Data from the Urban Redevelopment Authority (URA) reveals that new private residential sales in February dropped by 47% month-on-month, primarily due to the absence of new project launches. Sales volume from the previous month also saw a 65.5% year-on-year decline, with only 149 new units sold, significantly down from 281 units in January.

The decline in sales can be attributed to the lack of major new launches and the impact of the Lunar New Year holiday. Compared to the sales low point in December last year (with only 36 new units sold), last month's sales also marked a new low since December last year.

Although 34 EC units were included in the sales statistics, bringing the total sales volume for last month to 183 units, new home sales including EC units still dropped by 68.9% compared to January's 588 units. Notably, the most expensive unit sold last month was located at Terra Hill, with a floor area of 3,035 square feet, fetching $8.05 million ($2,652 per square foot), purchased by a foreigner.

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The top-selling project last month (excluding ECs) was The Botany at Dairy Farm, with a total of 15 units sold at a median price of $2,018 per square foot. This was followed by Blossoms by the Park, Grand Dunman, and Pinetree Hill, each selling 10 units.

In the EC market segment, Lumina Grand remained the top-selling EC for the second consecutive month, selling a total of 16 units in February at a median price of $1,497 per square foot. Lumina Grand initiated its second round of buyer balloting on March 2nd, expected to reignite market interest in March.

Despite the overall soft sales environment, the EC market remains relatively stable due to its comparatively attractive prices. It is estimated that as of the end of February, around 466 EC units remain unsold. However, with the launch of Lentor Mansion and Lentoria, stronger sales are anticipated for March. Additionally, the relaunch of Cuscaden Reserve is expected to boost housing sales in March.

Looking ahead, a rebound in private new home sales is anticipated, with sales expected to reach 400 to 600 units in March. Furthermore, there are five projects set to enter the market in April and May, with some of these projects potentially stimulating market demand.