In August, a terraced house from Mount Rosie Signature Collection sold for $12.35 million ($3,812 psf).
Last month, the price difference between Core Central and the rest of Central fell to 14.9%.
In August, new house sales plummeted 47.6% month on month to 437 units. It was the Lunar Seventh Month (Month of the Chinese Hungry Ghost Festival), a time when developers postpone the release of new projects.
According to Tricia Song, CBRE head of research Southeast Asia, this was the lowest monthly sales since May 2020, when developers sold 487 units during Circuit Breaker when showrooms were closed. She adds that it’s the lowest since June 2022, when 488 apartments were sold amid rising interest rates and economical uncertainty.
The opening of The Watergardens in Canberra’s Outside Central Region (OCR) and a bullish market sentiment increased new home sales by 64.1% year on year in August 2021.
According to Huttons Asia’s senior director of research, the number of units launched fell by 66.7% year on year to 134.
CCR sold 220 units, RCR 127 units, and OCR 90 units. According to Huttons’ Lee, CCR sales have exceeded 50% of monthly sales since October 2017.
According to Leonard Tay, head of research at Knight Frank Singapore, new private residential unit prices increased 6.1% in August to $2,942 per square foot, up from $2,774 per square foot in July.
According to Christine Sun, OrangeTee & Tie’s senior vice president of research and analytics, the best-selling projects in the CCR and RCR in August were Hyll on Holland, Riviere…..
According to CBRE’s Song, the Jardine Residences and Mount Rosie Signature Collection will open in August 2022.
There are six freehold terraced houses in the Jardine Residences on Lorong Chuan; none were sold in August. According to CBRE, one terraced house in Mount Rosie Signature Collection sold for $12.35 million ($3,812 psf). Four terraced houses and two bungalows are built towards the top of Mount Rosie Road.
According to Huttons Research, foreigners purchased 13.3% more in August than in March 2016. Typically in CCR projects. Foreign purchases accounted for 6.5% of overall purchases in the first eight months of 2022. According to Huttons, this will stabilize at 5%-6% by 2022.
According to Tay of Knight Frank, the relaxation of international border constraints and a revamped government framework aimed at attracting top foreign talent may have contributed to the higher number of new dwellings sold in the CCR during the month.
Since March 2016, the share of foreign buyers has been at its greatest.
The proportion of foreign buyers
Hyll on Holland sold 42 units for $2,674 per square foot, while RCR’s Riviere sold 28 for $2,862 per square foot. In August 2022, 9 of the top 10 performing projects were from the RCR and CCR, demonstrating that homebuyers find value in the two categories as the price gap narrows against recent mass-market launches that have exceeded $2,000 psf.
According to Sun of OrangeTee & Tie, the average price of new condos without ECs has climbed 37.1% from $1,928 psf in January to $2,644 psf in August 2022.
The RCR condominiums drove the price increase, with the median price climbing 24.1% from $1964 psf in January 2022 to $2,437 psf in January 2023. Over the same time span, OCR increased by 9.7% while CCR increased by 0.8%.
Due to the postponement of significant launches such as Sky Eden@Bedok and Lentor Modern, September sales are estimated to be between 900 and 1,000 units. Sky Eden@Bedok sold 118 apartments (75%) at $2,100 psf on September 7.
On September 7, 118 of 158 units (75%) at Sky Eden@Bedok were sold at $2,100 psf. The only mixed-use development in Lentor, Frasers Property Lentor Modern, will begin construction on September 17. Since the start of previews on September 2, the company has apparently collected over 1,700 interest cheques. First-time buyers and upgraders are expected.
In October, Gems Ville, K Suites, Mattar Residences, and Sophia Regency will open. According to Lee of Huttons, these boutique developments will provide buyers and investors more choice.
Tengah’s first EC, the 639-unit Copen Grand, could open in October. Bukit Batok, Choa Chu Kang, Jurong East, and Jurong West residents should take note. The construction of the 618-unit Tenet EC on Tampines Street 62 will begin in October.
Preliminary new developer sales (excluding ECs) are 5,493 units, 40.8% lower than last year’s 9,277 units. Tenet Ec will preview in late nov 2022.
On September 17, the 605-unit Lentor Modern, the area’s first integrated mixed-use building, should see similarly strong sales. (Image courtesy of EdgeProp Singapore)
According to CBRE Research, there will be 9,000 new home sales in 2022, down from 13,027 in 2021. Song anticipates a reduction in transaction volume as higher interest rates dampen buyer sentiment.
The private residential property price index increased 3.5% year on year in 2Q2022, lowing a 0.7% increase in 1Q2022. Private property prices grew 4.2% in 1H2022, after growing 10.6% in 2021.
According to CBRE, rising interest rates and macroeconomic problems may impact affordability in 2H2022, particularly for over-leveraged buyers. CBRE Research forecasts a 5% increase in private property prices in 2022 in the absence of a worldwide recession.
Edmund Tie’s head of research and consultancy anticipates 10,000 new home sales and 8% price growth in 2022.