New private home sales surge 84% in October, a precursor to stirring sales in November
By Nicholas Lam and Cecilia Chow
/ EdgeProp Singapore |
Crowd at the preview sales of Meyer Blue on Oct 5 where over half the 226-units were sold at an average price of $3,260 psf (Photo: UOL Group and Singapore Land Group)
Ask Buddy
Developers sold 738 new private homes last month, excluding executive condos (ECs), according to URA data released on Nov 15. It marks an 84% m-o-m increase from the 401 units transacted in September and a 262% y-o-y jump from the 204 units sold in October 2023.
"Buyers are returning to the market after better economic growth and interest rate cuts boosted confidence and sentiments," says Lee Sze Teck, senior director of data analytics at Huttons Asia. The lower interest rate allows buyers to borrow more, improving their ability to purchase a new home.
Developers launched 534 new private homes for sale in October, a 22.2% m-o-m increase from the 437 units launched in September. The 534 units released last month are almost 10 times higher than the 54 units launched in October 2023.
Get the latest details on available units and prices for Nava Grove
This brings the total number of private homes launched in the first 10 months of the year to an estimated 3,756 units – a 42.6% y-o-y drop from the 6,545 units launched over the same period last year.
The 348-unit condo by City Developments Limited was the best-selling project in October, with 292 units (over 80%) sold at a median price of $2,081 psf on its launch weekend (Photo: CDL)
Top-selling projects
Norwood Grand emerged as the best-selling project last month. The 348-unit condo developed by City Developments Limited (CDL) along Champions Way in Woodlands moved 292 units (over 80%) at a median price of $2,081 psf. The project is in District 25 within the Outside Central Region (OCR).
According to Huttons' Lee, buyers were attracted to Norwood Grand's competitive pricing. Almost 75% of the units sold were priced at $2 million or below.
The other new project launched in October was the 226-unit condo Meyer Blue by joint developers UOL Group and Singapore Land Group (SingLand). The project, on Meyer Road in prime District 15, moved 124 units at its preview sales last month, at a median price of $3,240 psf. It is in the Rest of Central Region (RCR).
The 552-unit Nava Grove drew 4,000 visitors on its preview weekend and the developer has collected 840 cheques as expressions of interest ahead of its launch tomorrow on Nov 16 (Photo: MCL Land and Sinarmas Land)
Not surprisingly, Norwood Grand and Meyer Blue accounted for 56% of new home sales last month. With Norwood Grand's performance, the OCR led private new home sales in October, says Wong Siew Ying, head of research and content, PropNex.
Last month's third top-selling project was the 520-unit Pinetree Hill in the RCR, with another 71 units sold at a median price of $2,541 psf. Launched in July 2023 by UOL and SingLand, initial take-up had been lacklustre, with only 29% sold in its first month at a median price of $2,360 psf, notes Tricia Song, CBRE head of research for Singapore and Southeast Asia.
Read also: The Shelford hits new high of $2,601 psf
In September, another 71 units were sold as Pinetree Hill dropped some prices amid renewed focus on the Pine Grove location. The 552-unit Nava Grove, a joint venture between MCL Land and Sinarmas Land next door, is set to launch on Nov 16. As of the end of October, Pinetree Hill was 73% sold.
Kheng Leong sold four units at 32 Gilstead on Oct 28, which contributed to half of eight units sold in the luxury 14-unit, freehold condo on Gilstead Road (Photo: Samuel Isaac Chua/EdgeProp Singapore)
CCR home purchases doubled in October
By market segment, OCR projects accounted for 62.1% (458 units) of the total transactions made in October. The RCR accounted for 33.6% (248 units), and the Core Central Region (CCR) for 4.3% (32 units).
Still, the number of purchases in the CCR more than doubled in October, from 15 units the previous month. Of the 32 units sold in the CCR, 10 were bought by foreigners, Huttons' Lee observes. "Singapore is a safe haven amid the global uncertainty and continues to attract foreigners to relocate here," he adds.
