From January to September 2023, there were 505 private homes launched in the core central region (CCR), but 1,182 new homes were sold, according to data from the Urban Redevelopment Authority (URA). New homes from projects already launched accounted for the additional homes sold.
In comparison, there were 2,747 new private homes sold in the city fringe, with 4,183 units launched.
In the suburbs, developers launched 1,803 new homes and sold 1,230 units.
Overall, demand has slowed in 2023, which is expected to record the lowest yearly new home sales since 2008, when 4,264 units were sold.
Analysts attributed the slump to factors such as high interest rates and another round of property cooling measures in April.
Ms Wong Siew Ying, PropNex's head of research and content, said she expects overall new private home sales, excluding executive condominiums, to underperform the 7,099 units sold in 2022, which was already a 14-year low since 2008.
This story is from the December 25, 2023 edition of The Straits Times.
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This story is from the December 25, 2023 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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