Huttons’ comments on Oct 2023 developer’s sales

2023年11月15日

Launches and Sales
Sales were subdued in October due to no major launches and buyers waiting for hot launches in November. Buyers were probably waiting for the highly anticipated launch of Hillock Green, J’den and Watten House in November 2023.

With no major launches, sales in October were 203 units, similar to other periods in Dec 2022 and September 2023 where there were no major launches. The sales in October are 6.5% lower month-on-month and 35.4% lower year-on-year. This is the lowest monthly sales in 2023 and the lowest since Dec 2022 where only 170 units were sold.

North Gaia, the most attractively priced executive condominium in the market sold another 18 units at a median price of $1,295 psf in October. At this price, it offers buyers an affordable alternative to private living. The project is close to 60% sold.

Purchases by Market Segments and Price Range
Sales in the RCR made up 40.4% of total sales in October 2023 with 23 units. The top 3 best selling projects in the RCR are The Reserve Residences with 23 units, Grand Dunman with 15 units and Pinetree Hill with 9 units.

The OCR accounted for 37.4% while the CCR made up 22.2%.

More than 60% of the transactions in October 2023 are priced $2 to <$5 million due to more higher value properties sold across all regions. The most expensive unit sold in October was a penthouse unit in One Pearl Bank to a Singaporean for $7.1 million.

Purchases by Residential Status and Price Range in Oct

<$1.5 million $1.5 to <$2 million $2 to <$5 million >$5 million Total
Singaporeans 23 32 110 4 169
Permanent Residents 1 4 11 2 18
Foreigners 1 8 5 14
Companies 0
Total 24 37 129 11 201

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

Top 10 Projects by Sales in Oct

Project Name Region Units Sold in the Month Median Price ($psf) Lowest Price ($psf) Highest Price ($psf)
LENTOR HILLS RESIDENCES OCR 24 2,116 1,936 2,341
THE RESERVE RESIDENCES RCR 23 2,361 2,238 2,671
GRAND DUNMAN RCR 15 2,452 2,200 2,819
LENTOR MODERN OCR 13 2,075 1,979 2,234
THE ARDEN OCR 12 1,816 1,675 1,860
KLIMT CAIRNHILL CCR 11 3,509 3,197 3,843
PINETREE HILL RCR 9 2,472 2,314 2,533
THE LAKEGARDEN RESIDENCES OCR 9 2,160 2,060 2,293
LIV @ MB RCR 6 2,206 2,137 2,565
MIDTOWN MODERN CCR 6 3,419 2,619 3,650
THE LANDMARK RCR 6 2,637 2,272 2,833
THE MYST OCR 6 2,196 2,023 2,223
MIDTOWN BAY CCR 5 3,264 3,030 3,418
PULLMAN RESIDENCES NEWTON CCR 5 3,409 3,217 3,729
THE M CCR 5 2,992 2,544 3,322
BARTLEY VUE RCR 4 1,919 1,841 2,010
KI RESIDENCES AT BROOKVALE OCR 4 2,251 2,116 2,330
LEEDON GREEN CCR 4 3,137 2,963 3,250
MYRA RCR 4 1,929 1,600 2,271
ONE BERNAM CCR 4 2,615 2,379 2,791
THE CONTINUUM RCR 4 2,710 2,638 2,852

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

Purchases by Foreigners
The number of purchases by foreigners in October inched up to 14 from September’s 12 purchases. Based on caveats, 2 were from China, 1 from Indonesia, 1 from USA and 10 with unspecified nationality.

10 of the purchases by foreigners are in the CCR with the remaining in the RCR.

Proportion of Purchase by Foreigners

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

Outlook
The property market will end the year with good results in the last few major launches.

J’den, the first launch in Jurong East in 10 years sold more than 320 units at an average price of $2,451 psf on launch day while Hillock Green sold more than 130 units during launch at an average price of $2,108 psf.

November sales could be in the range of 700 to 800 units while December will be slower with sales below 200 units. With 5,329 units sold in the first nine months of 2023 and potentially another 1,000 to 1,100 units in 4Q 2023, developers are likely to end 2023 with sales between 6,000 and 6,500 units. Prices are likely to increase in 4Q 2023 and might exceed 5% for the whole year.

In 1Q 2024, there may be another 11 projects with a total of 2,692 units slated for launch. 25% of the units are in the CCR, 17% in the RCR and the remaining 58% in the OCR. Barring unforeseen circumstances, prices are estimated to grow between 3% and 5% in 2024.

Potential Upcoming Projects in 1Q 2024

No. Project Name Developer Location District Tenure Est Units Est Launch Period
1 173 – 183 Haig Road Nanshan Group Haig Road 15 FH 35 1Q 2024
2 Former East Court Macly Group Koon Seng Road 15 FH 19 1Q 2024
3 Former Jansen Mansion Macly Group Jansen Road 19 FH 22 1Q 2024
4 Hillhaven Far East Organization and Sekisui House Hillview Rise 23 99 341 1Q 2024
5 Lentoria TID Residential Pte. Ltd. Lentor Hills Road 26 99 267 1Q 2024
6 Lumina Grand (EC) City Developments Bukit Batok West Ave 5 23 99 512 1Q 2024
7 Marina View Residences IOI Properties Marina View 1 99 683 1Q 2024
8 Sora CEL Development, Sing-Haiyi Pearl and TK 189 Development Yuan Ching Road 22 99 440 1Q 2024
9 The Arcady @ Boon Keng KSH Ultra Unity Pte Ltd Serangoon Road 12 FH 172 1Q 2024
10 The Hill @ one-north Kingsford Real Estate Development Pte Ltd Slim Barracks Rise 5 99 142 1Q 2024
11 The Hillshore Hillside View Development Pte Ltd Pasir Panjang Road 5 FH 59 1Q 2024
Total 2,692

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