SINGAPORE: Sales of new private homes in Singapore soared in November, mainly driven by the launch of three major private residential projects - J’den, Hillock Green and Watten House.
Excluding executive condominiums (ECs), developers sold 784 units last month, data released by the Urban Redevelopment Authority (URA) on Friday (Dec 15) showed.
This figure was 286 per cent more than the 203 units sold in October, reversing a three-month slide in private home sales in Singapore. On a year-on-year basis, this was also a 202 per cent increase from the 260 units sold in November last year.
Analysts had expected a rebound in home buyers' sentiment due to "hot launches" in November.
A total of 970 units were launched in November, compared with just 54 units launched in October.
Taken together, three new projects launched in November - J’den in Jurong East, Hillock Green in Lentor and Watten House in Bukit Timah – accounted for 570 units, or about73 per cent, of all units sold in the month. They also made up about 97 per cent of the units launched in November, according to PropNex data.
“Pent-up demand was strong due to a lack of new project launches in September and October. As a result, the demand was high for J'den and Watten House, with both selling more than half of their total units within the launch month,” said OrangeTee & Tie's senior vice president of research and analytics Christine Sun.
ERA Singapore CEO Marcus Chu said J’den and Watten House achieved remarkable sales as they appealed to different buyer segments.
“J’den attracted investors looking to capitalise on the growth potential stemming from the Jurong Lake District masterplan development. Watten House appealed to high net worth individuals looking for freehold, spacious and functional homes in a prime district,” he said.
J’den, a 368-unit project situated at the site of the former JCube mall, sold 329 units at a median price of S$,2475 psf (per square foot) and was the top-selling project in November.
Artist impression of J'den, a mixed-use residential development in the Jurong Lake District.
“J'den's appeal is attributed to its location in Jurong Lake District (JLD) and reflects pent-up demand for new private homes in Jurong. J'Den's success indicates strong buyer interest in new developments in Jurong, driven by its potential as a vibrant commercial and residential hub”, said SRI CEO Thomas Tan.
Meanwhile, the 180-unit Watten House sold 109 units, about 61 per cent of total units, at a median price of S$3,199 psf, with analysts attributing its strong sales to its good location near Tan Kah Kee and Botanic Gardens MRT stations, and renowned schools like Hwa Chong Institution and Singapore Chinese Girls School.
"Watten House's impressive sales can be credited to its exceptional setting in a sought-after Good Class Bungalow (GCB) neighbourhood, enhancing its appeal for buyers," said Mr Tan.
"Its advantageous location near esteemed educational institutions and lifestyle amenities heightens its desirability for both families and working professionals."
November's priciest transaction was a 4,080 sqft freehold condominium on the 5th floor of Watten House, which sold for S$14.5 million (US$10.9 million) or S$3,545 psf.
“The limited supply of new homes in the prime Shelford Road area attracted a huge amount of interest from buyers. In particular, Watten House offers mostly large format units which are in short supply in Singapore, said Lee Sze Teck, senior director of data analytics at Huttons.
The 474-unit Hillock Green at Lentor Central also performed relatively well, selling 132 units or about 28 per cent of its units at a median price of S$2,110 psf. This is despite the area having three project launches in the last 15 months.
Analysts attributed the sales performance to its strategic location of having a shopping centre - Lentor Central Mall - and Lentor MRT station nearby, appealing to a diverse mix of first-time homebuyers and investors.
“The sales performance reflects the continued confidence in the Lentor area as an emerging residential enclave. The project's success demonstrates a healthy demand for well-positioned projects with positive attributes,” said Mr Tan.
The sales outlook for December 2023 is expected to be slower, with the trend due to the holiday season and the lack of fresh launches.
“We anticipate that new private home sales (excluding ECs) in the full-year 2023 could likely come in at around 6,500 to 7,000 units – which would be the slowest annual developers’ sales since 4,264 new homes were sold in 2008,” said PropNex’s head of research and content Wong Siew Ying.
However, 2024 is expected to kick off strong thanks to a slew of new launches in January, such as The Arcady @ Boon Keng, The Hillshore, Hillhaven, Lentoria, as well as Lumina Grand EC.
Collectively, these projects can offer an estimated more than 830 private residential units and 512 new ECs, Ms Wong added.
