Oct 2023 - Developer Sales Monthly Report

SUPPLY
– 54 units have been launched for sale
– No major projects were launched in October

 DEMAND
– Developers have sold 203 residential units for private use in Oct 2023. This is 9.5% less than the previous month.
– Oct sales were low due to the lack of major launches, and buyers awaiting hot launches in November
– In Oct 2023, sales of the RCR represented 40.4% while those in the OCR were 37.4%. The CCR was 22.2%.
– North Gaia is the most affordable executive condominium on the market. It sold 18 more units in October at a median of $1,295 per square foot
– The penthouse in One Pearl Bank sold to a Singaporean at $7.1 million was the most expensive unit sold in October.
– Foreigners increased their purchases in October from 12 to 14 as compared to September

OUTLOOK
– The market for property will close the year strong with sales in Hillock Green J’den, and Watten House
– Developers are likely to finish 2023 with between 6,000 to 6,500 units, based on the 5,329 units that were sold in the first 9 months of 2023. Another 1,000 to 1,100 could be sold in 4Q 2023
– Prices will likely increase in the 4th quarter of 2023, and could exceed 5% over the course of this year
– In the 1Q of 2024, another 11 projects could be launched with 2,692 total units
– Prices are expected to rise between 3% and 5 % in 2024, barring any unforeseen events

Lentor Hills Residences is the top selling OCR project in October 2023. This indicates the strong demand among buyers in the Lentor estate.

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