Some analysts have noted that the market response to new projects like Juding and Hillock Green has been positive, and it is expected that new private residential sales will rebound in November.

According to data from the Urban Redevelopment Authority (URA), developers sold a total of 203 units in October, a decrease of 35.4% compared to the same period last year, excluding Executive Condominiums (EC).

This marks the third consecutive month of decline in new private residential sales and the lowest record since December of the previous year when 170 units were sold. This indicates that the market is facing certain short-term challenges and adjustments.

In terms of new project launches, there were a total of 54 new private residential units launched in October, a 20.6% decrease from September. These new projects were mainly concentrated outside the Central Region (OCR), with 47 units, and 7 units in the Core Central Region (CCR). However, there were no new units launched in the Rest of Central Region (RCR), representing the mid-tier private residential segment.

Despite the overall pessimistic sales situation, the two new projects launched this month—Juding and Hillock Green—sold approximately 454 units in total on their opening weekend, bringing a glimmer of hope to the market.

Juding sold 88% of its units with an average selling price of $2,451 per square foot, while Hillock Green sold 28% of its units at an average selling price of $2,108 per square foot. These positive signals may have a certain positive impact on market sentiment.

However, facing a weak market and high-interest rates, developers are expected to delay the launch of new projects until interest rates stabilize and market sentiment improves, possibly in the coming year.

It is estimated that the total number of new private residential units sold this year will range between 6,500 and 7,000, a decrease from last year's 7,099, and potentially marking the lowest record since 2008. Impacted by the global financial crisis, only 4,264 units were sold throughout 2008.

Regarding price trends, a 3% increase is projected for the whole year, significantly lower than last year's 8.6% increase. In the first half of next year, 20 projects are expected to be launched, including Hillhaven, The Arcady at Boon Keng, The Hill@One North, Marina View Residences, and the EC project Lumina Grand. The launch of these new projects may stimulate the market and bring new vitality.