17 May 2024
Monthly Developer Sales Insights - Mar 2024
Property Insight

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

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HDB Resale Prices and Transactions Show Steady Pace in 1Q2025

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This slower resale market performance was partially attributed to seasonal effects like Chinese New Year festivities, which typically dampen resale activity. Concurrently, HDB significantly expanded housing supply, launching 10,622 flats through Build-To-Order (BTO) and Sale of Balance Flats (SBF) exercises. The SBF exercise, notably the largest since November 2020, offered 5,220 balance flats, with approximately 40% move-in ready, attracting buyers seeking immediate occupancy.

Older flats with lease commencement dates of 1990 or earlier represented 39.4% of resale transactions, up slightly from 38.6% in 4Q2024. Buyers continued gravitating towards these mature flats, driven by larger sizes, established locations, and affordability. Newer flats from 2013 onwards accounted for 29.6% of transactions, remaining stable compared to the previous quarter.

The government’s ongoing investment through initiatives such as the Neighbourhood Renewal Programme (NRP), Home Improvement Programme (HIP), and Lift Upgrading Programme (LUP) significantly enhanced older flats' liveability. These programmes, improving interiors, common areas, and accessibility, ensure older flats remain attractive despite shorter leases.

Looking ahead to 2025, HDB resale market demand is expected to remain resilient, driven by couples, families, and unsuccessful BTO applicants needing immediate housing solutions. Interest will likely concentrate in well-located estates offering proximity to key amenities and transport nodes.

To manage demand-side pressures, the government is proactively increasing housing supply. In July 2025, approximately 5,400 BTO flats will launch across several estates, accompanied by a concurrent SBF exercise offering about 3,000 flats, totalling 8,500 units for 2025. This diverse supply caters to varied buyer profiles and needs.

Overall, the HDB resale market in 2025 is set for sustainable balance, ensuring price stability and supporting long-term affordability amid expanding public housing options.

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here

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Prepared By:

Mohan Sandrasegeran

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Email:

mohan@sri.com.sg

 

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Healthy Demand Sustains Private Property Market Growth in 1Q2025

The private resale market remained firm in 1Q2025, recording 3,565 transactions, a slight 3.7% moderation quarter-on-quarter but marking a significant 32.6% increase year-on-year, the strongest first-quarter performance since 2022. This growth demonstrates resilient demand, particularly for move-in ready homes amid limited new supply.

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The positive sales momentum in 1Q2025 reflects resilient buyer demand, strategically timed launches, and a supportive macroeconomic backdrop, particularly in the Outside Central Region (OCR) and Rest of Central Region (RCR), which balance affordability and growth potential.

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Historically, Singapore’s real estate resilience has been policy-driven. Government intervention through financial relief measures during past crises, coupled with strategic trade deals and a transparent legal framework, underpins the market’s stability and adaptability even in uncertain global conditions.

However, prudence is advised for buyers amid evolving economic conditions and interest rates. Long-term affordability and financial sustainability remain essential considerations for property investments in the coming months.

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email:

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A key highlight of the month was the overwhelming success of Aurelle of Tampines, the year’s first EC launch. It sold 705 units at a median price of $1,769 psf, making it the top-selling project across all categories. Located in a mature estate with excellent connectivity and established amenities, Aurelle attracted strong interest from first-time buyers and young families. The project was fully sold out by April, highlighting pent-up demand for affordably priced ECs in well-connected neighbourhoods.

In the private residential segment, Lentor Central Residences led the way, transacting 460 units at a median price of $2,213 psf. Its success underlines the growing appeal of the Lentor precinct within the Outside Central Region (OCR), driven by the area’s proximity to Lentor MRT, increasing launch activity, and integration with nearby amenities. The cumulative effect of several launches in this enclave is transforming Lentor into a vibrant residential node.

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Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email:

mohan@sri.com.sg