Last month's top transaction by absolute price was a 4,219 sq ft, four-bedroom unit at Kheng Leong Co.'s freehold development, 32 Gilstead in the CCR. The luxury boutique condo along Gilstead Road was sold for $14.49 million, or $3,434 psf, on Oct 28. A foreigner made the purchase. Another 4,209 sq ft, four-bedroom unit on the same floor was sold for $14.46 million or $3,435 psf.
Source: URA, Huttons Data Analytics
Based on caveats lodged with URA, the four units sold at 32 Gilstead on Oct 28 were done at prices ranging from $12.76 million ($3,338 psf) for a 3,821 sq ft unit to $14.46 million ($3,435 psf) for a 4,209 sq ft unit. All four buyers were foreigners, although their nationality was not specified. ERA is believed to have brokered one of the four deals. The four transactions contributed to half of the total eight units (57%) sold in the 14-unit luxury project since it was launched in April this year.
"The buying sentiment in the luxury market improved significantly," says Christine Sun, chief researcher and strategist at OrangeTee Group. Six new non-landed homes were sold for over $10 million in October, marking the highest monthly sales of similarly priced units since October 2021, when 10 such units were sold.
Crowd on the first preview day at Emerald of Katong on Nov 1. Over a fortnight of previews, the developer collected 3,629 cheques as expressions of interest (Photo: Samuel Isaac Chua/EdgeProp Singapore)
November's 'turbocharged' launches
PropNex's Wong expects home sales in November to be turbocharged by a deluge of attractive project launches, which will collectively offer 3,551 units (including an EC project), providing tailwinds for primary market sales across all segments.
This coming weekend (Nov 16-17) will see the launch of the 846-unit Emerald of Katong, the 552-unit Nava Grove at Pine Grove and the 504-unit Novo Place EC in Tengah.
Emerald of Katong collected 3,629 cheques from interested buyers, equivalent to the project being 4.3 times subscribed. Meanwhile, Nava Grove collected 840 cheques as expressions of interest.
“We are expecting another significant increase in new sale units sold m-o-m," says Marcus Chu, CEO of ERA Singapore. “We foresee similar strong interest in projects such as Emerald of Katong and Nava Grove. These are the first projects in their respective districts with the new GFA [gross floor area] harmonisation of floor area rule that would exclude non-strata areas such as air-con ledge as part of the sellable space. They should entice buyers with their efficient layouts and attractive prices.”
Sales bookings at the 504-unit Novo Place by joint venture partners Hoi Hup Realty and Sunway Developments will start on Nov 16, with prices from $1,489 psf (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Chu also expects Novo Place’s launch "to breathe life into the EC, as there were no new EC launches since January 2024, with buyers picking up units from the existing stock of past launches".
Huttons' Lee expects new private home sales in November to be as high as 2,100 units. He adds, "This is likely the first time sales will exceed 2,000 units since March 2013".
Earlier this month, the 366-unit Union Square Residences developed by CDL sold 75 units (about 20%) when it launched on Nov 9 at an average price of $3,200 psf. Meanwhile, Chinese developer Kingsford Group moved 696 (76%) out of 916 units at Chuan Park when it launched on Nov 10. Units sold averaged $2,579 psf.
OrangeTee's Sun adds that many of the projects to be launched in November are larger, with at least 500 units. Given the increased number of facilities, such developments tend to attract more buyers.
More significant recovery in developers’ sales in 2025
In the first 10 months of 2024, developers have sold 3,787 new private homes (excluding ECs). With the new launches in 4Q2024, PropNex projects that developers' sales may hit 6,000 units for the whole of 2024, with stronger numbers coming in 4Q2025.
Huttons, on the other hand, is forecasting developers' sales in 2024 to be between 5,500 and 6,000 units, with prices increasing by up to 3%.
Although private residential prices registered a 0.7% decline in 3Q2024, CBRE's Song likewise expects 2024's full-year price growth to be around 3%, a moderation from 6.8% in 2023. She expects 2025 to see "a more significant recovery in developer sales in 2025."
Check out the latest listings for Norwood Grand, Meyer Blue, Pinetree Hill, Nava Grove, Emerald Of Katong, Novo Place properties
Ask Buddy
Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp FacebookSubscribe to our newsletter
Top Articles
Search Articles