Buyers snap up 53 units at 8@BTBy Huttons Data Analytics, the first half of 2024 saw a sluggish property market with the lowest number of units launched for sale since 1996. Sales volume reflected this trend, with only 1,889 units sold, the lowest since 1996. However, there were a few exceptions, such as the 533-unit Lentor Mansion which saw a 75% take-up rate during its launch in March. Most of the other project launches saw relatively lacklustre sales compared to the previous year.Market sentiment was cautious due to uncertainties in the job market and persistently high interest rates. Buyers were waiting for highly-anticipated projects launches later in the year, such as Chuan Park and Emerald of Katong.Search for the latest New Launches to find out transaction prices and available units. According to Mark Yip, CEO of Huttons Asia, the launch of the 276-unit freehold Kassia in late July, which achieved a 52% take-up rate, set the stage for strong sales momentum following the Lunar Seventh Month.The first project launched after the Lunar Seventh Month was the 158-unit 8@BT at Bukit Timah Link. Over the weekend of Sept 21–22, 53% of its units were snapped up at an average price of $2,719 psf.In the third quarter of 2024, new home sales jumped 60% quarter-on-quarter, marking a shift in sentiment, likely due to the US Federal Reserve’s 50-basis point interest rate cut in September.In October, more than 50% of the 226 units at Meyer Blue were sold in private sales, with units transacted at an average price of $3,260 psf, setting a new benchmark for the prime District 15 enclave on the East Coast.The 348-unit Norwood Grand in Woodlands also achieved multiple milestones, with a take-up rate of 84% over the weekend of October 19-20. It was the best-selling project in terms of percentage of sales as of October, with units sold at an average price of $2,067 psf — the first time a project in Woodlands surpassed the $2,000 psf threshold.Developer sales in November soared to 2,557 units — the highest figure since March 2013, when 3,489 units were launched and 2,793 were sold, according to Huttons Data Analytics. The strong November performance pushed total developer sales for the first 11 months of 2024 to 6,344 units. It is expected that the year-end figures will surpass the 6,421 units sold in 2023.Chia Siew Chuin, JLL’s head of residential research, notes that the sluggish performance of the private residential market in the first three quarters of 2024 created an atypical year-end scenario. Developers, who had been postponing launches due to economic uncertainties, finally rolled out projects in November. This shift from caution to action was prompted by the approaching year-end festive lull and improved market sentiment since the third quarter of 2024.An unusually vibrant period for property launches has been created, defying the typical seasonal slowdown and creating a dynamic market environment. Speculation is now rampant about the possibility of further property cooling measures, given the uncharacteristically high November sales.However, Chia says it is unlikely that any intervention will be made, as it will depend on sustained sales momentum into the first quarter of 2025 and a concurrent sharp increase in property prices outpacing GDP growth. Despite close monitoring by authorities, new measures are likely to remain on hold unless clear signs of persistent market overheating emerge.
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