Excluding executive condominiums (EC), developers launched 1,312 uncompleted condos for sale in the first quarter, more than double the 504 units in the previous quarter. Sales also went up, with 1,256 units sold, up from 690 units before.
No EC units were launched, but developers sold 206 units in the quarter from earlier launches. In the previous quarter, 1,257 EC units were launched for sale and 1,127 sold.
There were 2,622 resale transactions. Resale transactions accounted for 63.6 per cent of all sales in the first quarter. There were 243 sub-sales, in which the buyer sells on the property to another buyer before the condo’s completion.
SUPPLY INCREASING
A total of 3,785 private residential units were completed in the first quarter of 2023, fewer than the 4,423 units completed in the preceding quarter.
But this was around 60 per cent more than the average of around 2,400 units completed per quarter in 2022. Projects completed in the quarter include Avenue South Residence, Piermont Grand, Kent Ridge Hill Residences and Riviere.
With the large supply completion, the vacancy rate for private homes rose to a five-quarter high of 6 per cent, from 5.5 per cent in the previous quarter.