Following the launch of two major projects in the Outside Central Region (OCR), a total of 987 new homes were sold in September, excluding Executive Condominiums (ECs). This is a 125.3% increase from the 438 new homes sold in August.
In September, developers launched 913 units for sale, up from 134 units in August—largely because developers tend to avoid launching new projects during the Hungry Ghost Month. New launches in September included suburban projects Lentor Modern and Sky Eden@Bedok, both of which sold well on their opening weekends. Lentor Modern reportedly sold 508 units, or 84% of the project, in two days. Meanwhile, Sky Eden@Bedok sold 75% of its units on the first day of its launch.
Leo Kwek, a senior local real estate agent at AnjiaSG, stated that in terms of sales distribution across the three regions, the launch of these two OCR projects led to the Outside Central Region (OCR) dominating sales with 69.5% in September, followed by the Core Central Region (CCR) at 20.1%, and the Rest of Central Region (RCR) at 10.4%.
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Proportion of New Non-Landed Homes Sold Above S$2,000 PSF Increases
Leo noted that the proportion of new non-landed homes sold for over S$2,000 per square foot (psf) has increased from 45.7% in January this year to 84.3% last month.
Notably, with OCR projects like AMO Residence, Sky Eden@Bedok, and Lentor Modern launching at prices above S$2,000 psf, the proportion of new non-landed homes in the OCR surpassing the S$2,000 psf mark has soared from 12.6% in January to 80.3% in September.
“Considering the price point, interest rate hikes, and growing macroeconomic uncertainty, the sales performance of these two projects (Lentor Modern and Sky Eden@Bedok) is truly astounding. Demand remains strong due to the insufficient supply of suburban homes and the continued need for HDB upgraders, who have sold their flats in recent months, to purchase replacement properties,” Leo commented.
Leo added that the two OCR projects launched in September pushed the proportion of new homes sold for over S$1.5 million to 22.3%, more than double the 10.6% proportion recorded in August.
Units sold between S$1.5 million and S$2 million accounted for 45.7%. Leo noted that this price range might be the sweet spot for future OCR properties.
“With rising HDB resale prices and positive market sentiment, HDB owners are taking the opportunity to upgrade to private residences. Since new homes are purchased using a progressive payment scheme, and the first loan drawdown typically occurs about a year after the purchase, this allows buyers to ride out the current high-interest-rate environment.”
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7 Best-Selling Projects in the Core Central Region (CCR)
Below are the best-selling projects in September:
| Project Name | Units Sold in Sept | Median Price
(psf) |
Lowest Price
(psf) |
Highest Price
(psf) |
| Lentor Modern | 512 | 2,108 | 1,837 | 2,513 |
| Sky Eden@Bedok | 121 | 2,118 | 1,854 | 2,286 |
| Leedon Green | 31 | 2,876 | 2,512 | 3,074 |
| Pullman Residences Newton | 27 | 3,039 | 2,731 | 3,144 |
| Perfect Ten | 23 | 2,946 | 2,649 | 3,585 |
| Hyll on Holland | 21 | 2,770 | 2,589 | 2,977 |
| Riviere | 18 | 2,974 | 2,651 | 3,344 |
| One Pearl Bank | 12 | 2,689 | 2,415 | 2,869 |
| Meyer Mansion | 10 | 2,657 | 2,481 | 3,115 |
| One Bernam | 10 | 2,589 | 2,321 | 3,025 |
| Pasir Ris 8 | 10 | 1,777 | 1,701 | 2,051 |
| The Avenir | 10 | 3,303 | 3,146 | 3,515 |
Source: Urban Redevelopment Authority (URA), AnjiaSG Research, as of 17 October 2022
Although the OCR region saw the highest volume of new home sales in September, nearly half of the best-selling projects are located in the CCR.
Singapore Property Market Outlook
Copen Grand, the first Executive Condominium (EC) to launch after the new cooling measures, sold 465 units, or 73% of the total units, on its first day last weekend (October 22). The average selling price for the 465 units was approximately S$1,300 psf, which includes the additional 3% purchase price for buyers opting for the Deferred Payment Scheme. All four-bedroom units have been sold out.
Upcoming launches include Tenet, Hill House, and Sophia Regency in November. Kovan Jewel may also be launched next month.
With the new cooling measures taking effect on September 30, new home sales may decline in the coming months as developers might postpone their launches until next year.
Despite the cooling measures, Leo expects demand for ECs to remain strong given the limited market supply.
“As prices for new suburban condominiums continue to rise, we expect more eligible buyers to turn to the EC market, as these homes remain more affordable and offer good value for money.”
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