341-unit Hillhaven at Hillview Rise sold 64 units at launch
Sales of new private homes in Singapore fell 29% year-on-year to 281 units last month, the lowest January level in 15 years, data released by the Urban Redevelopment Authority on Thursday showed.
The latest figures, which exclude executive condo sales, are up 108% from the 135 units sold in December, but are still the lowest for January since 108 units were transacted in the same month in 2009. It becomes.
January sales included the launch of two projects, the 341-unit Hillhaven at Hillview Rise and the 172-unit Arkady at Boon Keng, which together accounted for nearly 40 percent of the month’s transactions. Wong Siew Yin, head of research and content at local brokerage PropNex Realty, said the slump was not unexpected given the typical seasonal downturn at the end of the year and the start of the new year.
“2023 has been a year of relative uncertainty, so many potential buyers may be waiting for more transparency in the market,” Wong said in a release. “Meanwhile, overall private home prices have plateaued, interest rates are high, new home sales have slowed to a 15-year low in 2023, and there is cautious sentiment and with cooling measures still in place, purchasing It’s no wonder that they proceed with the utmost care in their transactions.”
hillhaven lunch top table
The city-state’s outer central region led sales in January, with developers moving 144 units. The best-selling project for the month in OCR and across the city was Hillhaven, a joint development between Sekisui House and Far East Organization, with 64 units selling for a median price of S$2,065 ($1,532) per square foot.
Wong Siew Ying, Head of Research and Content at PropNex Realty
In the peri-urban areas of the central region, developers have relocated 112 units, led by 47 units sold at Arkady in Boon Keng. Homes in the KSH Holdings, SLB Development and H10 Holdings joint project traded at a median price of S$2,574 per square foot in the launch month.
Sales in Core Area, an agency for luxury home buyers, sold only 25 units last month as no projects were launched. Six of the homes sold were UOL-SingLand’s Watten House, where buyers paid a median price of S$3,239 per square foot for the freehold development in the Novena area.
According to Propnex, the share of non-land new private home sales to foreigners in January was 1.9%, down from 3.2% in the previous month, but Singaporean buyers accounted for 87.7% of transactions. Permanent residents accounted for 10.4%.
Post-renminbi indicator
JLL Singapore’s head of residential research Chea Siew Chu-yin said January is usually a slow month for property sales, so a more accurate gauge of sales performance would be in the months after the Lunar New Year.
“Therefore, despite a weak start to the year, there is cautious optimism prevailing with expectations that the private home sales market will be relatively resilient in 2024,” Chia said. Stated.
JLL expects full-year new home sales to be between 7,000 and 8,000 units, up from 6,421 units in 2023, with a strong launch pipeline of approximately 12,000 units. According to the agency, overall private home prices are expected to rise by 3 to 5 percent in 2024, following a 6.8 percent increase last year.