In Singapore, property developers recorded the sale of 217 new private homes in September, marking a notable 44.9% drop from the 394 units sold in August, as reported by the Urban Redevelopment Authority (URA) on Monday, October 16.

This September's sales figures, which do not encompass executive condominiums (ECs), are strikingly lower than the 987 units that were sold in the same month last year. In fact, it's the lowest number of units sold since December 2022 when developers managed to move only 170 units.

If we include ECs in the count, a total of 335 units were sold in September, amidst a backdrop of just 68 private apartment units launched. To put this into perspective, the previous month saw 649 units being sold and a more substantial 950 units being launched.

Out of the three market segments, the Core Central Region took the lead in condo and private apartment sales, accounting for 35% of the total sales in September.

We have attributed this decline in sales for the second consecutive month to the absence of major property launches during that period. In September, developers introduced a mere 68 units, which is a significant drop compared to 590 units in August and a whopping 2,156 units in July.

The lunar seventh month or Hungry Ghost festival, which concluded in mid-September tend to affect the new home sales results.

It's worth mentioning that EC buyers enjoy an upfront remission on the Additional Buyers’ Stamp Duty (ABSD). Altura, the only EC project in 2023, managed to sell 100 units in September, taking its total sales to 316 out of 390 units available, resulting in an impressive take-up rate of 88%.

A closer look at the developer sales data for September reveals Altura's remarkable performance within the EC market.

There is optimism in the real estate market, as potential major launches are anticipated in the upcoming months. These launches include properties such as Watten House in the prime district, as well as Hillock Green and J'den in the suburbs.

Managing director of Propertyforsale, Mr JT Chia, predicted a range of 6,500 to 7,000 new homes excluding EC could be sold in 2023.