Huttons’ comments on Nov 2023 developer’s sales

15 December 2023

Launches and Sales

Developers launched 3 major non-landed projects and 970 units for sale in November 2023, the highest number since July 2023. The number of units launched for sale in November was 1,696.3% higher month-on-month (MoM) and 204.1% higher year-on-year (YoY).

Developer sales in November 2023 jumped 286.2% from Oct’s level to 784 units and 201.5% higher year-on-year.

Sales of the three major non-landed launches in November 2023 – Hillock Green, J’den and Watten House made up 570 units and more than 70% of total sales.

Hillock Green had a strong performance, selling 132 units in November 2023. Buyers like the private residential enclave and the convenience of a shopping mall and mrt station nearby. Projects in the Lentor precinct like Lentor Modern and Lentor Hills Residences have sold well since launch.

J’den, the first launch in Jurong East in 10 years, sold 329 of its units in November 2023. The pent-up demand and the desire from buyers to stay in the heart of JLD led to brisk sales. Many buyers prefer mixed-use developments such as J’den which has a direct link to the MRT station.

Watten House is the best-selling project in the Core Central Region (CCR) in 2023 and since Jervois Mansion in 2021. It sold 109 units in November 2023. The limited supply of new homes in the prime Shelford Road area attracted a huge amount of interest from buyers. In particular, Watten House offers mostly large format units which are in short supply in Singapore.

Purchases by Market Segments and Price Range

The Outside Central Region (OCR) and CCR made up almost 90% of sales in November 2023 due to project launches in these two market segments.

539 units were sold in the OCR while 151 units were sold in the CCR in November 2023. The top 3 best-selling projects in November 2023 are J’den, Hillock Green and Watten House.

The most expensive unit sold in November 2023 was a detached house in Mount Rosie Signature Collection to a Singaporean for $33.888 million. More than 50% of the transactions in November 2023 are $2 million and above.

Purchases by Residential Status and Price Range in Nov

<$1.5 million $1.5 to <$2 million $2 to <$5 million >$5 million Total
Singaporeans 120 202 324 34 680
Permanent Residents 9 17 45 22 93
Foreigners 0 0 8 6 14
Companies 0
Total 129 219 377 62 787

Source: URA, Huttons Data Analytics as of 15 Dec 2023

Top 10 Projects by Sales in Nov

Project Name Region Units Sold in the Month Median Price ($psf) Lowest Price ($psf) Highest Price ($psf)
J’DEN OCR 329 2,475 2,109 2,824
HILLOCK GREEN OCR 132 2,110 1,882 2,423
WATTEN HOUSE CCR 109 3,199 3,077 3,545
GRAND DUNMAN RCR 17 2,567 2,349 2,781
PINETREE HILL RCR 17 2,446 2,317 2,590
LENTOR HILLS RESIDENCES OCR 16 2,084 1,938 2,323
THE CONTINUUM RCR 16 2,791 2,610 3,016
THE LAKEGARDEN RESIDENCES OCR 15 2,080 1,913 2,243
THE RESERVE RESIDENCES RCR 13 2,576 2,272 2,665
LENTOR MODERN OCR 10 2,088 1,971 2,379
THE MYST OCR 10 2,060 1,923 2,223
THE LANDMARK RCR 9 2,663 2,306 2,928
BLOSSOMS BY THE PARK RCR 8 2,438 2,296 2,623

Source: URA, Huttons Data Analytics as of 15 Dec 2023

Purchases by Foreigners

14 foreigners purchased a residential property in November 2023, a slight increase from October’s 13 purchases.

9 of the purchases by foreigners are in the CCR with 1 in the RCR and 4 in the OCR.

The proportion of foreigners dived to 1.8% as almost 99% of units in launches such as Hillock Green, J’den and Watten House were bought by Singaporeans and Permanent Residents.

Proportion of Purchase by Foreigners

Source: URA, Huttons Data Analytics as of 15 Dec 2023

Outlook

An estimated 6,319 units were sold in the first eleven months of 2023. With many buyers travelling, developer sales in December 2023 could be in the range of 100 to 150 units. This will bring sales for 2023 to between 6,400 and 6,500 units.

The strong performance and price points achieved in the recent three launches may potentially see price growth exceed 1% in 4Q 2023. For the whole year, property prices might grow more than 5%.

This will give developers confidence to launch projects in 2024.

In 1Q 2024, there may be up to 12 projects with a total of 3,225 units slated for launch. 21% of the units are in the CCR, 13% in the RCR and the remaining 66% in the OCR. Barring unforeseen circumstances, prices are estimated to grow between 3% and 5% in 2024.

Potential Upcoming Projects in 1Q 2024

Project Name Developer Location District Tenure Est Units Est Launch Period
Ardor Residence Nanshan Group Haig Road 15 FH 35 Jan-24
Hillhaven Sekisui House and Far East Organization Hillview Rise 23 99 341 Jan-24
Lentoria TID Residential Pte. Ltd. Lentor Hills Road 26 99 267 Jan-24
Lumina Grand (EC) City Developments Limited Bukit Batok West Ave 5 23 99 512 Jan-24
The Arcady at Boon Keng KSH Ultra Unity Pte Ltd Serangoon Road 12 FH 172 Jan-24
The Hillshore Hillside View Development Pte Ltd Pasir Panjang Road 5 FH 59 Jan-24
Jansen House Macly Group Jansen Road 19 FH 22 1Q 2024
Koon Seng House Macly Group Koon Seng Road 15 FH 19 1Q 2024
Lentor Mansion GuocoLand (Singapore) Pte. Ltd. And Intrepid Investments Pte. Ltd. Lentor Gardens 26 99 533 1Q 2024
Marina View Residences IOI Properties Marina View 1 99 683 1Q 2024
SORA CEL Development, Sing-Haiyi Pearl and TK 189 Development Yuan Ching Road 22 99 440 1Q 2024
The Hill @One-North Kingsford Real Estate Development Pte Ltd Slim Barracks Rise 5 99 142 1Q 2024
Total 3,225

* in alphabetical order followed by chronological order
Source: URA, Huttons Data Analytics as of 15 Dec 2023