Data released by the Urban Redevelopment Authority (URA) on Monday (15th April) shows that Singapore developers sold 718 units of private homes in march, which is a more than quadrupling over the 149 sold in Feb.

New home sales, excluding executive Condominium Units (ECs), have also reached their highest levels in four months.

On an annual basis, developer’s sales increased 45.9% from the 492 unit sold in the month of march 2023. But, were lower by 13.6% than the average for the last five years of 831 units.

Grand Dunman showflat location

In comparison to last year, homebuyers today are much more cautious, due to the numerous rounds of market cooling, softer conditions in the economy, and higher financing costs.

As homebuyers have more options and prices, they are becoming more selective and cost-conscious. This has led to a slower pace of sales as buyers take longer in making decisions.

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

The sales of selected projects that had superior attributes and realistic price points were better than the overall sales.