<ADV> Jan 2024 Developers' Sales
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The year started off with a strong rebound from Dec 2023, with a total of 281 private residential units sold in Jan 2024. This is 108.1% higher month-on-month. The jump was due to the resumption of launches after the year-end holidays.
There were two major non-landed projects, Hillhaven and The Arcady at Boon Keng for sale in Jan 2024, resulting in 417 units being launched and 111 units being sold. The first EC of 2024, Lumina Grand, sold 271 units with the quota set aside for second timers fully taken up.
Developers’ sales in Feb 2024 are likely to be between 150 and 200 units, due to the absence of sales from major launches and CNY. For 2024, developers may sell up to 7,000 new homes while prices are expected to be stable, increasing up to 5%.
Are you looking for your new dream home or investment property this year? Speak to our Huttons Associate and understand your opportunities today!
Watten House, the first major luxury non-landed project in the CCR sold 102 out of 180 units at an average price of $3,230 psf. More than 30 of the units sold are large format units which are sought after but limited in supply. 96% of the 102 buyers are Singaporeans and PRs which underscores the depth in liquidity of local buyers.
Transactions of luxury non-landed homes in 4Q 2023 jumped almost 90% from the previous quarter to 70 units. Based on caveats, the total value of luxury non-landed homes was $578.8 million, 95.7% higher than 3Q 2023’s $295.8 million.
The luxury non-landed homes rental market saw lesser leasing transactions in 4Q 2023 due to the year-end lull. Average rents of luxury non-landed homes in Huttons Data Analytics’ luxury homes basket contracted in 4Q 2023 by 15.2% quarter-on-quarter due to a higher proportion of 3-bedroom units which pulled down the average rents.
Interest in the local luxury non-landed homes seems to be going up. Based on recent caveats, two units at The Ritz-Carlton Residences Singapore Cairnhill were sold for $5,397 psf in January 2024. Many potential buyers have made appointments to view properties over the Chinese New Year period.
市区重建局的最新数据显示,2023年第四季度私宅价格大幅上涨2.8%,而上一季度为0.8%。2023年第四季度价格大幅上涨是由于有地住宅、核心中央区(CCR)和中央区以外(OCR)的价格增长较快。
由于新项目的价格上涨,转售私宅的中位价格在2023年第四季度上涨了2.8%。越来越多的买家正在转售市场上寻找新竣工的私宅单位。2023年将有超过21,000套新房大规模竣工,为买家提供了多种选择。
预计2024年开发商将售出7,000至8,000套单位而房地产市场价格将增长3%至5%。
Other News
$4.5 billion in housing grants given out from 2020 to 2023 > Read more
Six government agencies to refund at least S$7.5 million in GST wrongly charged on regulatory fees > Read more
Singapore firms see silver lining as Q4 performance downturn eases > Read more
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In this session, learn about the rise of the Lentor Precinct and upcoming supply in lentor from Huttons Senior Director of Data Analytics, Lee Sze Teck and Head of Project, Stanley Tan.
Furthermore, understand how future interest rate movements will affect your property decisions, and future prices in the mass market to plan your next move.
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Is the east side the best side?
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