New home sales dipped last month as there were no major project launches. Although five new projects, including an executive condominium (EC), were launched for sale, none had more than 500 units. Moreover, some buyers stayed on the sidelines as the lunar seventh month started in mid-August, deemed an inauspicious period for purchasing big-ticket items. 

According to data from the Urban Redevelopment Authority (URA), new home sales, excluding executive condominiums (ECs), fell by 72.1 per cent to 394 units in August 2023 from more than a one-year high of 1,412 units in July 2023 (the previous high was in November 2021 with 1,547 units excluding EC). 

On a year-on-year basis, last month’s sales decreased by 10 per cent from 438 units in August 2022. Including ECs, sales dipped by 55.9 per cent from 1,471 units in July 2023 to 649 units in August 2023. 

August’s sales were driven by the EC project at Bukit Batok West Avenue 8, Altura, which sold 225 of 360 units or 62.5 per cent of the entire project during its launch month. The project was well received as there has not been an EC launch in Bukit Batok for over 20 years. The last project launch, The Dew, was in May 2001. Moreover, ECs remain popular for their affordability and investment value. 

The other new launches include suburban projects like The LakeGarden Residences and The Arden. Two other projects were launched which include Orchard Sophia and TMW Maxwell. 

The best-selling projects in August 2023, including ECs, were Altura, The LakeGarden Residences, Lentor Hills Residences, The Arden, North Gaia, Grand Dunman, Orchard Sophia, One Pearl Bank, The Myst and One Bernam.

As last month’s launches are predominantly from the suburbs, most of August’s transactions, excluding ECs were in the Outside of Central Region (OCR) at 48.7 per cent or 192 units. This was followed by the Rest of Central Region (RCR) at 26.9 per cent (106 units) and the Core Central Region (CCR) at 24.4 per cent (96 units). 

Luxury Condos 

At the upper end of the market, no new nonlanded homes were sold above S$10 million last month. Seven new non-landed homes were sold for at least S$5 million, according to URA Realis data. The priciest unit was a 2,788 sqft leasehold apartment at Canninghill Piers transacted for S$8.616 million or S$3,091 psf. The remaining six non-landed homes were from Park Nova, The Continuum, The Reserve Residences, Midtown Modern, Klimt Cairnhill and Boulevard 88.

The number of non-landed new homes (excluding EC) bought by foreigners (nonpermanent residents) fell to 12 units in August from 19 units in July, according to URA Realis data. In proportion, the number of transactions by foreigners rose slightly to 3.1 per cent last month from 1.4 per cent in July 2023. 

Singaporean purchases dipped 74.1 per cent from 1,206 units in July to 312 units in August this year. In terms of the proportion of total new nonlanded sales (excluding EC), Singaporean purchases dipped from 88.7 per cent to 80.4 per cent over the same period. Conversely, Singapore PR purchases rose from 9.9 per cent (135 units) in July to 16.5 per cent (64 units) in August 2023. 

Some projects are slated for launch after the lunar seventh month. This may include the luxury project, Marina View Residences and the suburban project, Hillock Green. 

A high-profile project, J’den, may be launched by the end of this year. J’den is a mixed-use development by CapitaLand, located at the former Jcube. As the project is situated right at the heart of Jurong Lake District, which is the biggest commercial hub outside the Central Business District, the project is expected to draw strong buyer interest owing to its excellent investment potential.