Developer Sales Report for October 2023

SUPPLY

– 54 units were put up for sale

– There are no major projects were announced in October


DEMAND

– In the month of October 2023, developers sold 203 residential units for private sale. This is 9.5 percent lower than prior months.

– The sales in October were low due to the absence of major launches, and buyers are awaiting new hot releases in November

– The sales of the RCR in the month of October 2023 amounted to 40.4 percent, whereas the sales of the OCR were 37.4 percent. The CCR was 22.2 percent.

– North Gaia has the lowest cost executive condominiums available that are available. In October the condo was sold out to 18 units for the median cost of $1.295 per square foot.

– The penthouse of One Pearl Bank was sold at $7.1 million to a Singaporean buyer, was the most expensive property that was sold in October.

– Foreign buyers increased their purchases in October by 14 when compared to September, which was 12

OUTLOOK 


– The market for property will close the year with a solid selling performance in Hillock Green J’den and Watten House

– The developers will finish 2023 with between 6,500 and 6,000 units basing their estimates on the 5,329 units sold in the first nine months of 2023. In the 4Q of 2023 additional 1,000-1100 units may be sold.

– The prices are expected to rise in the fourth quarter of 2023, and could exceed 5% by the end of this year.

– The first quarter of 2024 could see eleven more projects totalling 2,692 units could be announced.

– The price increase is anticipated to range from 3 to 5 percent by 2024.

Tembusu Grand consistently contributed to the sales in Oct 2023

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