In October 2024, private home sales in Singapore saw a significant boost, reaching an 11-month high, as developers ramped up launches to meet increasing buyer demand.
The latest data from the Urban Redevelopment Authority (URA) revealed that 738 private homes (excluding executive condominiums, or ECs) were sold in October, an 84% increase compared to the 401 units sold in September. This is also more than three times the 204 units sold in the same month last year. October’s sales volume marked the highest monthly sales since November 2023, when 784 units were transacted.
Analysts attribute this surge to improved consumer confidence, as the economy strengthens and interest rates remain favorable for homebuyers. Christine Sun, chief researcher at OrangeTee Group, noted that the easing of mortgage costs, due to interest rate cuts, has played a role in boosting buyer activity.
The bulk of October’s sales were driven by two major projects launched during the month: Norwood Grand in the northern region of Woodlands and Meyer Blue along the East Coast. Combined, these two developments made up more than 50% of all private home sales in October. As a result, the number of private homes released for sale in October rose to 534 units, up 22% from the 437 units launched in September, according to Lee Sze Teck, senior director of data analytics at Huttons Asia.
Norwood Grand, which is the first private residential development in Woodlands since 2012, was particularly well-received. The project sold 292 units — 84% of its 348 units — during its launch weekend. Lee noted that the area’s ongoing transformation, including the development of the Woodlands Regional Centre, the RTS Link, and the Johor-Singapore Special Economic Zone, has led to heightened buyer interest in the location.
Meyer Blue, a freehold development on the East Coast, also saw strong sales, with 124 of its 226 units (over 50%) sold in October. The project’s freehold tenure, sea views, and excellent connectivity to new MRT stations made it a highly attractive option for buyers. According to Tricia Song, head of research for Southeast Asia at CBRE, these factors have contributed to the project’s strong sales performance.
In the luxury segment, 31 non-landed homes were sold for over $5 million in October, the highest number since November 2023. Of these, 22 were from Meyer Blue, with unit sizes ranging from 1,528 sq ft to 2,992 sq ft, according to URA data. This contributed significantly to the project’s overall sales figures.
Sales in the EC market remained stable, with 28 units sold in October, a slight decrease from 32 units in September. However, ERA Singapore CEO Marcus Chu expects an increase in EC sales with the launch of Novo Place, a 504-unit EC development in Tengah, in mid-November.
Looking ahead, analysts are optimistic about November, forecasting strong sales due to a large number of upcoming launches. Over 2,500 new homes are expected to be added to the market in November, including notable developments like The Collective at One Sophia, Union Square Residences, Chuan Park, Nava Grove, and Emerald of Katong. This influx of new projects is expected to push November sales figures to a new high for 2024.
Union Square Residences, a development by City Developments Limited (CDL), has already seen significant interest. As of November 9, the project had sold 75 units (approximately 20% of its 366 units) at an average price of $3,200 per square foot. CDL reported that 83% of buyers are Singaporeans, with the remainder consisting of Permanent Residents (PRs) and foreigners from various countries, including China, Malaysia, the UK, and the USA.
Among the premium units at Union Square Residences, a five-bedroom Sky Suite spanning 2,476 sq ft was sold for $9.288 million ($3,751 psf), reflecting the high demand for luxury properties in the current market.
As the market continues to show resilience, both developers and buyers remain active, and strong sales are expected to carry through the end of 2024.
