The Singapore private home market saw a dramatic rise in sales during October 2024, with transactions reaching an 11-month high. This surge marks a continuation of the recovery that began in September, following a significant slowdown in August when sales hit a 16-year low.
According to data released by the Urban Redevelopment Authority (URA), 738 private homes, excluding executive condominiums (ECs), were sold in October. This represents an 84% increase compared to September’s 401 units and more than three times the 204 homes sold in October 2023. October’s sales performance is the strongest since November 2023, when 784 units were sold.
Industry experts attribute this uptick to growing consumer confidence and the economic recovery, coupled with lower mortgage rates that have made financing more affordable. Christine Sun, chief researcher at OrangeTee Group, noted that “as the economy gains momentum and interest rates ease, more buyers are re-entering the market.”
A major factor behind the strong sales figures in October was the launch of two significant residential projects: Norwood Grand in Woodlands and Meyer Blue in the East Coast. These two developments collectively accounted for more than 50% of the total private home sales that month. The total number of private homes launched for sale in October climbed to 534 units, a 22% increase from the 437 units released in September.
Norwood Grand, a development located in Woodlands, sold 292 of its 348 units (84%) during its launch weekend. As the first new private residential project in the area since 2012, Norwood Grand benefitted from the ongoing revitalization of Woodlands, including the development of the Woodlands Regional Centre, RTS Link, and the Johor-Singapore Special Economic Zone. These infrastructural developments have made the area increasingly attractive to buyers, said Lee Sze Teck, senior director of data analytics at Huttons Asia.
On the East Coast, Meyer Blue, a freehold condominium, recorded strong sales as well, with 124 of its 226 units (over 50%) sold in October. Its prime location, freehold tenure, sea views, and easy access to new MRT stations were key factors that drew in buyers. According to Tricia Song, CBRE’s head of research for Southeast Asia, these factors made Meyer Blue a particularly appealing option for homebuyers.
In the luxury market, October saw 31 non-landed homes sold for $5 million or more, the highest number since November 2023. Of these, 22 were from Meyer Blue, with unit sizes ranging from 1,528 sq ft to 2,992 sq ft. The development’s success in the luxury segment underscores the ongoing demand for high-end properties in Singapore.
While sales in the executive condominium (EC) market were slightly slower in October, with 28 units sold compared to 32 in September, analysts expect that the EC market will pick up pace with the upcoming launch of Novo Place, a 504-unit EC development in Tengah, scheduled for mid-November.
Looking ahead, the market remains strong, with over 2,500 new homes expected to be launched in November, including projects like Union Square Residences, The Collective at One Sophia, Chuan Park, Nava Grove, and Emerald of Katong. Analysts predict that November could see record sales figures, driven by the large scale of many of these developments.
Union Square Residences, a luxury project by City Developments Limited (CDL), has already achieved impressive sales. As of November 9, 75 units, or around 20% of the 366-unit development, had been sold at an average price of $3,200 per square foot. CDL reports that 83% of buyers are Singaporeans, with the remaining 17% comprising Permanent Residents (PRs) and foreign buyers from countries such as China, Malaysia, the UK, and the USA.
Among the high-end sales at Union Square Residences, a five-bedroom Sky Suite on the 38th floor measuring 2,476 sq ft was sold for $9.288 million ($3,751 psf).
With more than 2,500 new homes expected to be launched by developers in the coming months, the Singapore property market is set to maintain its growth momentum well into the end of 2024.
