New home sales more than double in May with 1,356 units sold

, the first joint project by City Developments and MCL Land, saw 318 units sold in May, making it the top-performing project of the month. Units were sold at a median price of about $2,175 psf. Meanwhile, Bukit Sembawang Estates’sStory continues

Median prices of new sales across all regions have continued to rise, says Wong Xian Yang, head of research, Singapore at Cushman & Wakefield. On a year-to-date basis, prices in the RCR have grown the most to $2,197 psf, up 12% from 2021, followed by the OCR at $1,702 psf and the CCR at $2,761 psf .

The OCR, in particular, saw several higher-priced transactions. A monthly record of 22 units in the OCR transacted at above $2,200 psf, observes OrangeTee & Tie’s Sun. 10 of units, all from freehold projects The Gazania and The Lilium, breached $2,400 psfMay saw a higher number of purchases of new homes by foreigners, with Huttons’s Lee estimating a total of 84 units sold to non-Singaporeans , up from 53 units in April and representing 6.2% of total sales new home sales excluding ECs in May.

The jump in foreign transactions came from the reported sale of 20 units at CanningHill Piers, located in the CCR, to a Chinese national for $87.57 million. Ten of the units were sold at more than $5 million each, says Mak, while the other ten units were sold at between $3.1 million and $3.4 million each.

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