The Other Central Region (RCR), which represents the mid-range segment, recorded the highest number of sales, with a total of 147 new private homes sold, while the Core Central Region (CCR), which represents the upmarket segment, and the Outside Central Region (OCR), which represents the mass market segment, saw sales of 112 and 19 units respectively.

Lan Zhenwen, director of industrial research and consultancy at Tai Yuk Cheung, said one of the reasons for the sharp drop in sales was that sales in May this year were too high, with more than 1,000 units sold throughout the month, led by two newly opened mid-range private residential projects, The Reserve Residences at Qing Lu Shang Residence (The Reserve Residences) and Twin Joys Garden (The Continuum), which hit a one-year This was a one-year high. In comparison, only 31 new private residential units were launched in June this year, about 90% fewer than in May. According to Lan Zhenwen, demand for home ownership is still suppressed.

According to the latest estimates, 79 of the units sold in June in other central districts (RCR) came from The Reserve Residences, accounting for 28% of total sales in the month. A total of 54 percent of the units sold in the RCR belonged to The Reserve Residences.

The Reserve Residences is the first mixed-use development in the area to be connected to a transportation hub, and is close to many amenities as well as prestigious schools such as Pei Hwa Presbyterian Primary School and Methodist Girls' School. As a result of these unique highlights, The Residences at Castle Peak had an impressive sales performance throughout the month of June.

In the Central Core Residential (CCR), which represents upscale private residences, 35% of sales came from Leedon Green, which sold 14 units, Van Holland, which sold 13 units, and The Atelier, which sold 12 units.

In the Outside Central Region (OCR), which represents mass-market private residences, nearly three-quarters of sales came from Lentor Modern, which sold five units, and The Botany at Dairy Farm, Ki Residences At Brookvale, and Pollen Collection, which sold three units. Collection.

Of the ten best-selling projects island-wide in June, six were located in the Core Central Region (CCR) and four in the Other Central Region (RCR).

The average median price of The Reserve Residences, a private residential development in the Other Central Region (RCR), increased by 2.2% in June from a year earlier. In contrast, while the average median price of seven projects fell, the subscription rate for these projects continued to climb to 88% or higher in June, and one of the projects, Van Holland, is fully sold out.

From a macro perspective, median prices in Singapore's private residential market have continued to rise since June, with prices per square foot in the new homes market up 5.1 percent to S$2,686 (about R14,590), and prices per square foot for resale homes up 0.3 percent to S$1,622 (about R8,803).

According to Lan Zhenwen, the price trend will be relatively robust in the coming months as the supply of private homes is limited.

The property cooling measures introduced in April this year (the increase in the Additional Buyer's Stamp Duty (ABSD) to 60% for foreign buyers) continue to have an impact on foreign buyer demand. purchases of non-territorial private homes (new and resale) by foreign buyers fell to 21 units in June 2023, a 70% drop YoY from the 71-unit purchases in May. Overall, foreigners' share of overall non-landed residential sales has continued to fall since the cooling measures, from 5.4% in April to 3.7% in May and then to 2.7% in June.

According to Lan Zhenwen, the three new private residential projects Lentor Hill Residences, Grand Dunman and Pinetree Hill, all of which opened in July, have achieved good sales results, continuing to prove the potential demand for Singapore's real estate market, especially the mass market private residential market is relatively unaffected by the recent cooling measures The mass market private residential property market, in particular, is relatively unaffected by the recent cooling measures and the increase in the Additional Buyer's Stamp Duty.

However, Mr. Lan said that the economy is still facing external headwinds, which are largely affecting exports and the manufacturing sector, and that the unemployment rate climbed to 1.9% in May, although it is still at a relatively low level. Demand from HDB upgraders is also expected to slow as sales activity and price growth in the HDB resale market have slowed this year, said Mr. Lan.

In the first half of this year, Singapore's new private home sales were about 3,460 units, and Lan maintained his forecast for new private home sales for the whole year, which he sees as between 7,000 and 8,000 units, and despite an expected slowdown in house price growth, he sees private home prices rising by between 3-5% for the whole year.