Foreign interest in luxury homes in Singapore remains robust despite the latest property cooling measures, say experts. The higher sales in April were supported by two major launches in the Rest of Central Region (RCR), namely the 638-unit Tembusu Grand by City Developments Ltd and MCL Land along Jalan Tembusu; and the 275-unit Blossoms by the Park by EL Development along Slim Barracks Rise. In the Core Central Region (CCR), 208 new private homes were sold in April, with The Atelier by Bukit Sembawang Estates’ being the top-selling project. Meanwhile, the Outside Central Region (OCR) saw just 51 units sold in April.Foreigner buying interest in new private homes in Singapore remains strong, despite the announcement of the latest property cooling measures which took effect on April 27. According to data released by URA on May 15, the number of foreign buyer purchases of new homes nearly doubled to 70 in April, the highest number of such transactions since May 2022. This, in addition to demand among locals and Singapore permanent residents, could continue to support new home sales in May.

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Far East Organization and Sino Group’s The Reserve Residences, located at Jalan Anak Bukit, is expected to draw keen interest in May 2023. This follows two major launches in April in the Rest of Central Region (RCR), the 638-unit Tembusu Grand by City Developments Ltd and MCL Land along Jalan Tembusu; and the 275-unit Blossoms by the Park by EL Development along Slim Barracks Rise.

Despite the doubling of the additional buyer’s stamp duty (ABSD) rate applicable for foreigners to 60%, foreign demand for new homes appears to have remained strong. According to URA data released in May 15, the number of foreign buyer purchases of new homes nearly doubled to 70, which is the highest number of such transactions since May 2022. Geopolitical tensions may have led to more foreigners buying properties in safe havens like Singapore.

The Core Central Region (CCR) saw 208 new private homes sold in April, the highest since August 2022. The top-selling CCR project was The Atelier, Bukit Sembawang Estates’ 120-unit freehold development on Makeway Avenue, where 46 units were sold at a median price of $2,658 psf. Lee Sze Teck, senior director of research at Huttons Asia, noted that the CCR new home sales come on the back of more purchases by foreigners.

The Outside Central Region (OCR) saw just 51 units sold in April — a drop of 78% m-o-m — underpinned by the absence of new launches and limited supply of unsold stock. Top-sellers in the region include The Botany at Dairy Farm and The Gazania, with 12 units and 10 units sold, respectively.

In the EC segment, 22 units were sold in April, on a par with the 21 units sold in March. Sales were led by North Gaia, with the Yishun EC moving 18 units at a median price of $1,271 psf.

Foreign interest in luxury homes in Singapore remains robust, according to experts. Huttons’ Lee believes that foreign interest has not declined significantly after the cooling measures, with foreigners still making appointments to view luxury homes. ERA Realty Network key executive officer and head of research and market intelligence Eugene Lim adds that buyers are still attracted to Singapore’s stable governance and strong currency.

Overall, foreign buyer purchases made up 8% of total sales in April, consistent with the month before, signifying that foreign demand for new homes may not have been affected much by the new cooling measures. Nonetheless, PropNex’s Wong Siew Ying believes that foreign demand for new homes could slow in the coming months, as foreigners assess the new measures and the higher ABSD rate.

In April, 887 new private homes (excluding executive condominiums or ECs) were sold — a jump of 80.3% m-o-m and 37% y-o-y, representing the highest monthly sales since September 2022. The last two months have seen four consecutive months of growth, with the two RCR projects — Tembusu Grand and Blossoms by the Park — accounting for 559 units or 63% of April’s sales.

Despite the cooling measures, fresh project launches since their implementation have been able to book healthy sales of over 200 units each, with 206 units (27%) selling during the launch weekend at The Continuum, a 816-unit freehold condo by Hoi Hup Realty and Sunway Property on Thiam Siew Avenue.

New home sales in May 2023 are expected to remain supported by home buying demand from locals and Singapore permanent residents, with Far East Organization and Sino Group’s The Reserve Residences being the most anticipated project.