Launched last month, 157 of the 268 units at Sceneca Residence in Tanah Merah have been sold, or nearly 60 per cent. This project was a hot seller right after its launch amidst high interest rates and property cooling measures, indicating that there is still pent-up demand in the market, especially in locations outside the Central District (OCR).

Jingle Court, jointly developed by MCC Land, Ekovest Developments and The Place Holdings, sold for a median price of $2,083 per square foot last month.

The runner-up in sales was Tampines' executive condominium (EC) project, Tenet, which like King's Court is located outside the Central District. This EC project was the top-selling new private residential development for the month when it was launched last December, but was edged out by a new project last month.

The 618-unit Jingle Court, a joint venture between Chingjian Realty, Santarli Construction and Heeton Holdings, sold 145 units last month and is 95% or 590 units sold to date.

Due to a severe supply crunch, the recently launched EC project has become increasingly expensive in terms of sf, with the median sf price for the project last month being $1,388.

All other projects on the list did not sell well last month. Leedon Green, near Holland Road, sold 21 units at a median price of $2,957 per square foot. This project is expected to be completed by the end of this year and has sold 523 units or 82% since its launch in early 2020.

Klimt Cairnhill, a freehold luxury development in the prime Jubilee district of District 9, came in fourth with 17 units sold at a median sf price of $3,784. Only 25 units or 18% have been sold since the project opened in August 2021. This is a redevelopment of a collective sale, formerly Cairnhill Mansions.

In fifth place is One Holland Village Residences, a mixed-use development adjacent to Holland Village MRT station, which sold 16 units last month at a median sq ft price of $2,791. The project has sold 84% or 249 units since sales began in November 2019.

Overall, the developer launched more new supply in January, driving sales up sharply. Excluding EC, developers launched a total of 410 new private residential units, a jump of 811.1 per cent from a year earlier. Sales in this month were at a four-month high, with 391 new private homes sold, a 130 per cent jump from a year earlier.

The Government has just announced an increase in buyer's stamp duty for some private homes in the 2023 Budget, but market observation has not affected buyers' interest in viewing homes. So far, developers are still confident in the market and will launch new projects as scheduled.