Developer sales rose 369.3% m-o-m in March, 718 units sold
March was a busy month for the new home market. Developers sold 718 new homes in total, including executive condos. The number of transactions increased by 369.3% in March compared to February’s 153.
In March, developer sales were 45.9% higher than the same time last year. Due to the lack of new launches in February, the outstanding performance of the market for new homes last month can be attributed to pent up consumer demand.
GuocoLand’s Lentor Mansion (533 units) was launched on the 15th and 16th of March for private home sales. Buyers snapped 409 of the 533 units up (76.7%), making this the best selling new launch in the first quarter.
Lentor Mansion achieved a notable sales result, considering that it was one of the first developments to be affected by government’s harmonisation for gross floor areas (GFA) in residential developments.
Lentoria (267 launched units), Ardor Residence (30 units), and Koon Seng House (17 unit) were other projects launched in the month of March. Last month, there were 877 new private houses launched for sale. This is the highest amount since November, when 970 homes entered the market.
In contrast, Watten House’s official launch last month saw the highest sale price, a 3,412-square-foot penthouse being sold for $11.8M ($3,457/sqft).
Lumina Grand, a project from the EC, has continued to gain momentum in the EC markets. The 512 units project has seen another 61 sold in the second round balloting held on March 2. It now stands at 72.3% of its target by the end of 2024.
The number unsold EC vehicles has decreased to only 358, from 466 back in February. It is anticipated that the market will experience a shortage due to no new EC models being launched in 2024.
Lentor Mansion, Lentoria and other new launches played a key role in the performance on the primary market. They accounted 65.3% of all developer sales. “Their launches captivated buyers and investors. This significantly drove momentum in the new market launch and contributed to an overall sales boost,” says he.
Lentor Hills, which has been home to five new developments in the last two-year period, saw the launch of Lentoria and Lentor Mansion last month. Hillock Green Residences and Lentor Hills Residences, two more new projects are located in this neighborhood.
The interest is evidence of the market’s positive reaction to the Lentor Hills estate. It also shows that there is still a strong demand for the properties. This is notable, especially given the fact that the area remains relatively undeveloped.
Buyers seem to be unfazed with the recent new launches, which indicates confidence in the potential of the area.”
Housing data preliminary indicates that developers plan to sell 1,175 housing units in the first quarter of 2024, up from just 1,092 units during 4Q2023.
The sales growth of the new home segment shows that there is still a strong appetite for new launches. Buyers are also looking for opportunities to invest strategically in high-quality projects.
In the future, developers will look at Lentor Mansion’s successful launch as a positive signal to continue rolling-out launch-ready project progressively. This month market watchers will monitor the sales progress for four new project — Jansen House, Straits at Joo-Chiat, The Hill @ One-North, and The Hillshore.
Find out more on Guocoland’s : Lentor Mansion showflat
