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Strong demand continues for new private homes in March 2023

The sale of new private homes has continued the upward trend by rising for the third month in a row, attaining a 13.6% increase in the month of March.

Based on the data provided by Urban Redevelopment Authority (URA), we saw developers selling 492 units in March, which is an impressive increase from the 433 units that was sold in February. This excludes sales attributed by executive condominiums.

The sales in the month of March was mainly sustained by the recent launch of The Botany at Diary Farm. The Botany is a 99-year leasehold condominium developed by Sim Lian Group Limited that is expected to complete in 2027. During the launch day, almost half (48%) of the 386 units at The Botany were snagged, an impressive feat for suburban condominiums. Most of the transactions were the one and two-bedroom condominium units.

PropNex chief executive Ismail Gafoor said the take-up rate of 48 per cent has also commented that “We believe it is a strong performance, reflecting the genuine demand for mass market homes amid the limited unsold Outside Central Region (OCR) new private home inventory, …… The larger proportion of smaller units sold suggests that there is still investment demand in the market.”

Among the buyers at The Botany, it was a good representation across investors and owner-occupiers. As for foreign-local spread, about 85% of the total buyers were Singaporeans.

With The Botany having such a strong start, this is a clear indication that there is still strong genuine demand within Singapore’s property market to source for new mass-market homes.

From the sales trend, we also further confirm the changing demographics where smaller family nucleus are gaining traction - this will reinforce the sales demand for smaller condominiums units overtime.

Other than The Botany which contributed to 46.7% percent of the month’s sales, the units in Core Central Region also contributed to 40% of the sales. Only 13.2% of the unit transactions came from the rest of central region.

With the upcoming launches in the pipeline, many expect the sales to remain strong. Some of these new projects include Lentor Hills Residences, Newport Residences nested in Tanjong Pagar and The Reserve Residences that will be situated in the Bukit Timah area.

Interested in any of the new launches above but undecided on what you want? Reach out to know the most up to date property information, analysis and a detailed personalised property planning.


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