This is the lowest since December 2022 when only 170 units were sold, according to data from the Urban Redevelopment Authority (URA) released on Wednesday.
But November’s new home sales will likely rebound with the successful launches of two suburban condominiums – J’den in Jurong East and Hillock Green in Lentor Central – this past weekend.
Even so, 2023 looks set to see the lowest yearly new home sales since the 4,264 units sold in 2008, as sentiment deteriorates with higher interest rates, and amid softer economic prospects and more cooling measures, said Ms Tricia Song, CBRE head of research for Singapore and South-east Asia.
“This is evidenced by the slower take-up rate despite abundant new launches that came through from July to August 2023,” she said.
So far in 2023, developers have launched 19 private non-landed residential projects with a total of 6,815 units, excluding executive condominiums (ECs), for sale. In 2022, they launched 15 new private residential projects with 4,528 units for sale, Ms Song said.
“We believe pent-up demand has been mostly absorbed. Home buyers have become more price-sensitive and the slower take-up at new launches could reflect resistance to current high prices.”
But she noted that J’den’s robust performance shows “there is still ample liquidity for attractive launches at realistic price points”.
Esta historia es de la edición November 16, 2023 de The Straits Times.
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Esta historia es de la edición November 16, 2023 de The Straits Times.
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