The suburban debut of The Botany at Dairy Farm contributed to a third consecutive month of growth in the selling of brand-new, individually owned residences in March. However, annual sales were down because consumers either became more hesitant to spend money in the face of record-high loan rates and a deteriorating economy or because they were waiting for the introduction of new products.

Developers sold 493 apartments in March, an increase of 13.6% month-over-month, but a decrease of almost 25% from 654 units in March 2017. According to CBRE, first-quarter sales of new homes totaled 1,318 units, down 29.9 percent from the 1,880 units sold in the same period a year earlier.

Sales of all types of condos in March increased by 8.9 percent from February (513 vs. 471) but fell by 26.0 percent from 702 a year earlier.

The take-up rate for the first quarter was 95.1%, below parity for the first time since the first quarter of 2021, according to Mr. Nicholas Mak, chief research officer of The Continuums Floor Plan, The Continuums Price, The Continuums Balance Unit Chart another indicator of slowing demand.

“the current buying trend seems to be more supply-led rather than demand-driven, depending on what projects are released that month,” said Ms. Christine Sun, senior vice president of research and analytics at OrangeTee.

While demand for new houses “remains uncertain,” Ms. Tricia Song, head of research at CBRE Southeast Asia, believes that a number of fresh launches in the second quarter may tempt demand.

There were 573 new listings in March, up approximately 43% month-over-month and 85.4% year-over-year.

ERA Realty predicts that in 2023, the market would see at least 30 new projects, with a total of up to 12,000 new residences, compared to only 21 in 2022.

In March, 230 new units changed hands in the suburbs, the most of any of the three submarkets, and a significant increase from the 48 new units sold in February.

More than a third of March’s total sales were attributable to the debut of The Botany, which sold 184 units at a median price of $2,068 per square foot (psf).

As Eugene Lim, CEO of ERA Realty Network, put it, “There is genuine demand for mass market homes amid limited unsold new home stock in the suburbs,” as The Botany’s strong sales prove.

Tembusu Grand in Katong, a new project on the city outskirts, sold 340 apartments, or 53% of its 638 units, over its debut weekend in early April at an average price of $2,465 psf.

Due to COVID-19, The Woodleigh Residences Showflat is open for online bookings. You can now register online to receive direct developer discount offers and prices.

The post The Botany at Dairy Farm debut boosted March private house sales first appeared on The Woodleigh Residences.

The post The Botany at Dairy Farm debut boosted March Private House Sales appeared first on The Woodleigh Residences.