In January 2024, the Singaporean real estate market experienced a significant resurgence in new home sales, with developers successfully selling a total of 281 units, excluding ExecutiveCondominiums (ECs), marking a substantial month-on-month increase of 108.1% from the 135 units sold in December 2023. This uptick in sales volume is particularly noteworthy as it signals a robust start to the year, reflecting a heightened interest from buyers and investors in the market.

The inclusion of EC sales further amplifies this growth, with total sales soaring to 588 units inJanuary, a sharp rise from the 152 units (including ECs) sold in the previous month. This surge in sales volume can be attributed primarily to the launch of new residential projects, namely Lumina Grand,Hillhaven, and The Arcady at Boon Keng. These projects, capturing 65.0% of the total sales (includingECs) in January, have significantly contributed to the renewed vigor in the market.

A closer look at the sales distribution across different regions reveals that the Rest of Central Region(RCR) witnessed a remarkable year-on-year increase in new home sales, with a 133.3% rise. The sales in this segment grew from 48 units in January 2023 to 112 units in January 2024. This surge is largely due to the appeal of new launches in the RCR, including The Arcady at Boon Keng, The Landmark,Pinetree Hill, The Continuum, The Reserve Residences, and Grand Dunman, which have drawn considerable attention from the buying and investing public.

Among the new launches, Lumina Grand stood out, selling 271 units and leading the pack. This,together with the performance of other developments such as Hillhaven and The Arcady at BoonKeng, signals a robust demand for new residential spaces. Hillhaven topped the charts in the non-landed development category with 64 units sold at a median price of $2,065 per square foot, whileThe Arcady at Boon Keng saw 47 units sold at $2,574 per square foot. Additionally, the luxury market showed its strength with a penthouse at WattenHouse fetching $12.2 million, or $3,576 per square foot.

Looking ahead, a temporary slowdown in sales is anticipated in February, attributed to the ChineseNew Year festivities. However, the market is expected to regain its momentum with the launch of upcoming projects like Lentoria, The Hillshore, Lentor Mansion, and Marina View Residences. Thisprojection underscores the dynamic nature of the real estate market and its resilience in the face of seasonal adjustments.

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Prepared By:
Mohan Sandrasegeran
Head of Research & Data Analytics