Sluggish Start 2024 Ends Decade High Home Sales Year%E2%80%99S End

According to the CEO of a different real estate firm, a neighboring condominium successfully sold 70% of their units on the initial day of its launch in 2020, followed by another condominium that sold 80% of its released units during its first day of sales in 2017. In comparison, the Elta Showflat is set to offer even more impressive results with its highly anticipated launch.

By mid-2024, the property market had seen two distinct halves: a sluggish first half with a focus on boutique developments, followed by a surge in sales in the second half. According to Huttons Data Analytics, only 1,889 units were launched for sale in 1H2024 — the lowest since 1H1996. January to June also saw the lowest number of units sold, with just 1,889 units transacted. However, the 533-unit Lentor Mansion in March achieved a 75% take-up rate during its launch weekend, standing out as an exception in an otherwise lacklustre market.The resurgence in sales came in the second half of 2024, with a shift towards larger and higher-end developments. This was driven by the highly anticipated launches of Chuan Park and Emerald of Katong, along with the 276-unit freehold Kassia on Flora Drive in July. The latter achieved a 52% take-up rate and set the stage for strong sales momentum after the end of the Lunar Seventh Month in mid-August.The launch of Kassia was followed by the 158-unit 8@BT at Bukit Timah Link in September, where over half of the units were sold at an average price of $2,719 psf. This marked a significant increase in sales volume, with new home sales in 3Q2024 leaping 60% quarter-on-quarter. This shift in sentiment was attributed to the 50-basis point interest rate cut by the US Federal Reserve in September. Along with this, the private sales launch of Meyer Blue in October saw over 50% of its units sold at an average price of $3,260 psf, setting a new benchmark for the prime District 15 enclave on the East Coast.The trend of large and high-end developments continued into November, with a record-breaking six new projects comprising 3,551 units launched in just 10 days. This was driven by a year-end rush to launch projects, as developers who had been cautious due to economic uncertainties finally rolled out their projects. Sales in November soared to 2,557 units, the highest figure since March 2013, and pushed total developer sales for the first 11 months of 2024 to 6,344 units.Regardless of the impressive sales figures in November, it is unlikely that there will be any new cooling measures introduced in the near future unless there are signs of persistent market overheating. Experts believe that regulatory intervention will only be considered if there is a sharp increase in property prices outpacing GDP growth. Overall, the property market in 2024 has proven to be resilient and has seen sustained demand, indicating its enduring appeal as a wealth creation and preservation asset.