NEW private home sales were pushed up in October with two major projects, Meyer Blue and Norwood Grand, launched in the month.
Urban Redevelopment Authority data released on Friday (Nov 15) indicated there were 738 private residential units excluding executive condominiums (ECs) sold in October, and 534 units launched in the same month.
The latest sales data represented an 84 per cent increase from 401 units sold in the prior month, and a more than trebling (261.8 per cent rise) from 204 units sold in the year-ago period.
By region, the majority or 62.1 per cent of total transactions came from the outside central region, followed by the rest of the central region at 33.6 per cent, and the core central region (4.3 per cent).
Mohan Sandrasegeran, Singapore Realtors Inc’s head of research and data analytics, noted that 56.4 per cent of the month’s total sales were collectively contributed by Norwood Grand and Meyer Blue.
In his view, both projects played a “pivotal role in propelling sales figures”, with City Developments Ltd’s Norwood Grand recording 292 units sold in October, and 124 units at Meyer Blue.
A NEWSLETTER FOR YOU
Tuesday, 12 pm
Property Insights
Get an exclusive analysis of real estate and property news in Singapore and beyond.
“Their strong performance underscores a targeted appeal to buyers and highlights how well-timed launches with attractive offerings can capture market momentum. With such a high proportion of sales coming from these new projects, developers have further validated that demand remains robust when matched with the right product offerings,” he said.
Christine Sun, chief researcher and strategist at OrangeTee Group, said the latest developer sales data stands at its highest level since November 2023 when 784 of such units were sold.
She attributed the market resurgence to improved consumer sentiment, a strengthening economy, and recent reductions in mortgage rates which have enhanced housing affordability.
“The recent interest rate cuts have boosted buyer sentiment by making mortgages more affordable. Moreover, with prices stabilising, Housing and Development Board upgraders looking to upgrade or have sold their flats at high prices are now more inclined to enter the market,” she added.
Including ECs, there were a total of 766 new developer transactions that took place in October 2024, up 76.9 per cent from 433 units sold in the prior month, and 240.4 per cent higher than the 225 units sold in October 2023.
High hopes for November
With several projects due to launch before the year-end holidays this year, market watchers are expecting October’s gains to extend into positive November data that could possibly stand the highest for new home sales in 2024.
Huttons Asia is forecasting developer sales to range from 5,500 to 6,000 units for the whole of 2024, with prices increasing up to 3 per cent
Its senior director of data analytics, Lee Sze Teck, said sales in November 2024 could amount to more than 2,100 units given an “overwhelming” level of interest for Emerald of Katong, which is due to launch next month.
If so, this would likely mark the first time since March 2013 that developer sales exceeded the 2,000-unit mark, he added.
Emerald of Katong is among six new projects due to hit the market in November, including an EC project, Novo Place.
Sandrasegeran said such strategic timing was “no coincidence” as developers aim to meet rising buyer interest with a diverse portfolio of properties.
“This flurry of launches is well-timed to capture growing buyer interest, appealing to diverse buyer profiles looking to secure a property before the school holiday period begins, and before the year comes to an end,” he observed.
Like Lee of Huttons Asia, Sandrasegeran believes that November is likely to build on October’s robust sales, and is “set to further ignite the property market” given the intensified pipeline of launches.
“The momentum, driven by both buyer confidence and developers’ strategic timing, signals an optimistic outlook for the final quarter of the year,” he said.
Sun of OrangeTee said that projects such as Arina East Residences and The Orie may be launched at the beginning of 2025, after a “robust conclusion” for new home sales at the end of the year.
“The availability of many attractive projects in desirable locations is anticipated to drive sales demand higher into next year, as buyers will have a diverse range of options to select from,” she added.
