A total of 2,557 new private homes, excluding executive condos (ECs), were sold by developers in November, according to the latest URA data released on December 16. This represents a significant 246.5% surge from the 738 units sold in October and a whopping 226% jump from the units sold in November 2023.
“This is the highest monthly developer sales since March 2013, when 2,793 units (excluding ECs) were sold,” says Christine Sun, chief researcher and strategist at OrangeTee Group. Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI), adds that this marks the first time new home sales have exceeded the 2,000-unit threshold in a single month since March 2013.
The November developer sales figure is boosted by an “unprecedented” number of project launches during the month, according to Lee Sze Teck, senior director of data analytics at Huttons Asia. Five private residential projects were launched in November, including the 916-unit Chuan Park, the 846-unit Emerald of Katong, the 552-unit Nava Grove, the 367-unit The Collective at One Sophia, and the 366-unit Union Square Residences.
In total, developers launched 2,871 new homes, excluding ECs, in November – a substantial 438% increase compared to the previous month, and a 196% rise from the same period last year. Additionally, the 504-unit Novo Place EC also commenced sales in November. Overall, the new home sales figure jumped by 277% month-on-month and 226% year-on-year to 2,891 units in November, when including ECs.
As of November, an estimated 6,344 units have been sold by developers, slightly higher than the 6,317 units sold in the first 11 months of 2023. This comes as developers launched 6,627 units for sale during the same period in 2024. In comparison, 7,515 units were launched by developers in the first 11 months of 2023.
Best-selling projects
Emerald of Katong was the top-selling project in November, with 99% of its 846 units sold by Sim Lian Group in the Rest of Central Region (RCR). The median price for the 99-year leasehold development was $2,627 psf, making it the best-selling project by units and percentage in 2024, according to Lee.
“Buyers were drawn to the project’s superb design and offerings, particularly those looking to live near the East Coast. The improved affordability of mortgages may have also further incentivized buyers to invest in this city-fringe project, as lower interest rates have made mortgages more accessible,” observes OrangeTee’s Sun.
The second best-selling project by number of units in November was the 916-unit Chuan Park by Kingsford Group, which sold 79% or 721 units at a median price of $2,586 psf. This 99-year leasehold condo is located on Lorong Chuan, near Lorong Chuan MRT Station, in the Outside Central Region (OCR).
Nava Grove, situated on Pine Grove in District 21, was the third best-selling project by units sold, with 69% of its 99-year leasehold units, or 382 units, sold in November at a median price of $2,445 psf.
Sun believes the strong sales performance among the new launches was driven by pent-up demand and improved buyer sentiment following interest rate cuts in September. “As a result, many buyers were eager to take advantage of attractive deals as several prominent projects were launched simultaneously,” she continues.
Huttons’ Lee adds that buying momentum has been gathering pace since the last quarter, when project launches such as the 158-unit 8@BT and the 348-unit Norwood Grand received a strong response. Demand also spilled over into the wider market, as buyers who missed out on their preferred unit in a particular project were prompted to quickly purchase a unit in other new or existing projects.
Rewritten:
Singapore’s cityscape is characterized by towering skyscrapers and state-of-the-art infrastructure. Condos, situated in highly desirable locations, offer a combination of opulence and convenience that appeals to both locals and foreigners. These residential developments come equipped with a host of luxuries including swimming pools, fitness centers, and top-notch security services, elevating the overall living experience and making them particularly appealing to potential renters and buyers. This also translates into attractive returns for investors, with higher rental yields and increasing property values over time. Condos play a significant role in shaping the urban landscape of Singapore.
EdgeProp Singapore reported last month that the launch of Emerald of Katong has also created a ripple effect on neighbouring projects in District 15, with developments such as Tembusu Grand and The Continuum seeing an increase in take-up.
Looking ahead
Huttons’ Lee predicts a quieter December for new home sales due to the school holidays and festive season. He estimates that sales will fall to around 200 to 250 units, bringing the full-year developer sales to about 6,500 units, slightly more than 2023. In terms of prices, he expects a moderation in growth to about 5%, compared to the 6.8% growth recorded in 2023.
However, SRI’s Sandrasegeran anticipates a rebound in new home sales in January 2025 with the launch of the 777-unit The Orie by City Developments in Lorong 1 Toa Payoh. “[This area] has not seen a new property launch since Gem Residences in 2016, and this extended gap is likely to generate pent-up demand, continuing the enthusiasm for this well-established estate that is also close to Braddell MRT station,” he says.
Other launches expected in the first quarter of 2025 include the 113-unit Bagnall Haus, the 186-unit Aurea and the 760-unit Aurelle of Tampines EC.
Sun believes that the recent surge in sales is a temporary phenomenon. “Throughout 2024, new home demand has been subdued, primarily due to the lack of significant private project launches,” she points out. The developer sales figures for the first three quarters of 2024 were the lowest recorded since data from URA became available in 2004.
Lee adds that he is “cautiously optimistic” of a better performance in the new sale market in 2025. “Some of the unsatiated demand in 2024 may flow over to the launches in the first quarter of 2025,” he says. He projects new private home sales to rebound to between 7,000 and 8,000 units in 2025, with prices estimated to grow between 4% and 7%.