The Urban Redevelopment Authority released data on Monday (15 April) showing that developers in Singapore have sold 718 private houses in March. That’s more than four times the 149 homes sold in February.

Sales of private homes, excluding executive condo units (ECs), reached their highest level since four months.

The developer sales for March 2023 increased by 45.9 percent compared to the 492 units that were sold in March 2020. However, they were 13.6% below the 5-year average of 831 unit sales.

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The multiple rounds market cooling measures and the softer economic climate have made prospective homebuyers more cautious compared to a few years ago.

The increased availability of options and pricing has made buyers more price-conscious. They are also taking longer to decide on a home purchase.

March’s numbers brought sales for the first three months of the year up to 1,175 units. The Q1 figure was 7.6% higher than 1,092 units in Q4 of 2023. However, it was 6.4 percent lower than that of the previous quarter.

While overall sales stagnated, certain projects with superior characteristics at realistic price points performed better.