In November, developers in Singapore sold 2,557 new private homes, excluding executive condominiums (ECs), according to data released by the Urban Redevelopment Authority (URA) on December 16. This represents a staggering 246.5% increase from the 738 new private homes sold in October and a 226% jump from units sold in November 2023.
According to Christine Sun, chief researcher and strategist at OrangeTee Group, this surge is the highest monthly developer sales seen since March 2013, when 2,793 units were sold (excluding ECs). 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 mark in a single month since March 2013.
The surge in November’s sales can be attributed to an “unprecedented” number of project launches, says 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.
Excluding ECs, a total of 2,871 new homes were launched in November, a 438% increase from the previous month and a 196% increase from a year ago. The launch of the 504-unit Novo Place EC also contributed to the spike in new home sales. When including ECs, the total number of new homes sold in November surged by 277% compared to the previous month and 226% compared to a year ago, reaching 2,891 units.
As of November, developers have sold an estimated 6,344 units, slightly higher than the 6,317 units sold in the first 11 months of 2023. This is a result of 6,627 units launched for sale by developers during the same period. In comparison, developers launched 7,515 units in the first 11 months of last year.
Top-selling projects in November include the Emerald of Katong, which sold 840 units (99%) with a median price of $2,627 per square foot (psf), making it the best-selling project by units and percentage in 2024, according to Lee. The 99-year leasehold development by Sim Lian Group is situated on Jalan Tembusu in the Rest of Central Region (RCR). Chuan Park, another 99-year leasehold development by Kingsford Group in the Outside Central Region (OCR), came in second with the sale of 721 units (79%) at a median price of $2,586 psf.
In third place was Nava Grove, a 99-year leasehold development by MCL Land and Sinarmas Land in District 21, which sold 382 units (69%) with a median price of $2,445 psf. According to Sun, the strong sales performance among the new launches in November can be attributed to pent-up demand and improved buyer sentiment following interest rate cuts in September. She also notes that the simultaneous launch of several prominent projects likely incentivized buyers to take advantage of attractive deals.
Lee adds that buying momentum has been accelerating since the last quarter, with robust responses to project launches such as the 158-unit 8@BT and the 348-unit Norwood Grand. This has also led to an increase in demand for projects in the wider market, as buyers who missed out on their preferred unit in one project quickly committed to units in other new or existing developments.
Last month, EdgeProp Singapore reported that the launch of Emerald of Katong had a ripple effect on neighbouring projects in District 15, with developments such as Tembusu Grand and The Continuum seeing an uptick in take-up.
Looking ahead, December is expected to see a more muted performance due to the school holidays and the festive season. Lee believes the lack of planned launches will result in new private home sales falling to around 200 to 250 units, bringing total developer sales for the year to about 6,500 units. He also predicts a moderation in price growth, with a full-year increase of about 5% compared to 6.8% in 2023.
However, SRI’s Sandrasegeran expects sales to pick up again in January 2025 with the launch of The Orie, a 777-unit development by City Developments located on Lorong 1 Toa Payoh. He believes the extended gap since the last launch in the area (Gem Residences in 2016) will generate pent-up demand, particularly for the well-established estate that is close to Braddell MRT station.
Other projects expected to launch 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 is of the opinion that the recent surge in sales is only temporary, with new home demand having been subdued throughout 2024 due to the lack of significant private project launches.
Looking forward, Lee is “cautiously optimistic” about a better performance in the new sale market in 2025, with some of the unsatiated demand from 2024 expected to flow over to launches in the first quarter. He predicts sales to rebound to between 7,000 and 8,000 units in 2025, with price growth estimated to range between 4% and 7%.