New home sales at an upward trend in March: property experts

Developers sold 1,318 units in the first quarter of 2023.

Property experts found strong sales activity for new homes in the early quarter of 2023, 91% higher than that of Q4 2022’s 690 units.

“The strong sales seen for the launches in 2023 is an indication that the desire to invest in properties is robust,” OrangeTee said.

Unsold units in the market remained low and there is broad-based support for prices in the market, hence giving buyers the confidence to enter the market. 

“Barring unforeseen circumstances, developers are estimated to sell around 9,000 units with prices increasing up to 8% in 2023,” said OrangeTee.

Notable launches

Notable launches in April and May include Blossoms by the Park, Newport Residences, The Continuum, The Giverny Residences and The Reserve Residences including Tembusu Grand which had already been launched, said Huttons.

Meanwhile, Huttons said The Continuum is the only freehold project with a land area above 200,000 sq ft in District 15 in 2023. 

Newport Residences is probably the only freehold project in the Downtown Core planning area in 2023. The property offers buyers views of the city and the sea. 

“It is Singapore’s first private residence as well as the first mixed development comprising serviced apartments, office and restaurants (F&B) to attain the prestigious BCA Green Mark Platinum Super Low Energy Awards,” said Huttons.

Outlook

More foreigners are expected to return to Lion City following the robust economy and employment rates. This will benefit luxury property launches.

“There may be an increase in the inflow of higher-salaried workers after the launch of The One Pass.  Some upcoming luxury launches are poised to benefit from the inflow of such foreigners,” said OrangeTee.

One Global Group meanwhile said “successful transition to endemic living and the resumption of travel from China have also contributed to a growing interest and investment from Chinese buyers.”

OrangeTee sees new homes that could be sold between 8,500 and 10,000 and new home prices may climb by 5% to 8% this year.