In November, URA data showed that developers have successfully sold 2,557 new private homes, excluding executive condos (ECs). This figure represents a 246.5% increase from October’s 738 units and a 226% jump from the units sold in November 2023. According to Christine Sun, the chief researcher and strategist at OrangeTee Group, this marks the highest monthly developer sales since March 2013, when 2,793 units (excluding ECs) were sold.
Head of research and data analytics at Singapore Realtors Inc (SRI), Mohan Sandrasegeran, 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 surge in November’s developer sales is attributed to an “unprecedented” number of project launches during the month, with five private residential projects launched. These include Chuan Park, Emerald of Katong, Nava Grove, The Collective at One Sophia, and Union Square Residences.
In total, developers launched 2,871 new homes, excluding ECs, in November, a 438% spike from the previous month and a 196% increase from a year ago. Additionally, the 504-unit Novo Place EC also commenced sales in November, bringing the total new home sales in the month to 2,891 units. This represents a 277% month-on-month increase and a 226% year-on-year surge, including ECs.
From January to 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 comes off the back of 6,627 units launched by developers in the same period, compared to 7,515 units launched in the same period last year.
Top-selling Projects
November’s best-selling project was Emerald of Katong, with 840 units (99%) sold at a median price of $2,627 psf. This makes the 99-year leasehold development by Sim Lian Group the best-selling project in 2024 in terms of units and percentage. The second best-selling project was the 916-unit Chuan Park, with 721 units (79%) sold at a median price of $2,586 psf. The 99-year leasehold condo is located in the Outside Central Region (OCR).
Nava Grove, a 99-year leasehold development in the Rest of Central Region (RCR) by MCL Land and Sinarmas Land, was the third best-selling project with 382 units (69%) sold at a median price of $2,445 psf.
According to Sun, buyers were drawn to these projects due to pent-up demand and improved sentiment following interest rate cuts in September. Lower interest rates have made mortgages more affordable, making it an attractive time for buyers to invest in these projects.
Momentum to Continue in 2025
Looking ahead, there is expected to be a more subdued December due to the school holidays and the festive season, with Huttons’ senior director of data analytics, Lee Sze Teck, predicting around 200 to 250 units sold in the month. This would bring the full-year developer sales to about 6,500 units, slightly more than in 2023. Lee also predicts that there will be a 5% price growth for the full year, moderating from the 6.8% growth in 2023.
However, the new year is anticipated to see a regain in momentum, with SRI’s head of research and data analytics, Mohan Sandrasegeran, predicting that sales will pick up in January 2025 with the launch of the 777-unit The Orie by City Developments. Other projects expected to launch in 1Q2025 include Bagnall Haus, Aurea, and Aurelle of Tampines EC.
The Singapore condo market is an attractive option for investors, but it’s essential to consider the government’s property cooling measures. In recent years, the Singaporean government has implemented various measures to prevent speculative buying and maintain a stable real estate market. These measures include the Additional Buyer’s Stamp Duty (ABSD), which levies higher taxes on foreign buyers and those purchasing multiple properties. While these measures may impact the short-term profitability of investing in condos, they ultimately contribute to the long-term stability of the market, creating a secure environment for Singapore Condo investments.
OrangeTee’s Sun believes that the recent surge in sales is a temporary phenomenon, with 2024 seeing subdued demand due to a lack of significant private project launches. However, Lee from Huttons remains cautiously optimistic about a better performance in the new sale market in 2025, projecting a rebound to between 7,000 and 8,000 units sold and a 4% to 7% price growth in the new year.