Singapore new private home sales plummet 58% to 301 units in April

Blame it on the scarce project launches during the month.

According to PropNex, developers’ sales fell by 58% from March to April, as the number of new units placed on the market declined markedly, in view of the lack of major project launches in the month. 

New private home sales (ex. EC) in Singapore came in at 301 units in April, falling from the 718 units shifted in March. 

Here’s more from PropNex:

When compared with the previous year, new home sales were down by 66% year-on-year from 890 units transacted in April 2023. The substantial drop in sales is also due to a higher base in March 2024, where developers’ sales surged on strong demand at Lentor Mansion.

Only three fresh projects were launched in April, with two being boutique developments comprising fewer than 100 units – being the 14-unit 32 Gilstead and 59-unit The Hillshore. Meanwhile, The Hill @ One-North is a mid-sized project with 142 residential units. All in, developers placed a total of 278 new units (ex. EC) for sale in April – falling by 68% from the 877 units (ex. EC) released for sale in the previous month.

The Outside Central Region (OCR) led sales in April, transacting 150 units (ex. EC) or 50% of the units sold in the month. However, on a month-on-month basis, the OCR sub-market posted the sharpest decline in sales, by about 75% from 605 units sold in March. The top-selling OCR project in the month was the 386-unit The Botany at Dairy Farm, which shifted 50 units at a median price of $2,004 psf – taking the overall take-up rate for the project to about 87%. Meanwhile, Hillhaven and a handful of projects in the Lentor area (Lentor Hills Residences, Lentor Mansion, and Hillock Green) which collectively transacted 65 units in April also added to the OCR home sales.

Over in the Rest of Central Region (RCR), developers sold 119 new units in April, marking an 80% MOM increase from 66 units in March, and the highest monthly sales in nine months in the RCR. The tally was boosted by The Hill @ One-North which was launched for sale in April; it sold 42 (or about 30%) of its 142 units at a median price of $2,614 psf. The next best-selling RCR project was Pinetree Hill which saw 18 units changed hands at a median price of $2,439 psf. A few other projects, The Continuum, Grand Dunman, The Landmark, and Blossoms by the Park also helped to prop up new home sales in the RCR. Newly-launched freehold development, The Hillshore sold 3 units at a median price of $2,599 psf.

Developers’ sales in the Core Central Region (CCR) eased by about 32% MOM to 32 units in April. Only one CCR project made it to the top-10 sales list (see Table 3), being Watten House, which moved 7 units at a median price of $3,309 psf in the month.  Since its preview sales in November 2023, Watten House has now sold 140 (78%) out of its 180 units. Meanwhile, freehold luxury residential project 32 Gilstead – which was launched in April – transacted 4 units at a median price of $3,443 psf.

In the EC segment, new sales fell by 55% from 114 units in March to 51 units in April. The most popular EC project in the month was North Gaia which moved 33 units at a median price of $1,315 psf, followed by Lumina Grand which sold 18 units at a median price of $1,516 psf. The 512-unit Lumina Grand which was launched in January 2024 is now about 72% sold. According to URA’s figures, there are 329 unsold new EC units on the market as at end-April.