More homes in the suburbs sold at $2m price: OrangeTee

Buyers likely more willing to pay higher prices for their OCR condos.

More than a quarter of new homes sold in the Outside the Central Region (OCR) transacted at S$2m and above in the first quarter, signaling “remarkable” sales performance in the region, according to OrangeTee & Tie. 

It said 351 out of the 1,275 new homes, including executive condos (ECs), sold in the OCR last quarter hit the $2m price point, while more than half of the total, or about 744 units changed hands at greater than $2,000 per square foot (psf).

For new ECs, 62% of all the sales in the region were priced at over $1,500 psf last quarter –  reaching a price point not seen in any of the deals before the third quarter of 2023.

“The trends suggest that buyers are increasingly willing to pay higher prices for new ECs and condos in the suburbs,” OrangeTee said

Last quarter marked OCR’s highest quarterly new home sales tally since the 2,629 units were sold in the third quarter of 2021. 

The property agency said the first quarter surge was mainly due to the high volume of project launches in the region. 

Developers are expected to place over 4,400 new non-landed units up for sale in the OCR for the entire 2024, 26% higher than the actual 3,495 units launched on average each year in the past five years, from 2019 through 2023.

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