According to data published by the URA on Dec 16, developers have successfully sold 2,557 new private homes, excluding executive condos (ECs), in November. This represents a substantial increase of 246.5% from the 738 units sold in October, as well as a 226% jump compared to the number of units sold in November 2023.
This surge is the most significant monthly developer sales since March 2013, when 2,793 units (excluding ECs) were sold, notes 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 is the first time new home sales have exceeded the 2,000-unit threshold in a single month since March 2013.
The impressive figure in November comes as a result of an “unprecedented” number of project launches, says Lee Sze Teck, senior director of data analytics at Huttons Asia. A total of five private residential projects were launched in November, comprising the 916-unit Chuan Park, 846-unit Emerald of Katong, 552-unit Nava Grove, 367-unit The Collective at One Sophia, and 366-unit Union Square Residences. In total, developers launched 2,871 new homes excluding ECs in November – a 438% spike compared to the month before, and 196% higher than a year ago.
Additionally, the 504-unit Novo Place EC also commenced sales in November. Including ECs, the total number of new home sales jumped by 277% month-on-month and 226% year-on-year to 2,891 units in November.
Overall, as of November, developers have sold an estimated 6,344 units, which is marginally higher than the 6,317 units sold in the first 11 months of 2023. This is due to the launch of 6,627 units by developers in the same period in 2024. This represents a significant increase compared to the 7,515 units launched in the same period last year.
Top-Selling Projects
Emerald of Katong was the top-selling project in November. The 846-unit development, located on Jalan Tembusu in the Rest of Central Region (RCR) by Sim Lian Group, saw an impressive sale of 840 units, or 99% of its total, during the month at a median price of $2,627 per square foot (psf). This makes the 99-year leasehold development the best-selling project by units and percentage in 2024, according to Lee.
“Buyers were attracted to the offering of the project, particularly those looking to reside near the East Coast. The refinancing of mortgages likely also encouraged buyers to invest in this city-fringe project, as lower interest rates have made mortgages more accessible,” observes OrangeTee’s Sun.
Chuan Park by Kingsford Group, with 916 units, sold 721 (79%) units at a median price of $2,586 psf, making it the second best-selling project by number of units in November. The 99-year leasehold condo is situated on Lorong Chuan, next to Lorong Chuan MRT Station, in the Outside Central Region (OCR).
Nava Grove, located at Pine Grove in District 21, was the third best-selling project in terms of units sold. The 99-year leasehold RCR development by MCL Land and Sinarmas Land sold 382 units (69%) in November at a median price of $2,445 psf.
Sun believes that the robust sales performance of the new launches can be attributed to 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 offered by several prominent projects launched simultaneously,” she adds.
Lee from Huttons says that buying momentum has been steadily increasing since the last quarter, with the successful launches of projects such as the 158-unit 8@BT and the 348-unit Norwood Grand. This has also led to increased interest in the wider market, as buyers who missed out on their preferred unit in a particular project quickly committed to a unit in other new or existing projects.
EdgeProp Singapore reported last month that the launch of Emerald of Katong has had a ripple effect on neighboring projects in District 15, such as Tembusu Grand and The Continuum, which have both enjoyed an uptick in take-up.
Emerald of Katong boosts District 15 new home sales: The Continuum emerges as top beneficiary
New Launches to Support Momentum in 2025
Looking ahead, a slower December is anticipated due to the school holidays and festive season. However, Huttons’ Lee believes that a lack of launches planned for December will result in new private home sales falling to around 200 to 250 units. This would bring full-year developer sales to approximately 6,500 units, slightly more than in 2023. In terms of prices, Lee expects full-year price growth to come in at around 5%, down from the 6.8% growth recorded in 2023.
Moving into the new year, SRI’s Sandrasegeran expects new home sales to rebuild momentum in January 2025 with the launch of the 777-unit The Orie by City Developments on Lorong 1 Toa Payoh. “The 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 buyer enthusiasm for this well-established estate, which is conveniently located close to Braddell MRT Station,” he comments.
Other launches expected in 1Q2025 include the 113-unit Bagnall Haus, the 186-unit Aurea, and the 760-unit Aurelle of Tampines EC.
Sun from OrangeTee suggests 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 states. Developer sales from Q1 to Q3 in 2024 amounted to 3,049 units, the lowest figures recorded since 2004 when URA data first became available.
Lee is “cautiously optimistic” about the performance of the new sale market in 2025. “Some of the unsatisfied demand in 2024 may flow over to the launches in 1Q2025,” he adds. He predicts that new private home sales will rebound to between 7,000 and 8,000 units in 2025, while prices are expected to grow by 4% to 7%.
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