The Urban Redevelopment Authority (URA) has reported that developers sold a total of 2,557 new private homes in November, excluding executive condos (ECs). The figure represents an impressive 246.5% increase from the 738 units sold in October, and a 226% jump from November 2023.
Christine Sun, Chief Researcher and Strategist at OrangeTee Group, notes that this is the highest monthly sales figure since March 2013, when 2,793 units (excluding ECs) were sold. Mohan Sandrasegeran, Head of Research and Data Analytics at Singapore Realtors Inc (SRI), adds that this is the first time new home sales have exceeded 2,000 units in a single month since March 2013.
This surge in sales can be attributed to the launch of an “unprecedented” number of projects during the month, according to Lee Sze Teck, Senior Director of Data Analytics at Huttons Asia. In total, five private residential projects were launched in November, including Chuan Park (916 units), Emerald of Katong (846 units), Nava Grove (552 units), The Collective at One Sophia (367 units), and Union Square Residences (366 units).
In addition to these new launches, the 504-unit Novo Place EC also started sales in November. Including ECs, the total number of new home sales in November surged by 277% month-on-month and 226% year-on-year to reach 2,891 units.
Overall, it can be seen that the number of units sold in November is on par with the first 11 months of 2023, with a total of 6,344 units sold. This is slightly higher than the 6,317 units sold in the same period in 2023. Developers have launched a total of 6,627 units for sale in the first 11 months of 2024, while 7,515 units were launched during the same period in 2024.
Top-selling projects in November include Emerald of Katong, which sold 840 units (99%) at a median price of $2,627 per square foot (psf). This makes it the best-selling project by units and percentage in 2024. Chuan Park, developed by Sim Lian Group in the Outside Central Region (OCR), was the second best-selling project with 721 units (79%) sold at a median price of $2,586 psf. Nava Grove in District 21 was the third best-selling project with 382 units (69%) sold at a median price of $2,445 psf.
Sun believes that the strong sales performance among these new launches can be attributed to pent-up demand and improved buyer sentiment following interest rate cuts in September. She notes that buyers were drawn to the various projects’ attractive designs and offerings, particularly those who want to live near the East Coast. The lower interest rates have also made mortgages more accessible, further incentivizing buyers to invest in these projects.
Looking ahead, Huttons’ Lee expects December to be a quieter month due to the school holidays and festive season, with only about 200 to 250 units expected to be sold. This will bring the total number of developer sales for the year to around 6,500 units, slightly higher than in 2023. However, he predicts that price growth for the year will moderate to about 5%, compared to 6.8% in 2023.
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Moving into 2025, Sandrasegeran expects new home sales to pick up again in January with the launch of The Orie by City Developments. The 777-unit project, located on Lorong 1 Toa Payoh, is the first property launch in the area since Gem Residences in 2016. This is likely to generate pent-up demand, especially with its proximity to Braddell MRT station.
Other notable launches expected in the first quarter of 2025 include Bagnall Haus, Aurea, and Aurelle of Tampines EC. Sun believes that the surge in sales in November is a temporary phenomenon and that the demand for new homes has been subdued throughout 2024 due to the lack of significant private project launches. Huttons’ Lee is cautiously optimistic about a better performance in the new sale market in 2025, with a possible rebound to between 7,000 and 8,000 units sold and price growth of 4% to 7%.