November Sees New Home Sales Surge, Driven by Strong Demand Across All Segments

15 December 2023, Singapore – The number of new homes sold by developers in November saw a significant increase, more than tripling from October’s figures. This surge was driven by strong interest in newly launched projects, following several months of low transaction volumes. A total of 784 new private homes (excluding executive condominiums) were sold in November, representing a 286% rise from the 203 units sold in October. Compared to the same period last year, sales were up by about 202%, from 260 units in November 2022.
November’s sales figures are the highest in four months, since 1,413 new units (excluding executive condominiums) were sold in July. Three newly launched projects – J’den, Hillock Green, and Watten House – made up almost 73% (570 units) of the sales in November. Overall, developers have sold 6,316 new private homes (excluding executive condominiums) in the first 11 months of the year. It is anticipated that the total sales volume for 2023 will fall short of the 7,099 new units (excluding executive condominiums) sold throughout 2022.
Source: URA
The Outside Central Region (OCR) dominated sales in November, driven by strong demand at J’den in Jurong East and the solid uptake at Hillock Green, the newest development in the Lentor estate. This segment accounted for approximately 69% of the total sales for the month. Sales in the OCR surged over sevenfold from 76 units in October to 539 units in November, with J’den and Hillock Green contributing nearly 86% (or 461 units) of these sales. J’den led the market in November, selling 329 units at a median price of $2,475 per square foot (psf), making it the top-selling new launch of 2023 with over 89% of its units sold. J’den has also set a new average price benchmark for non-landed OCR launches, exceeding $2,400 psf. Hillock Green sold 132 units (28% of total units) at a median price of $2,110 psf. The 539 units sold in November mark the highest OCR sales in over a year, since 686 new units were transacted in September 2022.
The Core Central Region (CCR) also saw a significant rebound in sales in November. Developers sold 151 new units, representing an approximately 236% increase month-on-month from 45 units in the previous month, achieving the highest CCR sales tally since May 2023, when 153 units were sold. The sales boost in the CCR was largely due to the launch of the 180-unit Watten House, which sold 109 units (about 61% of total units) at a median price of $3,199 psf. The next best-selling CCR project in November was 19 Nassim, which sold 5 units at a median price of $3,396 psf.
In the Rest of Central Region (RCR), developers sold 94 new private homes, a rise of about 15% month-on-month from the 82 units sold in October. The most popular RCR projects in November included Pinetree Hill and Grand Dunman, each selling 17 units at a median price of $2,446 psf and $2,567 psf, respectively, and The Continuum, which transacted 16 units at a median price of $2,791 psf. Over the first 11 months of 2023, the RCR has seen more than 2,970 units sold, surpassing the 2,732 units sold throughout 2022.
In the Executive Condominium (EC) market, developers sold 16 new ECs in November, down from 21 units in the previous month. North Gaia was the top-selling EC project in November, selling 9 units at a median price of $1,315 psf, followed by Altura, which sold 4 units at a median price of $1,469 psf. According to URA data, there are now just 299 unsold new EC units on the market, which bodes well for the upcoming Lumina Grand EC in Bukit Batok, scheduled for launch in January.
Developers placed a total of 970 new units (excluding ECs) for sale in November, a sharp increase from the 54 units (excluding ECs) released for sale in the previous month. The projects J’den, Hillock Green, and Watten House accounted for approximately 97% of the units launched in November.