Overview of New Home Sales
In May 2024, new home sales, excluding Executive Condominiums (ECs), moderated to 221 units sold from 301 units in April. This decrease is attributed to fewer major new launches, with units launched
dropping from 278 in April to 248 in May, a 10.8% decline. Developers have strategically spaced out project launches to maximize impact and ensure optimal sales performance, generating anticipation among potential buyers.
New Launch Pipeline
The outlook for new launches in the second half of 2024 remains positive, with several notable projects set to attract a wide range of buyers and investors. Key upcoming developments include Sora, Emerald of Katong, The Chuan Park, One Sophia, and Aurea, among others. These projects will offer diverse living options, catering to various preferences and needs, and are expected to inject fresh momentum into the market. Larger developments like Emerald of Katong and The Chuan Park, with over 800-900 units, are anticipated to significantly boost market activity.
Top Selling Projects in May
- Lentor Hills Residences: Sold 25 units at a median price of $2,164 psf.
- Hillhaven: Sold 23 units at a median price of $2,099 psf, benefiting from a spillover effect due to high demand for The Botany At Dairy
Farm.
High-Value Transactions
The first five months of 2024 saw at least seven new condo sales exceeding $10 million, compared to five such transactions in the same period in 2023.
Notable transactions included:
- Watten House: Sold units at $12.2 million, $11.8 million (two units), with prices ranging from $3,457 to $3,576 psf.
- 32 Gilstead: Sold units at $14.5 million and $14.4 million, priced at around $3,455 psf.
- Skywaters Residences: Achieved the highest price at $47.3 million ($6,100 psf), purchased by a foreign buyer.
Market Insights
Despite the moderation in overall foreign home purchases, there remains a strong interest from high-net-worth foreign buyers. This is exemplified by the Skywaters Residences transaction, highlighting the appeal of premium properties to affluent international purchasers.
Conclusion
The Singapore real estate market continues to demonstrate resilience and adaptability. The strategic spacing of project launches, combined with a robust pipeline of new developments, is expected to sustain market momentum. High-value transactions and strong demand for luxury units reflect the presence of high-net-worth buyers, both local and international. The market's positive outlook for the second half of 2024 is bolstered by diverse new projects that cater to a broad spectrum of buyers and investors, ensuring continued interest and activity in Singapore's property market.
Click here for the full report
Prepared By:
Mohan Sandrasegeran
Head of Research & Data Analytics
