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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15 Sep 2025
Singapore New Home Sales Cross 2,000 Units in August 2025, Driven by Strong Launches

The private residential market registered a strong performance in August 2025, marking the second consecutive month of growth in new home sales. Developers transacted 2,142 units excluding Executive Condominiums (ECs), a significant jump from the 940 units sold in July. Including ECs, the total reached 2,338 units. This is the first time since November 2024 that monthly developer sales have surpassed the 2,000-unit threshold.

This outcome is especially notable given that August is traditionally a quieter month for property transactions due to the Hungry Ghost Festival. Developers responded strategically by bringing projects to market earlier, capitalising on demand before the slowdown. This timing enabled them to sustain momentum despite the seasonal lull.

The strong results were underpinned by several high-profile launches. Five projects—Springleaf Residence, River Green, Promenade Peak, Canberra Crescent Residences, and Artisan 8—accounted for 88.4% of total developer sales in August, underscoring the pivotal role of large launches in driving activity. In contrast, all other projects combined contributed just 11.6%, highlighting the extent to which buyer attention was concentrated on fresh supply.

Springleaf Residence emerged as the top performer with 884 units sold at a median price of $2,166 psf. Over 92% of its units were snapped up during its launch weekend, led by strong demand for two- and three-bedroom units. The project benefitted from limited competing supply in its vicinity, as the next GLS tenders in Upper Thomson and Lentor were not scheduled to launch until later in the year. Its compelling entry pricing and attractive location helped draw both owner-occupiers and investors.

Cumulatively, the market in 2025 has significantly outpaced the previous year. From January to August 2025, developers sold 7,669 units, already exceeding the full-year total of 6,469 units in 2024. This turnaround reflects improved buyer sentiment, the return of larger-scale launches, and stronger participation across both suburban and central locations.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

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11 Sep 2025
Chencharu Close GLS Tender Hits $980 psf ppr, Sembawang Road EC tops bid at $692 psf ppr

Two significant land parcels Chencharu Close (mixed-use) and Sembawang Road (Executive Condominium, EC) both of which drew developer interest and signalled continued confidence in Singapore’s residential market despite current cooling measures.

For Chencharu Close, the top bid of $1.01 billion ($980 psf ppr) came from Evia Real Estate, Gamuda Singapore, and H108 Pte. Ltd., outpacing the second-highest offer by nearly 20%. The consortium, having previously collaborated on OLA and Gem Residences, is experienced in delivering large-scale residential projects. This site, envisioned as a mixed-use development with residential units, commercial space, a bus interchange, and a hawker centre, will be the first of its kind in the Chencharu Estate. The strategic location near Khatib MRT enhances accessibility and is expected to draw steady residential and retail demand.

Meanwhile, the EC site at Sembawang Road was awarded to Oriental Pacific Development (JBE Holdings) at $197.8 million ($692 psf ppr). This represents one of the lowest land bid prices for ECs in recent years, yet the competition remained healthy with four bids received, broadly in line with the average participation rate for EC parcels. JBE Holdings is experienced in the EC segment, having delivered Piermont Grand previously, and their return to the market signals sustained confidence in the hybrid public-private housing model.

The Sembawang Road site is expected to yield about 265 units. Its location near Canberra MRT station, Canberra Plaza, schools, and parks ensures strong appeal among upgraders and young families. 

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg