News release

Private residential units sold by developers in February 2023

The Core Central Region Led New Private Home Sales in February 2023, Lifting All New Sales Transactions to 432 Units

March 15, 2023

Chia Siew Chuin

+65 9695 5776

Andrew Peck

+65 9823 7917

SINGAPORE, 15 March 2023 - On 15 March 2023, the Urban Redevelopment Authority (URA) released the data on developer sales for the month of February 2023.

A summary of the launches and sales is provided in the Appendix.

Ms. Chia Siew Chuin, Head of Residential Research, Research & Consultancy at JLL
谢岫君, 私宅市场研究部主管 (新加坡) commented:

Following the Chinese New Year festive period, developers rode on the uptick in market momentum since January 2023. In addition to the fresh project launches of Terra Hill and Gems Ville in February, developers continued to move more new units from ongoing projects. More units were released from Pullman Residences Newton, Jervois Prive and Leedon Green. Some developers re-calibrated sales schemes and enhanced their show units to encourage sales. For instance, the sales gallery of Klimt Cairnhill was recently refurbished for a relaunch of the project.

Developers sold 432 new private homes (excluding ECs) in February 2023, a 9.9% increase from the 393 units sold in January 2023. On a y-o-y basis however, developer sales were down 20.3% from February 2022’s volume and 28% below the past 5-year sales average registered in the month of February (600 units). This could be largely due to buyers waiting to choose from more project launches in the coming months, while some others could have held back to monitor the market.

The Core Central Region (CCR) led new private home sales (excluding ECs) in February, accounting for 51.4% or 222 units of the total monthly new sales tally. The sustained increase in new home sales in this sub-market despite no new projects being launched during the month was encouraging. CCR projects that helped boost transactions in the sub-market included Pullman Residences Newton, Leedon Green, Perfect Ten, One Bernam, Peak Residence and Klimt Cairnhill.

Sales in the Rest of Central Region (RCR) bounced back with 163 units sold in February, more than tripling the total in January. The rebound was on the back of the new launch of Terra Hill, which sold 97 units from the 270-unit project, contributing 59.5% of the 163 units sold in the RCR. Other top selling projects in the sub-market were Riviere (18 units) and The Landmark (10 units).

Sales in the Outside of Central Region (OCR) tumbled 74.7% m-o-m with just 47 units sold. The lack of new launches and a low unsold stock continued to depress the sales volume in this sub-market, as potential buyers are left with limited choices in existing projects on the market. Higher prices and affordability concerns could have also deterred some would-be buyers.

Despite the cooling measures, loan curbs and higher cost of acquisition, costlier units constituted a larger proportion of all private non-landed new home sale transactions in February.

94.6% (400 units) of the non-landed new home transactions (excluding ECs) in February were at least S$1.5 million. In the same month, 68.6% (290 units) were sold for at least S$2 million, while 6.1% (26 units) were priced at S$5 million and above.

In contrast, 77.6% (287 units) of the total new non-landed units were sold for at least S$1.5 million in January 2023. Transactions of at least S$2 million made up 45.1% (167 units), and 5.9% (22 units) were for those priced at S$5 million and above. The proportion of pricier new non-landed homes in February 2022 was also lower at 72.3% (373 units). In the same month, 37.2% (192 units) were transacted at a minimum of S$2 million, and 1.7% (9 units) cost S$ 5 mil and above. 

The larger proportion of transactions with higher price tags in February 2023 were the result of more new home sale transactions in the CCR and RCR. Driven by a tight supply, prices of new homes have also been on an uptrend.

Looking forward, we expect new home sales to gain momentum as developers roll out more new project launches. Following the debut of The Botany at Dairy Farm in early March, a few new projects expected to be launched in the city-fringe could garner interest – Blossoms by the Park, Tembusu Grand and The Continuum.


In February 2023, 401 new private home units were launched for sale, a slight 2.2% dip from the 410 units launched in the previous month. On a y-o-y basis, however, the number of new units launched spiked 105.6%.

Two projects were freshly launched in February – Gems Ville and Terra Hill. These two projects jointly accounted for 73.3% of the total units launched in February 2023.

Table A – New Launches

Project Total (units) Launched (units) Sold (units) Median price(psf)
Gems Ville 24 24 0 -
Terra Hill 270 270 97 $2,699

Source: URA

Developers sold 432 new private homes (excluding ECs) in February 2023. The take-up during the month was led by the prime Core Central Region (CCR) with 222 units sold, followed by the city fringes i.e. Rest of Central Region (RCR) with 163 units sold. Meanwhile, the suburbs or Outside Central Region (OCR) saw 47 units being taken up in February 2023.

The top selling projects during the month are listed in Table B below. The newly launched Terra Hill was the top-selling project in February 2023, moving 97 units at a median price of S$ 2,699 psf. Buyers were attracted to the project due to its proximity to the Kent Ridge Park, as well as its convenient location within walking distance from the existing Pasir Panjang MRT station.

Table B - Top Selling Projects

Project Sub-market Sold (units) Median price ($ psf)
Terra Hill RCR 97 $2,699
Pullman Residences Newton CCR 38 $3,171
Leedon Green CCR 21 $2,943
Perfect Ten CCR 20 $3,174
One Bernam CCR 19 $2,566

Source: URA

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