In the month of February 2023, we saw 432 new homes being sold, which is a whopping 9.9% higher than the 393 units that were sold in January 2023. Based on the URA data released in March, this means that it is the second month in a row of improvement in property sales.
This was followed by an approximately 130% month-on-month (m-o-m) surge that was recorded in January 2023. As quoted by Christine Sun, OrangeTee & Tie’s senior vice president of research & analytics, ‘The sales performance is encouraging, considering only one mid-size and a small project were launched, and buyers face challenges like high-interest rates and cooling measures,”
Some of the new launches that buyers could be eyeing would be the Terra Hill in District 05, the freehold project by Hoi Hup and Sunway Development. With 270 units, Terra Hills is a short 5 minutes walk to Pasir Panjang MRT station. At launch, Terra Hill was able to sell more than a third of its units, including seven from its Prestige Collection that is located in the site’s highest point.
As quoted by PropNex Realty head of research and content Wong Siew Ying “The take-up rate of over one-third sold is also generally within our expectations, in view of the high interest rates,”. The project alone contributed to approximately 22% of the month’s new private home sales.
This is strong indication that even with the latest increase in Buyer’s Stamp Duty (BSD) in February 2023, the serious home buyers remain determined in purchasing their units.
The rest of the developer sales in February were attributed by Core Central Region (CCR) projects, which accounted for 222 of the private housing units sold in the month. This also marked an approximate 40% m-o-m surge in the CCR new home sales.
With other launches in the pipeline that will be unveiled in time to come, they are expected to continue to boost new home sales in the upcoming months in 2023.
This will eventually motivate more buyers into action, further boosting the market demand.
If you are interested to purchase a unit yourself, do not hesitate to reach out for detailed unit analysis and price forecasting to know what units can fit into your budget.
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