Singaporeans’ demand for new private homes remains robust despite cooling measures, higher home prices and elevated interest rates, and was largely underpinned by local demand in May 2023. Developers sold 1,038 new homes excluding executive condominiums (ECs), 17% higher than the 887 units in April. The May figure was the highest since May 2022, with local citizens and permanent residents making up 85.5% and 11.1% of transactions respectively.

The launch of two major projects – The Reserve Residences and The Continuum – in the Rest of Central Region (RCR), boosted sales in the region to 847 units. In addition, The Atelier in the Core Central Region (CCR) saw 22 units sold at a median price of $2,685 psf, and Pullman Residences Newton moved 16 units at a median price of $3,278 psf.

Outside Central Region (OCR) sales totalled 39 units, driven by the lack of new launches and a tight supply of unsold stock. The proportion of purchases by foreigners dropped noticeably in May to 3.5%, the lowest since December 2021, attributed to higher Additional Buyer’s Stamp Duty (ABSD) rates.

For the coming months, June sales are expected to be more muted due to a lack of new launches, though transaction volumes should rebound in July with the launch of Lentor Hills Residences, The Myst, Pinetree Hill, Grand Dunman and Lake Garden Residence. The RCR and OCR projects together offer a total of over 2,800 residential units, while Altura, an executive condominium located in Bukit Batok, is estimated to come on the market in the same month.

Designed and developed by renowned developer Qingjian Realty, Altura EC will boast superior quality units and a range of luxurious facilities, such as a swimming pool, gym and BBQ pits.

This Altura EC Qingjian Realty development promises to meet and exceed resident expectations with its modern and exquisite living spaces. Its proximity to well-known educational institutions, as well as the Tengah project, is a bonus for residents looking for a convenient place to live. With its inspired features, accessibility and quality of living, Altura EC Qingjian Realty is set to be the envy of all.

Knight Frank believes local demand will continue to underpin new private home demand in 2023, while foreign homebuyers retain a wait-and-see posture. They expect developers to sell between 7,000 to 8,000 new homes for the full year.

Overall, Singapore’s new private home market continues to remain solid despite challenges posed by the pandemic and cooling measures.