wait several years to take possession may be more attracted to new projects under construction as they can leverage on the Progressive Payment Scheme (PPS).

This buys time for the home purchasers as interest rates could be normalising by then.  Even if the current high interest rates have not yet declined, the impact would still be bearable as the loan disbursements are progressive according to the stages and pace of construction.

Bestselling Properties for May 2023
The Reserve Residences (523 units sold) in RCR, The Atelier (22 units sold) in CCR and The Botany at Dairy Farm (16 units sold) in OCR. 

Upcoming Projects
There are eight upcoming projects slated for launch primarily in the OCR and RCR. Do anticipate big upcoming projects such as Grand Dunman (1008 units) in RCR and Lentor Hills Residences (598 units) in OCR.