According to data, the sales volume of private homes in that month was 203 units, reflecting a month-on-month decrease of 6.5% and a year-on-year decrease of 35.4%, marking the lowest sales since December 2022.
However, several projects performed well in the market. North Gaia, one of the most attractively priced executive condominiums, sold 18 units in October, with a median price per square foot of around $1,295. This pricing provided homebuyers with affordable housing options, and the project has sold nearly 60% of its units.
Based on sales data, in October 2023, the Rest of Central Region (RCR) accounted for 40.4% of the total sales, selling 23 units in total.
Among them, The Reserve Residences sold 23 units, Grand Dunman sold 15 units, and Pinetree Hill sold 9 units, making them the best-selling projects in the region.
Regarding foreign buyers, 14 private homes were purchased by foreigners in October, slightly higher than the 12 units in September. Among them, 2 buyers were from China, 1 from Indonesia, 1 from the United States, while the nationality of the remaining 10 buyers was unspecified.
Looking ahead, it is expected that the real estate market will perform well with the launch of major projects in the last months of the year. The J'den project in Jurong East and the Hillock Green project sold over 320 and 130 units, respectively, on their launch days.
Sales in November are estimated to range between 700 and 800 units, with a slowdown expected in December, possibly falling below 200 units.
As of now, the sales volume for the first nine months of 2023 is 5,329 units, and the fourth quarter of 2023 may see an additional 1,000 to 1,100 units sold. Therefore, developers' sales for the end of 2023 could range between 6,000 and 6,500 units. Meanwhile, housing prices are expected to rise, with a projected annual increase exceeding 5%.
For 2024, it is anticipated that the first quarter will see the launch of 11 additional projects, totaling 2,692 units. Of these, 25% will be located in the Core Central Region, 17% in the Rest of Central Region, and the remaining 58% outside the Central Region. Housing prices are expected to increase by 3% to 5%.
