Private Home Sales Soar in October
About Private Home Sales Soar in October | Market experts attribute this growth to improved economic conditions and lower interest rates. Lee Sze Teck, senior director of data analytics at Huttons Asia, observed that reduced borrowing costs boosted buyer confidence. With enhanced affordability, more buyers were able to secure loans and proceed with their purchases.
Developers introduced 534 new private homes for sale in October, a 22.2% increase compared to the 437 units launched in September. This figure represents a dramatic improvement compared to the mere 54 units launched in October 2023. However, despite October’s strong performance, the total number of new launches from January to October 2024 stood at 3,756 units, reflecting a 42.6% decline from the 6,545 units launched during the same period in 2023.
Top-Selling Projects in October
Among the standout performers, Norwood Grand topped the sales chart. Located in District 25 along Champions Way, this 348-unit condominium by City Developments Limited (CDL) sold 292 units, representing over 80% of its total inventory. Units were transacted at a median price of S$2,081psf. Buyers were attracted by its competitive pricing, with nearly 75% of units priced at S$2 million or below.
Another strong contender was Meyer Blue, a premium development by UOL Group and Singapore Land Group (SingLand). This 226-unit condominium on Meyer Road in District 15 sold 124 units during its preview, achieving a median price of S$3,240psf. Its prime location and well-designed units appealed to buyers seeking quality residences in the Rest of Central Region (RCR).
Read Also: Strong Sales at Union Square Residences as CDL Sells 20% of Units at Launch
Additionally, Pinetree Hill in the RCR continued to perform well. The 520-unit project sold 71 units in October at a median price of S$2,541psf. Launched in July 2023 by UOL and SingLand, it initially experienced a slow start but gained momentum, achieving 73% sales by October. Its strategic location at Pine Grove and revised pricing strategies contributed to its growing popularity.
Top 10 Selling Developments in Oct 2024
| Project | Tenure | Units Sold | Median Price | Percentage Sold |
| Norwood Grand | 99 years | 292 | S$2,081psf | 84% |
| Meyer Blue | Freehold | 124 | S$3,240psf | 55% |
| Pinetree Hill | 99 years | 71 | S$2,541psf | 73% |
| Hillock Green | 99 years | 36 | S$2,236psf | 66% |
| Lentor Mansion | 99 years | 29 | S$2,241psf | 92% |
| Tembusu Grand | 99 years | 26 | S$2,388psf | 83% |
| Lentoria | 99 years | 22 | S$2,253psf | 61% |
| Hillhaven | 99 years | 16 | S$2,168psf | 73% |
| The Myst | 99 years | 15 | S$2,126psf | 71% |
| Klimt Cairnhill | Freehold | 13 | S$3,302psf | 99% |
| North Gaia EC | 99 years | 13 | S$1,310psf | 93% |
Strong CCR Purchases (Private Home Sales Soar in October)
More on Private Home Sales Soar in October | Despite its smaller share, CCR sales doubled from September’s figures, largely driven by foreign buyers who purchased 10 of the 32 units sold. One notable transaction was a 4,219 sqft, four-bedroom unit at 32 Gilstead, sold for S$14.49 million (S$3,434psf). This luxury freehold boutique development by Kheng Leong Co. saw all four units sold in October purchased by foreigners, signaling strong demand for high-end properties.
Christine Sun, chief researcher at OrangeTee Group, highlighted the luxury market’s resurgence. October recorded six sales of non-landed homes exceeding S$10 million each, marking the highest monthly tally since October 2021.
November Launches to Propel Sales
Emerald of Katong has already generated significant interest, collecting 3,629 cheques from potential buyers during its preview. This translates to being 4.3 times oversubscribed. Similarly, Nava Grove at Pine Grove attracted over 4,000 visitors during its preview weekend and received 840 cheques ahead of its November 16 launch.
Novo Place EC, priced from S$1,489psf, aims to rejuvenate interest in executive condominiums, given the lack of new EC launches since January 2024. With its affordable pricing and strategic location, it is expected to perform well.
PropNex’s Wong Siew Ying anticipates that November could see a “turbocharged” market, with potential monthly sales exceeding 2,000 units. If achieved, this would be the highest monthly figure since March 2013.
Outlook for 2024 and 2025
Private residential prices declined by 0.7% in 3Q2024, but CBRE anticipates full-year price growth of 3%, a moderation from the 6.8% growth recorded in 2023. Analysts expect a stronger recovery in 2025, fueled by larger project launches and sustained buyer demand.
The upcoming months are expected to solidify Singapore’s private property market recovery. With economic stability, attractive new projects, and a growing pool of buyers, the outlook remains positive for developers and investors alike.
Read on more upcoming launches – The Orie (Toa Payoh), Elta Condo (Clementi) River Green (River Valley), Aurelle of Tampines (Tampines), Bloomsbury Residences (Media Circle), , Arina East Residences (Tanjong Rhu), as well as Aurea Condo (Beach Road).
