According to data released on Monday (15 Apr) by the Urban Redevelopment Authority, developers in Singapore sold 718 homes in March. This is more than quadrupling 149 units in February.

The number of new private homes sold, excluding executive condominiums (ECs), has also reached its highest level in the last four months.

Developer sales in March 2023 were 45.9% higher than they were in March of the previous year. However, the number of units sold was 13.6% lower than March’s five-year average, which is 831.’

The Chuan Park Singapore

Due to the multiple rounds of cooling measures on the market, soft economic conditions, and high financing costs, prospective homebuyers are more cautious than they were a year ago.

Homebuyers are more price-conscious and selective as a result of the increased options and prices. This results in fewer sales, because they are taking longer to make a decision.

The sales figures for March brought the total number of units sold in the first quarter to 1,175. The Q1 total was 7.6 percent higher than the 1,092 unit sales in Q4 2023 but 6.4% lower than last year’s quarter.

Select projects with superior features at realistic prices outperformed, while overall sales were tepid.