Suburban projects lift Singapore private home sales in March: analysts

Sales in Lentor Mansion accounted for more than half of last month’s total.

The strong performance of the projects launched in the Outside the Central Region (OCR) is what drove private home sales to more than quadruple in March, according to property analysts.

Lee Sze Teck, senior director for data analytics at Huttons Asia, said the 409 units sold in Lentor Mansion during its first month on the market already accounted for 57% of the entire 718 homes sold by developers in March. The project located in Lentor is now 77% sold since its launch on 15 March.

The second top-selling project last month was Lentoria, also part of the up-and-coming Lentor neighbourhood, where 60 out of its 267 units changed hands during its launch month.

Rounding out the top five were three more projects in the OCR: The Botany at Dairy Farm, Lentor Hills Residences and Hillhaven, which sold 33, 29 and 16 units, respectively.

Projects in the OCR sold a total of 605 units last month, accounting for nearly 85% of the March tally and the highest monthly sales in the OCR in 18 months or since September 2022.

“Local buyers including public flat upgraders as well as mass-market suburban project launches continued to drive new sales [in OCR],” said Chia Siew Chuin, Head of Residential Research at JLL.

READ MORE: March private home sales spike due to new launches

For this month, three projects are scheduled to launch led by the 142-unit The Hill @ One-North, alongside two boutique developments, The Hillshore with 59 units and 32 Gilstead offering 14 units. 

“With April’s new launches offering fewer units, we anticipate that developers’ sales could likely underperform March’s new home sales volume,” said Wong Siew Ying, Head of Research and Content at PropNex Realty.