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Excluding executive condominiums (ECs), developers sold 784 units last month, data released by the Urban Redevelopment Authority (URA) on Friday (Dec 15) showed.
This figure was 286 per cent more than the 203 units sold in October, reversing a three-month slide in private home sales in Singapore. On a year-on-year basis, this was also a 202 per cent increase from the 260 units sold in November last year.
Analysts had expected a rebound in home buyers' sentiment due to "hot launches" in November.
A total of 970 units were launched in November, compared with just 54 units launched in October.
Taken together, three new projects launched in November - J’den in Jurong East, Hillock Green in Lentor and Watten House in Bukit Timah – accounted for 570 units, or about73 per cent, of all units sold in the month. They also made up about 97 per cent of the units launched in November, according to PropNex data.
“Pent-up demand was strong due to a lack of new project launches in September and October. As a result, the demand was high for J'den and Watten House, with both selling more than half of their total units within the launch month,” said OrangeTee & Tie's senior vice president of research and analytics Christine Sun.
ERA Singapore CEO Marcus Chu said J’den and Watten House achieved remarkable sales as they appealed to different buyer segments.
“J’den attracted investors looking to capitalise on the growth potential stemming from the Jurong Lake District masterplan development. Watten House appealed to high net worth individuals looking for freehold, spacious and functional homes in a prime district,” he said.
THREE MAJOR PROPERTY LAUNCHES
J’den, a 368-unit project situated at the site of the former JCube mall, sold 329 units at a median price of S$,2475 psf (per square foot) and was the top-selling project in November.
Artist impression of J'den, a mixed-use residential development in the Jurong Lake District.
“J'den's appeal is attributed to its location in Jurong Lake District (JLD) and reflects pent-up demand for new private homes in Jurong. J'Den's success indicates strong buyer interest in new developments in Jurong, driven by its potential as a vibrant commercial and residential hub”, said SRI CEO Thomas Tan.
Meanwhile, the 180-unit Watten House sold 109 units, about 61 per cent of total units, at a median price of S$3,199 psf, with analysts attributing its strong sales to its good location near Tan Kah Kee and Botanic Gardens MRT stations, and renowned schools like Hwa Chong Institution and Singapore Chinese Girls School.
"Watten House's impressive sales can be credited to its exceptional setting in a sought-after Good Class Bungalow (GCB) neighbourhood, enhancing its appeal for buyers," said Mr Tan.
"Its advantageous location near esteemed educational institutions and lifestyle amenities heightens its desirability for both families and working professionals."
November's priciest transaction was a 4,080 sqft freehold condominium on the 5th floor of Watten House, which sold for S$14.5 million (US$10.9 million) or S$3,545 psf.
“The limited supply of new homes in the prime Shelford Road area attracted a huge amount of interest from buyers. In particular, Watten House offers mostly large format units which are in short supply in Singapore, said Lee Sze Teck, senior director of data analytics at Huttons.
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The 474-unit Hillock Green at Lentor Central also performed relatively well, selling 132 units or about 28 per cent of its units at a median price of S$2,110 psf. This is despite the area having three project launches in the last 15 months.
Analysts attributed the sales performance to its strategic location of having a shopping centre - Lentor Central Mall - and Lentor MRT station nearby, appealing to a diverse mix of first-time homebuyers and investors.
“The sales performance reflects the continued confidence in the Lentor area as an emerging residential enclave. The project's success demonstrates a healthy demand for well-positioned projects with positive attributes,” said Mr Tan.
OUTLOOK FOR 2024
The sales outlook for December 2023 is expected to be slower, with the trend due to the holiday season and the lack of fresh launches.
“We anticipate that new private home sales (excluding ECs) in the full-year 2023 could likely come in at around 6,500 to 7,000 units – which would be the slowest annual developers’ sales since 4,264 new homes were sold in 2008,” said PropNex’s head of research and content Wong Siew Ying.
However, 2024 is expected to kick off strong thanks to a slew of new launches in January, such as The Arcady @ Boon Keng, The Hillshore, Hillhaven, Lentoria, as well as Lumina Grand EC.
Collectively, these projects can offer an estimated more than 830 private residential units and 512 new ECs, Ms Wong added.
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