According to data published by URA on December 16, developers sold 2,557 new private homes (excluding ECs) in November. This marks a 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 surge in sales is the highest monthly 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 also the first time since March 2013 that new home sales have surpassed the 2,000-unit mark in a single month.
The spike in November can be attributed to the “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, including Chuan Park, Emerald of Katong, Nava Grove, The Collective at One Sophia, and Union Square Residences. In total, 2,871 new homes were launched in November, a 438% increase from the previous month and 196% higher than a year ago.
In addition, the 504-unit Novo Place EC also commenced sales in November, bringing the total number of new home sales to 2,891 units, a 277% month-on-month surge and 226% year-on-year jump.
Between January and November, an estimated 6,344 units were sold, slightly higher than the 6,317 units sold during the same period in 2023. This is despite the fact that developers launched 6,627 units for sale during the first 11 months of 2024, a drop from the 7,515 units launched over the same period last year.
Top-selling projects for the month include Emerald of Katong, Chuan Park, and Nava Grove. Emerald of Katong, a 99-year leasehold development by Sim Lian Group, sold 840 units with a median price of $2,627 psf. Adjacent to the East Coast, the project’s popularity can be attributed to its excellent design and location, as well as the improved affordability of mortgages due to lower interest rates.
Kingsford Group’s Chuan Park, a 99-year leasehold development located near Lorong Chuan MRT Station, sold 721 (79%) units with a median price of $2,586 psf. Nava Grove, a 99-year leasehold project by MCL Land and Sinarmas Land, sold 382 units (69%) with a median price of $2,445 psf.
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According to OrangeTee’s Sun, this strong performance was driven by pent-up demand and improved buyer sentiment following interest rate cuts in September. Huttons’ Lee believes that buying momentum has been building since the last quarter, with projects such as 8@BT and Norwood Grand seeing a robust response. In addition, demand was funnelled to the wider market as buyers who missed out on their preferred units in a particular project were prompted to quickly commit to a unit in another new or existing project.
However, Lee warns that December may see a decline in sales due to the school holidays and the festive season, with only around 200 to 250 units expected to be sold. This will bring full-year developer sales to approximately 6,500 units, slightly higher than in 2023.
Looking ahead to 2025, Sandrasegeran predicts that new home sales will regain momentum with the launch of The Orie, a 777-unit project by City Developments, in January. He also expects the 113-unit Bagnall Haus, the 186-unit Aurea, and the 760-unit Aurelle of Tampines EC to be launched in the first quarter of the year.
However, Sun believes that the recent surge in sales is temporary and that the subdued demand seen throughout 2024 was due to the lack of significant private project launches. She points out that only 3,049 units were sold during the first three quarters of 2024, the lowest figure since 2004 when URA data first became available.
Lee remains “cautiously optimistic” about the market in 2025, projecting new private home sales to rebound to between 7,000 and 8,000 units and prices to grow by 4% to 7%.