New private home sales in September supercharged by Lentor Modern, Sky [email protected] launches

by Albert02

New private home sales in September supercharged by Lentor Modern, Sky [email protected] launches

New private home sales in September supercharged by Lentor Modern, Sky [email protected] launches. Strong demand for two suburban projects, the 605-unit Lentor Modern and the 158-unit Sky [email protected], propelled September new private house sales to the year’s second highest monthly total.

Developers sold a total of 987 units, excluding executive condos (ECs), according to figures released by the Urban Redevelopment Authority (URA) on Monday, more than twice the 438 units sold in August 2022 and up 18.3 percent from the previous year. Ms Christine Sun, senior vice-president of research and analytics at Orange Tee & Tie, stated that despite their median launch prices of more than $2,100 per square foot (psf), rising interest rates, and economic uncertainty, both projects sold well, citing pent-up demand from HDB upgraders and limited new suburban home supply.

The best-selling projects in September were Lentor Modern, Sky [email protected], Leedon Green, Pullman Residences Newton, Perfect Ten, Hyll on Holland, and Riviere. Lentor Modern sold 84.6 percent of its 512 units at $2,108 per square foot on average, while Sky [email protected] sold 76.6 percent of its 121 units at $2,118 per square foot on average. Together, the two projects accounted for 84% of all units launched in September. In September, developers released 913 apartments, a 581 percent increase over the previous month’s 134 units. In September, 992 units were sold, with 913 units introduced, compared to 449 sold and 134 introduced in August.

The majority of new private dwellings sold in September, excluding ECs, were priced between $1.5 million and $2 million, accounting for 38.4 percent of total sales. According to CBRE, this was followed by the $1 million to $1.5 million bracket (22.4%) and the $2 million to $2.5 million bracket (21.6%). However, Mr Ong Teck Hui, senior director of research and consultation at JLL, claimed that the December 2021 cooling measures, rising interest rates, and a grim economic outlook had hurt on demand and developers’ confidence in launching new projects. In the first nine months of 2022, 6,483 new private residential units were sold, a 35.2 percent reduction from the previous year’s total of 1009 units sold.

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