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About Developer Sales Plummet 26.6% in May 2024. In May, developer sales of new private residential units (excluding Executive Condos) dropped by 26.6% month-on-month. Only 221 units were sold, compared to 301 in April, marking the lowest May sales since 2008. Christine Sun from OrangeTee attributed the decline to the absence of major project launches in the suburbs and city fringes. Only the 190-unit Skywaters Residences and two boutique projects, Jansen House and Straits at Joo Chiat, were launched.
Mohan Sandrasegeran from SRI also pointed to the scarcity of significant new projects. Developers released 248 units in May, down 10.8% from April’s 278 units. Sandrasegeran suggests developers are strategically spacing out launches to maximize sales performance. Leonard Tay from Knight Frank Singapore noted the market’s quiet phase. Influenced by the completion of nearly 20,000 units in 2023 and sustained high interest rates.
Read Also: April Developer Sales Plummet
Home-buyers are now more selective, no longer showing urgency. Eugene Lim from ERA Singapore highlighted that foreign buyers, impacted by the Additional Buyer Stamp Duty, accounted for only 3.1% of new sales between June 2023 and May 2024, a significant drop from the previous year.
Lentor Hills Residences topped sales with 25 units sold at a median price of $2,164 psf, with 88% of its 598 units sold to date. Jointly developed by Hong Leong Holdings, GuocoLand, and TID, the 99-year leasehold development launched last July, initially averaging $2,080 psf.
Artist’s Impression of Lentor Hill Residences
More on Developer Sales Plummet 26.6% in May 2024
In the Lentor precinct, nearly 75% of the 2,477 units across five new condos have been sold, according to Lee Sze Teck from Huttons Asia. Hillhaven was the second best-seller in May, with 23 units sold at $2,099 psf. Jointly developed by Far East Organization and Sekisui House. Hillhaven benefited from the high sales of the nearby The Botany at Dairy Farm, which sold 18 units last month at $1,968 psf.
Luxury condos Watten House, 32 Gilstead, and Skywaters Residences saw significant sales exceeding $10 million. Watten House sold units for over $12 million, while 32 Gilstead saw sales of more than $14 million. Skywaters Residences set a benchmark with a unit selling for $47.3 million.
Sales in the Core Central Region (CCR) fell by 16% in May, with 19 Nassim and Klimt Cairnhill leading sales. ERA’s Lim noted the high Additional Buyer Stamp Duty continues to deter foreign buyers.
Wong Siew Ying from PropNex Realty anticipates continued low sales in June due to few project launches and school holidays. Tricia Song from CBRE expects 2Q2024 sales to fall short of 1Q2024’s 1,164 units and 2Q2023’s 2,127 units, citing buyer fatigue and high prices.
Upcoming projects include Sora condo on Yuan Ching Road. Followed by Kassia condo on Flora Drive, The Chuan Park on Lorong Chuan, and Norwood Grand on Champions Way. Christine Sun from OrangeTee predicts increased market activity with these launches, appealing to HDB upgraders and local investors. Knight Frank and CBRE have revised their annual sales forecasts to under 7,000 units and 5,500–6,500 units, respectively, with a recovery expected in 2025.
Top 10 best selling new homes in May 2024
| Development | Median Price | Units Sold |
| Lentor Hills Residences | S$2164psf | 25 |
| Hillhaven | S$2099psf | 23 |
| Hillock Green | S$2128psf | 21 |
| The Botany at Dairy Farm | S$1968psf | 18 |
| The Myst condo | S$2152psf | 17 |
| The Landmark | S$2883psf | 14 |
| Lentor Mansion | S$2229psf | 11 |
| The Continuum | S$2844psf | 10 |
| Lentoria condo | S$2149psf | 10 |
| Grand Dunman | S$2552psf | 8 |
Read also: Other new developer launches including Parktown Residences, The Collective at one Sophia. Not forgetting Emerald of Katong, 8 @ BT and Meyer Blue.
