Singapore’s developers sold 718 privately owned homes in the month of March, up from just 149 in February. These figures were released by Urban Redevelopment Authority Monday (Apr. 15).

The sales of new private residences, excluding executive condominiums units (ECs), are also at their highest in four-months.

On a year over year basis, developer sales rose 45.9 % from the March 2023 average of 492 units, but fell 13.6% short of the March 5-year-average of 831.

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Comparing to last year’s homebuyers, they are now more cautious because of the many rounds and types of cooling measures that have been implemented, as well as the softening economic conditions and high costs for financing.

Prices and options have increased, making homebuyers more price conscious and selective. This leads to slower sales because buyers are taking longer before they make their decisions.

Sales for the quarter ended March were 1,175 vehicles. The Q1 sales total was 7.6 percent higher than the 1092 units sold during Q4 2023. But it was 6.4% lower compared to the same quarter last year.

Overall sales remain tepid. Selected projects with superior qualities at realistic pricing points have outperformed.