New condominium launches spark Nov private homes sales
The Straits Times|December 16, 2023
Pent-up demand sees transactions surge 286%, snapping three months of tepid sales
Grace Leong
New condominium launches spark Nov private homes sales

The successful launch of suburban condominiums - J'den in Jurong East, Hillock Green in Lentor Central and luxury prime district project Watten House - snapped three past months of tepid private home sales, powering a rebound in November.

Pent-up demand, fuelled by an absence of new launches in September and October, sent sales surging 286 per cent from October to a four-month high of 784 units in November.

The three new projects accounted for nearly 73 per cent of November's overall sales. Year on year, sales were up threefold.

Pent-up demand due to the scarcity of new launches in Jurong East and the growth potential of Jurong Lake District helped CapitaLand Development's 368-unit J'den set a new benchmark median price of $2,475 per square foot (psf) for suburban private housing projects, analysts noted.

Excluding executive condominiums (EC), developers placed 970 new units for sale, up from 54 in October, with J'den, Hillock Green and Watten House in Bukit Timah making up 97 per cent of all units launched in November.

Including ECs, new home sales jumped 257 per cent to 800 units month on month, and rose 79 per cent from 446 units a year ago.

In November, the suburban submarket led sales, with transactions jumping to 539 units from 76 units sold in October, due to J'den - the best-selling new launch in 2023 with more than 89 per cent sold to date and Hillock Green, PropNex head of research and content Wong Siew Ying said.

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