SINGAPORE: November saw a surge in Singapore’s private home sales, with 2,557 new units sold—the highest monthly figure since March 2013, when 2,793 units were transacted. However, experts caution that this uptick is likely a temporary phenomenon, driven largely by six back-to-back project launches in the month.
The six developments accounted for an impressive 82% of November’s sales, collectively moving 2,106 units. Key contributors included Union Square Residences, The Collective at One Sophia, Chuan Park, Nava Grove, and Emerald of Katong. Novo Place EC, an executive condominium, also saw strong performance with 289 units sold.
Emerald of Katong led the sales, achieving a 99.3% sell-through rate during its launch. Chuan Park followed, with 78.7% of its units sold, bolstered by its prime location near Lorong Chuan MRT station and excellent connectivity to Singapore’s central region. Nava Grove also garnered significant interest, with nearly 70% of its units taken up.
Christine Sun, Chief Researcher and Strategist at OrangeTee, emphasized the fleeting nature of this sales spike, attributing it to the influx of new launches rather than a sustained market recovery. “New home demand has been muted throughout 2024 due to a lack of major project launches. Sales in the first three quarters totaled just 3,049 units, the lowest Q1-Q3 performance since URA began tracking data in 2004,” she explained to SBR.
Wong Siew Ying, Head of Research & Content at PropNex Realty, echoed this sentiment. “While November’s sales are robust, they must be viewed in context. Buyers remain discerning and focused on long-term investment potential. Centrally-located projects with higher entry prices saw more measured demand. Without new launches in December, sales are expected to drop significantly,” she told SBR. PropNex projects full-year 2024 sales to reach between 6,500 and 7,000 units, excluding executive condominiums.
The market is expected to pick up in early 2025, with significant launches slated for the first quarter. January will see Bagnall Haus and The Orie hit the market before Lunar New Year. February will follow with five launches: Aurea, Aurelle of Tampines (EC), Elta, Lentor Central Residences, and Parktown Residence.
Lee Sze Teck, Senior Director of Data Analytics at Huttons, expressed cautious optimism. “Unsatisfied demand from 2024 may spill over into Q1 2025, potentially bolstering sales performance,” he said.
However, Leonard Tay, Head of Research at Knight Frank Singapore, urged caution. “Geopolitical tensions, including uncertainties in the Middle East and Ukraine, as well as the potential impact of a second Trump presidency, could disrupt global trade and economic stability. Such factors may dampen Singapore’s improving economy and homebuying sentiment,” Tay warned SBR.
While November’s sales figures mark a significant milestone for the private housing market, experts stress that the performance reflects a temporary surge rather than a sustained trend. The outlook for 2025 remains mixed, with optimism surrounding upcoming launches tempered by caution over potential global disruptions.