Press Release

April 15, 2021

Private New Home Sales Surged In March 2021 on Midtown Modern New Launch And Keen Buying Interest

SINGAPORE, 15 April 2021 – As expected, private new home sales staged a strong comeback in March, doubling February’s sales on the strong take-up at new launch Midtown Modern in Bugis and keen buying interest from owner-occupiers and investors. In March, the Core Central Region (CCR) led the charge in driving sales.


Developers sold a total of 1,296 new units (excluding Executive Condominiums) last month, representing a 100.9% jump over the 645 units shifted in February. On a year-on-year basis, new private home sales in March 2021 were up by about 96% from the 660 units transacted in March 2020. The 1,296 units sold in March 2021 is the highest new private home sales tally for the month of March, since 1,780 units changed hands in the same month of 2017.

As with months that had newly-launched projects, new home sales in March was supply-led - with the 558-unit Midtown Modern driving sales volume. It was the star performer, selling 368 units (or about 28% of total sales) at a median price of $2,726 psf. The healthy sales at the Midtown Modern as well as at RV Altitude helped to boost transactions in the CCR to 546 new units in March. This represents a stellar increase of 841.4% from 58 units shifted in the previous month. Meanwhile, the steady pace of sales at previously launched projects saw transactions rise by 19.4% and 38.2% month-on-month in the Rest of Central Region (RCR) and Outside Central Region (OCR) respectively.

In terms of units launched, developers placed 959 new private homes (ex. ECs) on the market in March – markedly higher than the 167 units (ex. ECs) launched in the previous month.

Ismail Gafoor, CEO of PropNex:
“Overall, the sales performance in March reflected the underlying demand for new projects that are well-located, well-designed and with relatively attractive pricing. In our view, the improved market sentiment and ample liquidity in the system continued to spur buying interest. In addition, the speculation on potential cooling measures could also have nudged some buyers to enter the market sooner, lest any new curbs affect their purchasing ability later on.

New home sales in March remained very much supply-led with Midtown Modern helping to drive sales, as compared to February where sales transactions fell owing to the lack of any major launches. The healthy take-up means that Midtown Modern is now about 66% sold. From our market observations, it appears that many buyers are drawn to bigger developments that adopt a more holistic approach to design, incorporating a range of facilities to meet varying needs of residents as well as lots of greenery to enhance wellness.

In view of the brisk sales in Q1 2021 – at a total of 3,574 units (up by about 58% year-on-year) - we now project private new home sales to likely cross 9,000 units for the whole of 2021, barring any new cooling measures being rolled out.”

Wong Siew Ying, Head of Research and Content, PropNex:
“We expect new private home sales to remain lively in April, supported by the robust demand at Irwell Hill Residences, which sold about 280 units over its launch weekend on April 10-11. We believe the good take-up at recent launches such as Normanton Park, The Reef At King’s Dock, Midtown Modern, and Irwell Hill Residences should help to further bolster the confidence of consumers as well as developers for their upcoming projects. Housing demand and buying interest will likely stay fairly resilient in the coming months, supported by new launches.

Some potential new projects to come in the next one to two quarters include Grange 1866, Park Nova, One-north Eden, One Bernam, Peak Residence, Perfect Ten, Klimt Cairnhill, and Canninghill Piers – in the CCR and RCR – as well as Pasir Ris 8 in the OCR. Meanwhile, Provence Residence EC in Sembawang will also likely be launched in the months ahead.” 

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