JCube set to close in Aug, CapitaLand to build JCube Residence 40-storey JCube Condo Residence residential and commercial development in Jurong East, Singapore, connected to multiple amenities; estimated launch for sale in 2nd half of 2023.

to 712 unitsNew home sales in Singapore remained steady in February 2023, with developers selling 432 units, up 9.9% from the previous month. There were 401 new units released, with the majority from Core Central Region (CCR) projects. The Reserve Residences at Jalan Anak Bukit by the joint venture between Far East Organization and Sino Group, as well as other projects, are expected to launch in the coming months which could galvanise more buyers into action. Despite a decrease of 20.3% from February 2022, this marks a second straight month of improvement, following the 130% m-o-m surge recorded in January.The majority of the new home sales in February (51.4%) were driven by CCR projects, with 222 units sold, more than double the 107 units released in the region last month. Terra Hill, the 270-unit freehold project by Hoi Hup and Sunway Developments on Yew Siang Road, also contributed to 22% of February’s new private home sales, with 97 units sold at a median price of $2,699 psf.The Botany at Dairy Farm, Sim Lian Group’s 386-unit project at Dairy Farm Walk, was launched after the release of the Budget announcement and 48% of its units were taken up at an average price of $2,070 psf. The number of new homes purchased by foreigners was also steady with 54 units acquired by non-permanent residents, the highest monthly sales since June 2022. Despite the announcement of an increase in Buyer’s Stamp Duty (BSD), these figures illustrate buyers are prepared to pay for new homes and maintain the confidence of the market.Buyers face challenges such as high-interest rates and cooling measures, yet new home sales in Singapore remained steady in February 2023, with developers selling 432 units, up 9.9% from the previous month. The Bulk (51.4%) of February developer sales were driven by Core Central Region (CCR) projects, with Terra Hill, the 270-unit freehold project, contributing to 22% of the sales. The Botany at Dairy Farm, Sim Lian Group’s 386-unit project, was launched after the Budget announcement was released and 48% of its units have been sold at an average price of $2,070 psf.In spite of high-interest rates and cooling measures, buyers are still quick to purchase new homes and maintain confidence in the market, even after the increase in Buyer’s Stamp Duty (BSD). 54 new homes were purchased by foreign buyers in February, showing they are ready to invest domestically in Singapore. The Reserve Residences, by the joint venture between Far East Organization and Sino Group, is one of numerous projects coming up which is expected to increase new home sales momentum in the coming months.With the narrowing price gap between Rest of Central Region and Core Central Region, the market is implying that buyers are seeing value in CCR purchases for wealth preservation amid the current uncertainty. Confidence has been buoyed by new launches such as Terra Hill and The Botany at Dairy Farms, which have both set new price benchmarks for their respective neighbourhoods. Consultants have kept their full-year forecasts unchanged with sales estimated to reach anywhere between 7,000 – 9,000 units for 2023.Overall, new home sales in Singapore have remained steady despite challenging market conditions, with Terra Hill and The Botany at Dairy Farm setting new price benchmarks in their respective neighbourhoods. Upcoming launches such as The Reserve Residences are expected to galvanise new home sales in the coming months. The market is signalling that buyers are willing to invest into freehold properties, valuing the Core Central Region as a form of wealth preservation amid the current uncertainty. Despite high-interest rates and cooling measures, it is expected that new private home sales will continue to be supported and should reach between 7,000 – 9,000 units by the end of 2023.