According to the latest data from the Urban Redevelopment Authority, private home sales increased by an astonishing 108% in January compared to the previous month, mainly attributed to developers launching more new units that month, and the relatively low sales base in December last year. Overall, a total of 281 units were sold, with 144 units representing mass-market private homes (OCR), 112 units representing mid-market private homes (RCR), and 25 units representing luxury private homes (CCR). If executive condominiums are included in the calculation, the sales of new private homes reach 588 units, an increase of 286.8% compared to the previous month, and an increase of 6.5% year-on-year.

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Among the various projects, Parc Greenwich stood out with sales of 271 units, with a median price of $1525 per square foot. However, the performance of the other two new projects, Vertlin Jade and The Arcady at Boon Keng, was relatively flat, with sales rates even below 30% on the opening weekend.

However, despite such a large month-on-month increase in sales in January, private home sales decreased by 29% compared to the same period last year. This is mainly due to economic weakness, weak buying sentiment, and resistance to high-priced properties. Factors such as overall private home prices peaking and high-interest rates have also made homebuyers more cautious.

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Looking ahead, it is expected that due to typically subdued sales during the Lunar New Year period, new private home sales in February may decline, estimated to be between 150 and 200 units. However, some upcoming new projects such as Sora, Parc Greenwich, The Hill @ One-North, and Coastal Vista, are expected to boost sales in the first quarter. The launch of these projects may become a major highlight of the market, bringing positive impact to overall sales. With the continuous launch of new projects, the market performance in the coming months is also worth looking forward to.