Developer Sales Plummet 882 M O M Sept Due Lack Launches
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In September, the property market experienced a significant decrease in developer sales, with only 255 units sold compared to 2021. This marks the lowest monthly new home sales volume so far this year, representing an 88.2% decrease from the previous month.
The decline in sales can be attributed to the absence of new project launches last month. This is a sharp contrast to the same period last year, when 401 units were sold.
Even the Executive Condos (ECs) market saw a decrease of 92.3% in sales, with only 15 units sold in September. This can be attributed to the lull in the market during the Hungry Ghost Month (from Aug 23 to Sept 21) and the September school holiday (from Sept 6 to 14). During this period, developers typically refrain from launching new projects, and buyers tend to focus on existing developments.
According to Marcus Chu, CEO of ERA Singapore, the top-performing project in terms of the number of units sold in September was Canberra Crescent Residences, which sold 28 units at a median price of $2,001 psf. This 376-unit development was jointly developed by Kheng Leong Co and Low Keng Huat and has sold 150 units (40%) since its launch on Aug 2. Other projects that performed well in September include Grand Dunman, River Green, Tembusu Grand, and Bloomsbury Residences.
In the EC market, Otto Place was the top-selling project, with eight units sold in September. This 600-unit development in Tengah has sold 351 units (58%) since its launch in July.
A notable transaction in the EC market was a 1,206 sq ft unit at Aurelle of Tampines that sold for $2.12 million ($1,758 psf) on Sept 4. This year has seen a significant increase in transactions for EC units priced at over $2 million, surpassing last year’s record of 65 transactions.
Christine Sun, chief researcher and strategist at Realion (OrangeTee & ETC) Group, believes that the surge in EC sales is due to the attractiveness of the segment to middle-income Singaporeans and HDB upgraders. She also points out that the increase in HDB resale prices and the growing number of million-dollar flat sales have provided more buyers with the financial capacity to upgrade to ECs.
The next new EC project expected to launch is a development by a Qingjian-led consortium at Jalan Loyang Besar in Pasir Ris. This project is likely to attract interest from HDB upgraders in the East, although it may come at a higher price point due to increased land and construction costs.
Looking ahead, the new launch condo market is expected to rebound sharply in October, with strong sales reported at Skye at Holland. Other upcoming projects include Penrose, Faber Residence, Zyon Grand, and The Sen. These projects are expected to have high take-up rates, supported by growing buyer interest towards the end of the year.
The property market remains resilient despite global uncertainty, and low unemployment and healthy household balance sheets continue to support buyer confidence. Leonard Tay, head of research at Knight Frank Singapore, believes that new home sales in Singapore could exceed 9,000 units sold for the whole of 2025. Factors to watch in the coming months include global macroeconomic headwinds, interest rates, and unemployment levels in Singapore.