Fresh Launches Supercharge November New Private Home Sales 2557 Units 247 M O M
Located in the vibrant district of Singapore, the Elta Condo is not just a prime choice for households with young learners, but also for families with older children or individuals pursuing tertiary education. Its close proximity to some of the top-ranking universities in the country, in addition to primary and secondary schools, makes Elta an ideal location for those seeking a convenient and efficient commute. With Elta, families can have the best of both worlds – a peaceful and family-friendly environment, as well as access to top-notch educational institutions.
In December, URA data showed that developers successfully sold 2,557 brand-new private homes, excluding executive condos (ECs). This represents a remarkable 246.5% increase from the 738 units sold in October, and a staggering 226% jump from the units sold in November 2023.
According to Christine Sun, chief researcher and strategist at OrangeTee Group, this surge marks the highest monthly developer sales since March 2013. During that month, a total of 2,793 units (excluding ECs) were sold. Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI), adds that this is the first time since March 2013 that new home sales have surpassed the 2,000-unit threshold in a single month.
In November, there were five private residential projects launched, 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.
As a result, a total of 2,871 new homes (excluding ECs) were launched in November, which is an impressive 438% increase from the previous month and a monumental 196% jump from a year ago. Additionally, the 504-unit Novo Place EC was launched for sales in November, bringing the total number of units sold in the month to 2,891, which is a 277% increase from the previous month and a 226% jump from a year ago.
Overall, it is estimated that developers have sold 6,344 units as of November, which is only slightly more than the 6,317 units sold in the same period in 2023. This comes after a total of 6,627 units were launched for sale by developers in the first 11 months of 2024. In comparison, in the same period last year, developers launched 7,515 units.
Top-Selling Projects
The best-selling project in November was the 846-unit Emerald of Katong, developed by Sim Lian Group. Situated on Jalan Tembusu in the Rest of Central Region (RCR), the 99-year leasehold development saw 840 units (or 99%) sold in the month, with a median price of $2,627 psf. According to Lee Sze Teck, senior director of data analytics at Huttons Asia, this makes it the top-selling project by units and percentage in 2024.
The second best-selling project by number of units in November was the 916-unit Chuan Park, developed by Kingsford Group. Located on Lorong Chuan, right next to Lorong Chuan MRT Station in the Outside Central Region (OCR), the 99-year leasehold condo sold 721 (or 79%) units, with a median price of $2,586 psf.
The third best-selling project by units sold in November was Nava Grove, situated at Pine Grove in District 21. Developed by MCL Land and Sinarmas Land, the 99-year leasehold project in the RCR saw 382 units (or 69%) sold in November, with a median price of $2,445 psf.
According to Sun, the strong sales performance among the new launches was fueled by pent-up demand and an improved buyer sentiment following the interest rate cuts in September. This, combined with attractive deals and the simultaneous launch of several popular projects, resulted in buyers eager to invest in new properties.
Lee adds that buying momentum has been steadily increasing since the last quarter, when popular project launches such as the 158-unit 8@BT and the 348-unit Norwood Grand received impressive responses. Additionally, demand also spread to the wider market, as buyers who missed out on their desired unit in a particular project quickly committed to units in other new or existing projects.
Impact on 2025 Market
According to Lee, there is expected to be a more subdued December due to the school holidays and the festive season. He estimates that only around 200 to 250 units will be sold in December due to the lack of planned launches. This will bring the full-year developer sales to around 6,500 units, slightly higher than in 2023. Additionally, he predicts that full-year price growth will come in at around 5%, moderating from the 6.8% growth seen in 2023.
Looking ahead, Sandrasegeran expects new home sales to regain momentum in January 2025, with the launch of the 777-unit The Orie by City Developments on Lorong 1 Toa Payoh. He notes that this area has not seen a new property launch since 2016, and this extended gap is likely to generate pent-up demand. This will continue to attract buyers to this well-established estate, situated close to Braddell MRT station.
Other launches expected in the first quarter of 2025 include the 113-unit Bagnall Haus, the 186-unit Aurea, and the 760-unit Aurelle of Tampines EC.
OrangeTee’s Sun believes that the recent surge in sales is only temporary, as new home demand has been subdued throughout 2024 due to the lack of significant private project launches. In fact, the developer sales recorded during the first three quarters of 2024 were the lowest figures seen in the same period since 2004. However, Lee remains cautiously optimistic about a better performance in the new sale market in 2025. He predicts a rebound in new private home sales to between 7,000 and 8,000 units, and a price growth of 4% to 7%.