The "Monthly Developer Sales for March 2024" report provides a detailed analysis of the developer sales in Singapore, highlighting a substantial recovery in the market following a quieter period during the Chinese New Year festivities.
Key Highlights from the Report:
Overall Sales Increase:
A total of 718 new private home units (excluding Executive Condominiums, ECs) were sold in March 2024, representing a 369.3% increase from the 153 units sold in February 2024. This significant jump is largely attributed to the post-festivity return of buyers and the launch of new developments.
Regional Sales Breakdown:
The sales were robust across all regions with the Outside Central Region (OCR) witnessing the most dramatic rise, selling 605 units in March compared to 58 in February, a 943.1% month-over-month increase. The Core Central Region (CCR) and the Rest of Central Region (RCR) also saw increases in sales, though more modest.
Impact of New Launches:
New developments, particularly Lentor Mansion and Lentoria, were pivotal in driving the sales with these two accounting for 65.3% of the total units sold. Lentor Mansion was especially successful, selling 409 units at a median price of $2,269 psf.
Top Selling Projects:
Following Lentor Mansion, other notable sales included Lentoria with 60 units sold at $2,129 psf and The Botany at Dairy Farm selling 33 units at $2,030 psf. Projects in the Lentor Hills estate, such as Lentor Hills Residences and Hillock Green, also featured prominently among the top sellers.
Record Prices:
Watten House in the CCR recorded the highest transaction price for the month, with a penthouse unit selling for $11.8 million, or $3,457 psf.
Market Outlook:
The report anticipates continued positive momentum in the new home sales market, supported by upcoming projects like The Hillshore, W Residences at Sentosa, and The Hill @ One-North. Preliminary figures suggest a quarterly increase from 1,092 units in 4Q2023 to 1,175 units in 1Q2024, indicating a sustained buyer interest.
This recovery and strong performance in March reflect a resilient and dynamic property market in Singapore, with new launches playing a crucial role in attracting both investors and owner-occupiers despite ongoing property cooling measures. The strategic release of new projects and the corresponding buyer response underscore the robust demand for quality residential options in various segments of the market.
Click here for the full report
Prepared By:
Mohan Sandrasegeran
Head of Research & Data Analytics
