New private home sales more than quadruple in March – CNA

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PENT-UP DEMAND 

Senior vice president of research and analytics at OrangeTee and Tie Christine Sun said that last month’s surge in private home sales could be attributed to pent-up demand due to the lack of major new launches during the Chinese New Year period in February.

There were four private residential project launches last month, including Ardor Residence and Koon Seng House.

They pushed up the number of launched units in March to 877, a sharp increase from the 45 units launched in February. Last month also marked the highest number of units launched for sale since November 2023, which had 970. 

Lentor Mansion, in particular, proved popular with buyers, selling 409 of its 533 units to become the best-selling project in 2024 in terms of number of units sold and in percentage terms, said Huttons Asia senior director of data analytics Lee Sze Teck.

“It made up 57 per cent of developers’ sales in March 2024. The project is 76.7 per cent as of end-March 2024 with a median price of S$2,269 psf,” he said.

“Based on caveats, almost 75 per cent of the units sold in Lentor Mansion were priced below S$2 million. This is a sweet spot price for many first-time buyers and HDB upgraders.”

Singapore Realtors Inc (SRI) head of research and data analytics Mohan Sandrasegeran said Lentor Mansion is the first launch under new guidelines on the on the harmonisation of strata and gross floor areas, where units are sold based on livable space.

“This change seems to be well-received by buyers, as evidenced by the remarkable sales figures during its launch, indicating a positive acceptance of this new approach,” he said, adding that preliminary figures indicate it is the best-selling launch so far this year. 

Meanwhile Lentoria, another project launched in the Lentor area, sold 60 out of 267 units at a median price of S$2,129 psf and making it the next best-performing project.

“This further indicates a healthy appetite for new launches in the area, reinforcing the trend that there is a diverse range of projects in Lentor Hills estate catering to different needs and preferences of buyers and investors,” said Mr Sandrasegeran. 

Ms Sun also noted how Lentor Mansion’s strong sales has mirrored previous launched projects in the area like Lentor Modern and Lentor Hills Residences.

“Buyers today are considering more than just location and price,” said ERA Singapore key executive officer Eugene Lim. “They also scrutinise the functionality of the projects’ design and layouts and how these align with their lifestyles and legacy planning.”

Singaporeans made up nearly 92 per cent of new home buyers in March, up from 83 per cent in February, according to PropNex head of research and content Wong Siew Ying. She also cited the number of OCR launches as a likely pull factor.

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