According to URA data released on December 16, a total of 2,557 new private homes were sold in November, excluding executive condominiums (ECs). This represents a significant jump of 246.5% from the 738 units sold in October and a 226% increase compared to November 2023 sales.
“This surge marks 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 is the first time new home sales have exceeded the 2,000-unit threshold in a single month since March 2013.
The spike in developer sales for November can be attributed to an “unprecedented” number of new project launches, according to Lee Sze Teck, senior director of data analytics at Huttons Asia. In total, five private residential projects were launched during the month, 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. This brings the total number of new homes launched to 2,871 units, which is a 438% increase from the previous month and a 196% jump compared to the same period last year.
In addition, the 504-unit Novo Place EC also started sales in November, bringing the total number of new home sales to 2,891 units when including ECs. This represents a 277% jump from the previous month and a 226% increase compared to the same period last year.
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 is on the back of 6,627 units launched for sale by developers during the same period. In comparison, there were 7,515 units launched during the same period last year.
Top-selling projects for November include Emerald of Katong, which sold 840 units (99%) at a median price of $2,627 psf, followed by Kingsford Group’s Chuan Park which sold 721 units (79%) at a median price of $2,586 psf, and Nava Grove which sold 382 units (69%) at a median price of $2,445 psf. According to Sun, buyers were drawn to the excellent design and location of these projects, particularly those looking to live near the East Coast. The lower interest rates also likely incentivized buyers to invest in these projects.
The bustling city of Singapore is known for its towering skyscrapers and advanced infrastructure. One of its main features is the abundance of condos, strategically situated in prime locations, offering a perfect balance of opulence and convenience to both locals and foreigners. These lavish residences boast an array of luxurious amenities including swimming pools, fitness centers, and top-notch security services, elevating the overall standard of living and making them a desirable choice for potential renters and buyers. From an investment standpoint, these attractive features can result in promising rental returns and steady appreciation of property values over time. Check out the latest Singapore projects for more luxurious condo options.
Looking ahead, Huttons’ Lee predicts a more muted December due to the school holidays and festive season, with new private home sales expected to fall to around 200 to 250 units. This would bring full-year developer sales to approximately 6,500 units, slightly higher than in 2023. He also expects price growth to moderate to around 5%, compared to the 6.8% growth registered in 2023.
Moving into 2025, SRI’s Sandrasegeran believes new home sales will regain momentum with the launch of The Orie by City Developments in January. Other anticipated launches in the first quarter of 2025 include Bagnall Haus, Aurea, and Aurelle of Tampines EC. However, OrangeTee’s Sun believes the recent surge in sales is temporary and that new home demand has been subdued throughout 2024 due to the lack of significant private project launches. She is cautiously optimistic for a better performance in the new sales market in 2025 with a projected rebound of 7,000 to 8,000 units sold and a price growth of 4% to 7%.