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Monthly Developer Sales Dec 2023

Monthly Developer Sales Dec 2023; Real Estate Data Trend & Analytics
Overview 
New private home sales shrank in December 2023, marking the lowest sales figures since 2009. The sales decline can be attributed to the year-end holidays and an absence of property launches during that period.

According to the Urban Redevelopment Authority (URA), there were only 135 private new home sales, excluding executive condominiums (ECs), in December, an 82.8 per cent decrease compared to the 784 units sold in November. This is the lowest figure recorded since the Global Financial Crisis (or Lehman Brothers crisis), when 108 units were transacted in January 2009.

On a year-on-year basis, December 2023 sales decreased by 20.6 per cent from 170 units recorded in December 2022. Sales, including ECs, declined by 81 per cent from 800 units in November 2023 to 152 units in December 2023.


Total transactions in 2023
There was a notable reduction in new private home sales last year. In 2023, 6,452* new homes, excluding ECs, were sold, registering the lowest annual sales since 2008, when 4,264 such homes were transacted. Last year’s sales decline could be attributed to a combination of factors, including the property cooling measures in April 2023, lack of project launches, macroeconomic uncertainty, and interest rate hikes.

The sales decline was significant when compared to the preceding year. Compared to 2022, last year’s sales dipped 9.1 per cent from 7,099 units. In 2021, sales of 13,027 new homes were recorded, which represents a decline of 50.5 per cent for 2023.

*URA Quarterly Data Q1-Q3 = 5,329 units, Monthly Developer Sales Oct-Dec = 1,123 units, Total for 2023 = 5,329+1,123 = 6,452 units


Best-selling projects
Most transactions were located in the city fringe and suburbs last month. 66 units, which accounted for 48.9 per cent of the total transactions excluding EC, were in the Rest of Central Region (RCR), while 45 units (33.3 per cent) were in the Outside Central Region (OCR). The Core Central Region (CCR) moved 24 new units, making up 17.8 per cent of the total transactions.

In December 2023, the most popular projects, including ECs, were The Continuum, The Landmark, The Myst, North Gaia, Lentor Modern, and J’den. 

Luxury Condos
URA Realis data shows two new non-landed homes were sold for more than S$10 million, while six were sold for at least S$5 million in December 2023.

The two units that crossed S$10 million were from Watten House, with the priciest unit at S$14.4 million or S$3,520 psf for a fifth-floor freehold unit of 4,080 sqft.  


Outlook
2024 will see a lineup of new project launches coming on stream. About 30 new projects could be launch-ready, adding over 12,000 new homes, excluding EC.

Even if developers stagger their launches or face unforeseen circumstances, we still anticipate 23 launches, which could yield up to 8,800 units. Around 50.5 per cent of launched units will be in the suburbs OCR, 29.8 per cent in the city fringe RCR, and 19.7 per cent in the prime CCR.

Some key property launches include the 440-unit SORA, 533-unit Lentor Mansion, 512-unit Lumina Grand EC, and the 345-unit GLS (Government Land Sales) site at Champions Way.

Some price pressures may be alleviated since there will be more supply this year. We predict prices of new private homes to climb slower, around 2 to 4 per cent this year. With more launches on the cards, new home sales may pick up slightly this year to around 6,500 to 7,500 units.













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