Huttons’ comments on Dec 2023 Developer’s Sales

15 January 2024

Launches and Sales
Developers sold an estimated 135 units in December 2023, 82.8% lower month-on-month and 20.6% lower year-on-year. This is the lowest monthly sales since Jan 2009 where only 108 units were sold.

The year end lull coupled with no major project launches were the two main reasons for the slower sales in December 2023.

In 2023, developers are estimated to have sold an estimated 6,451 units, 9.1% lower than 2022. This is an encouraging set of numbers considering that the Government raised ABSD for all buyers buying either their first or subsequent residential property in April 2023.

Purchases by Foreigners
In December 2023, it is estimated that foreigners bought 4 residential properties, making up 3.0% of monthly sales. 4 of the purchases by foreigners are in the CCR with 1 in the RCR.

Foreigners from Hong Kong and USA bought 1 residential property each while 2 were bought by foreigners whose nationalities are un-specified at the moment. Despite the hefty 60% ABSD, there are still foreigners who view the Singapore residential property market as a safe haven amidst the geopolitical uncertainties.

Nevertheless, the higher ABSD on foreigners did take away a substantial chunk of demand from the market.

From January to May 2023, there were an estimated 235 purchases by foreigners. This plunged to 80 transactions from June to December 2023. It showed the effectiveness of the policy in reducing the purchases by foreigners.

Proportion of Purchase by Foreigners
Huttons’ comments on Dec 2023 developer’s sales
Source: URA, Huttons Data Analytics as of 15 Jan 2024

Purchases by Market Segments and Price Range
Buying activities in December 2023 remained concentrated in the Outside Central Region and Rest of Central Region.

45 units were sold in the OCR while 66 units were sold in the RCR in December 2023. Buyers scooped up 24 units in the CCR. The top 3 best-selling projects in November 2023 are The Continuum, The Landmark and The Myst.

The top transacted units in terms of price in December was 2 units at Watten House which were sold to a foreigner and a Permanent Resident.

ECs continued to chalk up good sales in Dec 2023, moving 17 units. Their affordable price range offer buyers a good entry point into private residential living. There will only be one EC in 2024 hence buyers are looking at ECs launched earlier for more choices.

Purchases by Residential Status and Price Range in Dec

<$1.5 million $1.5 to <$2 million $2 to <$5 million >$5 million Total
Singaporeans 14 26 77 1 118
Permanent Residents 0 2 6 4 12
Foreigners 0 0 3 1 4
Companies 0 0 0 0 0
Total 14 28 86 6 134

Source: URA, Huttons Data Analytics as of 15 Jan 2024

Top Projects by Sales in Dec

Project Name Region Units Sold in the Month Median Price ($psf) Lowest Price ($psf) Highest Price ($psf)
THE CONTINUUM RCR 17 2775 2579 2899
THE LANDMARK RCR 13 2853 2407 2921
THE MYST OCR 9 2182 1922 2233
LENTOR MODERN OCR 8 2119 2006 2358
J’DEN OCR 7 2577 2500 2693
BLOSSOMS BY THE PARK RCR 6 2489 2435 2522
GRAND DUNMAN RCR 6 2524 2382 2658
LENTOR HILLS RESIDENCES OCR 6 2033 1949 2116
MIDTOWN MODERN CCR 6 2882 2634 3511
PINETREE HILL RCR 6 2423 2357 2497
WATTEN HOUSE CCR 6 3258 3207 3520

Source: URA, Huttons Data Analytics as of 15 Jan 2024

Outlook
There will be 3 major non-landed project launches in the next two weeks of Jan 2024 – Hillhaven, Lumina Grand (EC) and The Arcady at Boon Keng.

Hillhaven by Far East Organization and Sekisui House is nestled in the tranquil private residential enclave in Hillview. It is a mere 4 minutes’ walk to Hillview MRT station and a short 5 minutes’ drive to the BKE. Amenities are aplenty in the area with HillV2 across the road, Dairy Farm Mall, Hillion Mall, Junction 10 and The Rail Mall nearby. The upcoming Beauty World integrated transport hub and Bukit V mall is a short drive away. With no new supply of private homes in Hillview, it underscores the unique and exclusive nature of this precinct as a residential enclave.

The Arcady at Boon Keng is a rare city fringe (RCR) freehold project that is less than 500m from Boon Keng MRT station. Major expressways like PIE and CTE are easily accessible. St Andrews Junior School, Hong Wen School (SAP) and Bendemeer Primary School are within 1km. It is near amenities like Bendemeer wet market and food centre.

Lumina Grand is the only EC in 2024. It is within 1 km to the future Anglo-Chinese School (Primary) and walking distance to the future Tengah Park MRT Station. It is close to the Jurong Innovation District and Jurong Lake District. Buyers can get to other parts of the island via the PIE and KJE. The future Tengah Town Centre is nearby offering amenities like a community club, polyclinic and a bus interchange.

In 1Q 2024, up to 3,332 units across 13 projects may be launched for sale. Ardor Residence and The Hillshore may be launched in Jan 2024 while Arina East Residences, Lentoria and The Hill @one-north showflats may be open in Feb 2024.

Barring unforeseen circumstances, prices are expected to be stable, increasing up to 5% in 2024.

Potential Upcoming Projects in 1Q 2024

No. Project Name Developer Location District Tenure Est Units Est Launch Period
1 Hillhaven Sekisui House and Far East Organization Hillview Rise 23 99 341 45292
2 Lumina Grand (EC) City Developments Limited Bukit Batok West Ave 5 23 99 512 45292
3 The Arcady at Boon Keng KSH Ultra Unity Pte Ltd Serangoon Road 12 FH 172 45292
4 Ardor Residence Nanshan Group Haig Road 15 FH 35 Jan/Feb 2024
5 The Hillshore Hillside View Development Pte Ltd Pasir Panjang Road 5 FH 59 Jan/Feb 2024
6 Lentoria TID Residential Pte. Ltd. Lentor Hills Road 26 99 267 45323
7 The Hill @one-north Kingsford Real Estate Development Pte Ltd Slim Barracks Rise 5 99 142 45323
8 Arina East Residences ZACD Group Tanjong Rhu Road 15 FH 107 Feb/Mar 2024
9 Jansen House Macly Group Jansen Road 19 FH 22 1Q 2024
10 Koon Seng House Macly Group Koon Seng Road 15 FH 19 1Q 2024
11 Lentor Mansion GuocoLand (Singapore) Pte. Ltd. And Intrepid Investments Pte. Ltd. Lentor Gardens 26 99 533 1Q 2024
12 Marina View Residences IOI Properties Marina View 1 99 683 1Q 2024
13 SORA CEL Development, Sing-Haiyi Pearl and TK 189 Development Yuan Ching Road 22 99 440 Mar/Apr 2024
Total 3332

* in alphabetical order followed by chronological order
Source: URA, Huttons Data Analytics as of 15 Jan 2024