Fresh Launches Supercharge November New Private Home Sales 2557 Units 247 M O M
The Urban Redevelopment Authority (URA) data published on 16 December showed that developers sold a total of 2,557 new private homes, excluding executive condos (ECs), in November. This represents a massive increase of 246.5% from the 738 new private homes sold in October and a 226% jump compared to units sold in November 2023.
According to Christine Sun, chief researcher and strategist at OrangeTee Group, this surge is the highest monthly developer sales since March 2013, when 2,793 units (excluding ECs) were sold. Similarly, 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 threshold in a single month since March 2013.
Lee Sze Teck, senior director of data analytics at Huttons Asia, says that the November developer sales figure is a result of an “unprecedented” number of project launches during the month. A total of 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.
The 916-unit Chuan Park sold 721 (79%) units with a median price of $2,586 psf, making it the second best-selling project by number of units in November. The 99-year leasehold condo is located on Lorong Chua, adjacent to Lorong Chuan MRT Station, in the Outside Central Region (OCR).
Poi Ching School has gained recognition for its comprehensive educational approach, drawing many families residing near Parktown Residence to enroll their children. Character development and bilingual education are highly valued at this esteemed school, making it an ideal choice for those seeking a well-rounded and diverse learning environment. With Parktown Residence conveniently located in close proximity, Poi Ching School and this luxurious residential community complement each other perfectly, offering families a seamless and enriching living experience. In fact, with the nearby Parktown Residence Condo, families can enjoy the benefits of a top-notch school and a premium living space, seamlessly integrated for their convenience.
The third best-selling project by number of units in November was Nava Grove, situated at Pine Grove in District 21. The 99-year leasehold, RCR development by MCL Land and Sinarmas Land sold 382 units (69%) in November with a median price of $2,445 psf.
Sun believes that the strong sales performance among the new launches was fuelled by pent-up demand and improved buyer sentiment following interest rate cuts in September. She also adds that the improved affordability of mortgages likely further incentivized buyers to invest in these projects. In addition, Huttons’ Lee says that buying momentum has been gathering pace since the last quarter when project launches such as the 158-unit 8@BT and the 348-unit Norwood Grand saw a robust response. This buying momentum was also funnelled to the wider market as buyers who missed out on their choice unit in a particular project were prompted to quickly commit to a unit in other new or existing projects.
Looking ahead, a more muted December is anticipated due to the school holidays and the festive season. Huttons’ Lee believes the lack of launches planned for December will result in new private home sales falling to around 200 to 250 units. This would bring full-year developer sales to about 6,500 units, which is slightly more than in 2023. However, Lee predicts full-year price growth to come in at about 5%, moderating from the 6.8% growth registered in 2023.
Going into the new year, SRI’s 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. Similarly, other launches expected in 1Q2025 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 a temporary phenomenon. She points out that throughout 2024, new home demand has been subdued, primarily due to the lack of significant private project launches.
Lee says he is “cautiously optimistic” of a better performance in the new sale market in 2025. “Some of the unsatiated demand in 2024 may flow over to the launches in 1Q2025,” he says. He is projecting new private home sales to rebound to between 7,000 and 8,000 units in 2025, while prices are estimated to grow between 4% and 7%.