Top Selling New Launch Projects in Singapore in April 2023
According to data released by the Urban Redevelopment Authority (URA) on May 15, in April, developers sold 887 new private homes (excluding executive condominiums or ECs). This represents a significant increase of 80.3% compared to the previous month and a 37% increase compared to the same period last year. It is also the highest number of monthly sales since September 2022 when 987 new private homes were sold.
The surge in sales can be attributed to the launch of two major projects in the Rest of Central Region (RCR) in the previous month. These projects include Tembusu Grand by City Developments Ltd (CDL) and MCL Land along Jalan Tembusu, consisting of 638 units, as well as Blossoms by the Park by EL Development along Slim Barracks Rise, which has 275 units.
Tembusu Grand, which became available for sale on April 8, sold 354 units (56%) at a median price of $2,463 per square foot (psf) in the last month. Blossoms by the Park, launched for sale on April 29, sold 205 units (74.5%) at a median price of $2,427 psf. It's worth noting that Blossoms by the Park was the first project to be launched after the implementation of the latest property cooling measures on April 27.
Together, these two projects accounted for 559 units or 63% of the total sales in April. RCR projects dominated the market, with a total of 628 homes sold in the region. Wong Siew Ying, the head of research and content at PropNex Realty, points out that the 628 units sold in the RCR is the highest monthly figure in this submarket in the past 11 months, surpassing the 893 units sold in May 2022. Other RCR projects with notable sales include CDL and MCL Land's Piccadilly Grand on Northumberland Road, which sold 14 units at a median price of $2,045 psf, as well as Riviere, a condominium by Frasers Property on Jiak Kim Street, which saw its last 10 units sold at a median price of $2,954 psf.
In the Core Central Region (CCR), 208 new private homes were sold in April, accounting for 23% of the total sales. The top-selling CCR project during that month was The Atelier, a 120-unit freehold development by Bukit Sembawang Estates on Makeway Avenue, which sold 46 units at a median price of $2,658 psf. Leedon Green and Pullman Residences Newton followed suit, with 19 units sold in each project at median prices of $2,838 psf and $3,215 psf, respectively.
The top new launch projects purchased by foreigners in April 2023 include:
- Blossoms by the Park
- Klimt Cairnhill
- Tembusu Grand
- Pullman Residences Newton
- Riviere