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The Monthly Developer Sales report offers insights into the performance of the property market in the month of February, particularly focusing on new home sales and the impact of seasonal variations like the Chinese New Year.
Key Highlights and Developments:
In February 2024, developers sold 149 units (excluding Executive Condominiums, ECs), representing a 47.0% month-on-month decrease from the 281 units sold in January 2024. This decline is attributed to the Chinese New Year festivities, which typically slow down property sales due to fewer major new launches.
Sales Volume:
Only 45 units were launched in February, compared to 417 in January, marking an 89.2% reduction. The limited launches included The Myst (20 Units), 19 Nassim (15 Units), and Watten House (10 Units).
Top Performers:
Lumina Grand was the top-selling development for the second consecutive month, with 16 units sold at a median price of $1,497 per square foot (psf). It also set a new record price for an EC at $1,590 psf.
The Botany at Dairy Farm emerged as the top-selling non-landed development, with 15 units sold at a median price of $2,018 psf.
Terra Hill recorded the highest transaction of the month, selling a 5-bedroom unit for $8.05 million ($2,652 psf), the second-highest price for a new launch freehold condominium in the Queenstown area.
Market Trends:
Historical data suggests a pattern where sales dip during the Chinese New Year period but recover shortly thereafter. For instance, after a sales increase in February 2023 post-January festivities, and a similar uptick in March 2022 following the February celebrations.
Outlook:
An increase in new home sales is anticipated in March, driven by the launch of new developments like Lentoria and Lentor Mansion. The planned staggered TOP dates for projects in the Lentor area aim to gradually increase population density, ensuring infrastructure and community amenities develop in sync with residential growth.
Click here for the full report
Prepared By:
Mohan Sandrasegeran
Head of Research & Data Analytics
