About Surge in Developer Sales: March saw a remarkable surge in developer sales, with a significant 369.3% month-on-month increase, resulting in the sale of 718 units.
The momentum was largely fueled by the launch of GuocoLand’s Lentor Mansion. Adevelopment of 533 units, introduced to the market over the weekend of March 15 and 16.
Christine Sun, from OrangeTee & Tie, attributed this robust performance to pent up demand. Notably following the reduce numbers of new condominium launches in the month of February.
Lentor Mansion emerged as the top-selling new launch of the first 3 months. With buyers acquiring 409 units, representing 76.7% of the available units.
Eugene Lim, Key Executive Officer of ERA Realty, highlighted Lentor Mansion’s significance. As the first development affected by the government’s GFA harmonization for residential projects.
Other notable launches in March included Lentoria, Ardor Residence as well as Koon Seng House. Collectively adding 877 new condominium units to the market, marking the best figure since November 2023.
Surge in Developer Sales
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Separately, Watten House‘s official launch has achieved the highest transacted price, with a penthouse fetching SGD11.8 million.
Lumina Grand, an EC project, continued to bolster the executive condominium market. 61 units were transacted in March, bringing its total sales to 72.3% by end of March 2024.
Mohan Sandrasegeran, from Singapore Realtors Inc (SRI), emphasized the pivotal role played by Lentor Mansion as well as Lentoria in last month’s market performance. They have contributed to 65.3% of all new home sales.
The sustained interest in the Lentor Hills area, with five new developments launched in the last 2 years, underscores the robust demand for properties in the area, despite ongoing transformation.
Looking ahead, preliminary data indicates a positive outlook, with developers expected to move 1,175 units in Q1 2024, reflecting continued appetite for quality projects.
Sandrasegeran anticipates developers drawing inspiration from Lentor Mansion’s success, progressively rolling out new projects. Notable projects to watch this month include Jansen House at District 19, Straits at Joo Chiat at District 15, The Hill @ One-North at District 05 and lastly, The Hillshore also at District 05.
