New private home sales in Singapore rebounded in March, driven by two major suburban launches. However, the average take-up rate for new projects slowed as buyers become more selective and price-conscious.
SINGAPORE – New private home sales rebounded in March on the back of two major suburban launches – Lentor Mansion and Lentoria – in Lentor Hills estate, but the average take-up rate for new projects within the first month of their launch continued to slow as buyers turn more selective and price-conscious.
Year on year, new private home sales were up nearly 46 per cent from 492 units, but were 13.6 per cent below the five-year average of 831 units for March, according to JLL. This brings new private home sales to 1,175 units in the first quarter of 2024, a 6.4 per cent drop from 1,256 units sold in the first quarter of 2023.
A total of 877 units, excluding ECs, were launched in March, up from 45 in February and up 53 per cent from a year ago. In March, 605 suburban units were sold, representing 84 per cent of total developers’ sales. This was the submarket’s strongest monthly performance since September 2022, when 686 new homes were transacted, Ms Wong noted.
ERA key executive officer Eugene Lim said: “Buyers are considering more than just location and price. They also scrutinise the functionality of the projects’ design and layouts, and how these align with their lifestyles and legacy planning.
Singapore Private Home Sales Suburban Launches Lentor Mansion Lentoria
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