Developer sales rebound 369.3% MoM in March; 718 private homes sold

New home sales surged dramatically in March, with developers moving 718 new private residential units (excluding Executive Condominiums, or ECs). This marked a robust 369.3% rebound from the 153 transactions recorded in February. On a year-on-year basis, developer sales in March rose by 45.9%.

Given that no new residential projects were launched in February, the stellar performance in the new home sales market last month was likely driven by pent-up demand.

Last month, new private home sales were primarily driven by GuocoLand's 533-unit Lentor Mansion, which was launched over the weekend of 15–16 March. Buyers snapped up 409 units (76.7%), making it the best-selling new launch in the first quarter of the year in terms of units sold.

Lentor Mansion's sales results are particularly noteworthy, as it is the first new development launched under the government's harmonisation of gross floor area (GFA) definitions across agencies.

Other projects launched in March included Lentoria (267 units launched), Ardor Residence (35 units), and Koon Seng House (17 units). In total, 877 new private residential units were released for sale last month, the highest monthly figure since 970 units entered the market in November last year.

Meanwhile, Watten House, which was officially launched last month, logged the highest transacted price when a 3,412 sq ft penthouse was sold for $11.8 million ($3,457 psf).

At the same time, EC project Lumina Grand continued to inject momentum into the EC market last month. The 512-unit development moved an additional 61 units during its second-round launch on 2 March, taking total sales to 72.3% as of end-March 2024.

The inventory of unsold EC units has dwindled from 466 units in February to just 358 units. With no further EC launches lined up for 2024, an EC supply crunch is anticipated in the market.

The launches of Lentor Mansion and Lentoria played a pivotal role in the primary market's performance last month, accounting for 65.3% of total sales. Their debuts attracted both home buyers and investors, significantly invigorating momentum in the new launch market and propelling overall sales volume.