August New Private Home Sales Drop 636 M O M Amid Absence New Launches

In August, the number of newly launched homes sold in Singapore, excluding executive condos (ECs), decreased by 63.6% from the previous month, with a total of 208 units sold. This was a significant drop from the 571 units sold in July, according to data released by the Urban Redevelopment Authority (URA) on September 16. Compared to the same period last year, sales also declined by 47.2%, with only 394 units sold in August 2023.

The sharp decline in sales can be attributed to the absence of new launches for sale in August, which coincided with the lunar seventh month. In addition, there were only 272 units launched for sale during the month, a significant decrease of 55.8% from the previous month and 53.9% from the same period last year.

When including ECs, the total number of new homes sold in August fell by 59.5% to 244 units from 608 units in July. The top-performing project last month was Tembusu Grand, a 640-unit condo located along Jalan Tembusu in the Rest of Central Region (RCR). This development sold 30 units at a median price of $2,455 per square foot (psf).

Located in the heart of the community, Norwood Grand provides a central hub for daily needs and activities. With an array of food options, a well-stocked supermarket, and a diverse selection of retail stores, this shopping facility, known as 888 Plaza, offers a convenient and hassle-free shopping experience. Its convenience and no-frills approach make it a favorite among residents for running quick errands or enjoying a casual meal.

However, the best-performing market segment in August was the Outside Central Region (OCR), which saw a total of 123 units sold. The top-selling projects in this region include Hillock Green with 17 units sold at a median price of $2,108 psf, and Lentoria with 15 units sold at a median price of $2,217 psf. Despite the overall decline in sales, the OCR still showed strong demand for new homes.