In a recent report released by the Urban Redevelopment Authority (URA), it was revealed that Singapore's real estate market witnessed a significant slowdown in September. This month marked the lowest private home sales since December 2022.
This article dives into the reasons behind this decline, explores the demand for Executive Condominiums , and provides insights into upcoming launches and sales projections for the remainder of the year.In September, a mere 217 units were sold, marking a substantial 44.9 per cent drop from August and an astonishing 78 per cent drop from the same month last year.
Furthermore, the timing of the lunar seventh month, also known as the Hungry Ghost festival, and the occurrence of school holidays further dampened market activities. Traditionally, during the lunar seventh month, many individuals observe cultural practices that might deter them from engaging in significant financial transactions, including property purchases.
Consequently, developers chose to maintain stable pricing, waiting for a more opportune moment in the market to make strategic adjustments.Despite the overall market slowdown, the demand for Executive Condominiums remained robust. The strong demand for ECs can be attributed to price-sensitive buyers seeking an alternative to private homes.Analysts are optimistic about the market, anticipating strong buying interest in upcoming major launches. Projects like Watten House in the prime district and Hillock Green and J'den in the suburbs are expected to invigorate the market.