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

Freddie Quek Freddie Quek2024 saw a tale of two halves for the property market. The first half was marked by slow growth, with very few developments launched for sale. This trend was consistent with the lowest number of units launched for sale since 1H1996, as reported by Huttons Data Analytics. The number of units sold also followed the same pattern, with only 1,889 units sold – the lowest since 1996.

However, there were some exceptions, such as the 533-unit Lentor Mansion, which achieved a 75% take-up rate during its launch weekend in March. Other project launches in the first half of the year saw relatively lacklustre sales compared to 2023.

According to Mark Yip, CEO of Huttons Asia, this slow market sentiment may have been due to uncertainties in the job market and persistently high interest rates. Buyers may have been holding back, waiting for more highly anticipated project launches later in the year, such as Chuan Park and Emerald of Katong.

Yip notes that the launch of the 276-unit freehold Kassia on Flora Drive 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 3Q2024, new home sales leapt 60% q-o-q, which marked a shift in sentiment, potentially due to the 50-basis point interest rate cut by the US Federal Reserve in September.

Further evidence of increased sales momentum emerged on Oct 5, when more than 50% of the 226 units at Meyer Blue were snapped up in private sales. Units were 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 excellent results. Over the weekend of October 19-20, it saw a take-up rate of 84%, making it the best-selling project in terms of percentage of sales as of October. The average price of units sold was $2,067 psf, marking the first time a project in Woodlands surpassed the $2,000 psf threshold.

Norwood Grand was the first new private residential project launched in Woodlands in 12 years. Its strong performance was also a clear signal of growing buyer confidence and demand, according to Huttons’ Yip. It triggered a tidal wave of activity in November with a record-breaking six new projects comprising 3,551 units unleashed over 10 days.

It began on Nov 6 with the launch of the 367-unit The Collective at One Sophia, followed by the 366-unit Union Square Residences at Havelock Road on Nov 9. Momentum built up with the launch of the 916-unit Chuan Park on Nov 10, and it surged over the weekend of Nov 15-16 with three projects launched in concert: the 846-unit Emerald of Katong, the 552-unit Nava Grove, and the 504-unit Novo Place executive condo (EC).

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. Year-end figures are expected to surpass 6,500 units, exceeding the 6,421 units sold in 2023. “This reflects the strength and resilience of the property market,” says Huttons’ Yip. “It underscores the enduring appeal of property as an asset for wealth creation and preservation.”

According to Chia Siew Chuin, JLL’s head of residential research, the slow performance of the private residential market in the first three quarters of 2024 led to an atypical year-end scenario. “Developers, who had repeatedly postponed launches due to economic uncertainties and hopes for improved conditions, finally rolled out projects in November.”

The upcoming Cross Island Line is set to add another convenient mode of transportation for commuters in Tampines. The Tampines North MRT Station, part of this new line, will provide direct access to various parts of Singapore, making traveling more efficient and hassle-free.

Strategically located in the heart of Tampines North, the new MRT station is seamlessly connected to numerous amenities and facilities. One such highly sought-after development in close proximity is the modern and luxurious Parktown Residence Condo. This residential complex offers a comfortable and convenient lifestyle to its residents, with a plethora of facilities and services.

The addition of Tampines North MRT Station will further enhance the accessibility of Parktown Residence Condo’s residents to different parts of the island. Whether it’s for work, leisure, or everyday chores, reaching their desired destinations will become much easier. Moreover, the new station is expected to increase the value of properties in the area, making it an attractive choice for both homeowners and investors.

Overall, Tampines North MRT Station and Parktown Residence Condo will bring about a more connected and convenient living experience for the residents of Tampines. With its strategic location and upcoming developments, this area is definitely worth considering for those seeking a modern and well-connected lifestyle. Keep an eye on it for sure! For more information about Parktown Residence Condo, visit https://www.parktown-residences.com.sg/.

Chia says this decisive shift from caution to action was prompted by the approaching year-end festive lull and improved market sentiment since the third quarter of 2024. “The surge in activity has transformed November into an unusually vibrant period for property launches, defying the typical seasonal slowdown and creating a dynamic market environment.”

However, Chia notes that speculation is now rampant about the possibility of further property cooling measures, given the uncharacteristically high November sales. “While November’s sales figures are impressive, they provide an incomplete picture for predicting cooling measures,” she says. “The market exuberance was largely driven by a year-end rush to launch projects.”

Chia believes that any regulatory intervention is unlikely for now, as long as new home sales for the year remain on par with the previous year’s figures. She points out that any intervention would depend on two factors: 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,” Chia adds.