Launches and Sales
Developers’ sales fell 63.6% month-on-month and 47.2% year-on-year in Aug 2024 to 208 units.
Sales activities are considered healthy as the drop in sales was due to the absence of new launches during the lunar seventh month.
Buyers on the other hand were less particular about this inauspicious period. Some astute buyers locked in their dream homes ahead of a price increase in some projects.
The number of units launched for sale in Aug 2024 fell to 272 units, 55.8% lower than the previous month and 53.9% lower than a year ago.
Top Projects by Sales in Aug 2024
| Project Name | Region | Units Sold in the Month | Median Price ($psf) | Lowest Price ($psf) | Highest Price ($psf) |
| TEMBUSU GRAND | RCR | 30 | 2,455 | 2,308 | 2,725 |
| HILLOCK GREEN | OCR | 17 | 2,108 | 1,892 | 2,396 |
| LENTORIA | OCR | 15 | 2,217 | 2,101 | 2,341 |
| HILLHAVEN | OCR | 14 | 2,153 | 1,936 | 2,288 |
| LENTOR HILLS RESIDENCES | OCR | 13 | 2,148 | 2,056 | 2,233 |
| THE BOTANY AT DAIRY FARM | OCR | 12 | 2,078 | 1,929 | 2,165 |
| THE CONTINUUM | RCR | 10 | 2,868 | 2,644 | 2,937 |
| THE RESERVE RESIDENCES | RCR | 9 | 2,566 | 2,461 | 2,681 |
| LENTOR MANSION | OCR | 8 | 2,185 | 2,158 | 2,352 |
| THE MYST | OCR | 8 | 2,004 | 1,868 | 2,178 |
Source: URA, Huttons Data Analytics as of 16 Sep 2024
Purchases by Market Segments and Price Range
The OCR was the best performing market segment in Aug 2024 with 123 units sold.
Within the OCR, the top selling projects were Hillhaven, Hillock Green, Lentor Hills Residences, Lentor Mansion, Lentoria, The Botany at Dairy Farm and The Myst in District 23 and 26. These projects offer the best entry price for buyers.
Singaporeans made up 88.5% of buyers in Aug 2024. This is the third highest proportion of Singaporean buyers in 2024. This could be due to more naturalised Singaporeans which may be a by-product of the punitive 60% ABSD on foreigners. It is effective in keeping the number of purchases by foreigners low yet encourages higher quality talents to become Singaporeans.
Purchases by Residential Status and Price Range in Aug 2024
| <$1.5 million | $1.5 to <$2 million | $2 to <$2.5 million | $2.5 to <$5 million | >$5 million | Total | |
| Singaporeans | 12 | 41 | 50 | 78 | 4 | 185 |
| Permanent Residents | 0 | 2 | 2 | 11 | 3 | 18 |
| Foreigners | 0 | 1 | 1 | 3 | 0 | 5 |
| Companies | 0 | 1 | 0 | 0 | 0 | 1 |
| Total | 12 | 45 | 53 | 92 | 7 | 208 |
Source: URA, Huttons Data Analytics as of 16 Sep 2024
Purchases by Foreigners
The number of purchases by foreigners in Aug 2024 remained at 5, similar to Jul 2024.
The purchases were equally split across the 3 market segments.
Proportion of Purchase by Foreigners
Source: URA, Huttons Data Analytics as of 16 Sep 2024
Executive Condominiums
Developers sold another 36 EC units in Aug 2024 which is on par with the previous month.
The number of unsold EC units stand at 202 in Aug 2024 which is the lowest level since Feb 2022.
As the next EC project, Novo Place is estimated to be in Nov 2024, options are running low for buyers in the next two months.
Outlook
8@BT will be launched for sale in Sept 2024. Meyer Blue will preview in late Sept and launch for sale in early Oct 2024.
Developers’ sales in Sept 2024 are estimated to be in the range of 250 to 300.
The expected cut in interest rate by the US Federal Reserve will translate into lower borrowing costs and a higher loan quantum for buyers. This will create a wider pool of buyers and may be positive for the market.
Transaction volume may see a slight boost in the coming months.
Barring unforeseen circumstances, developers may sell up to 5,500 new homes while prices are expected to be stable, increasing up to 4% in 2024.
Potential Upcoming Projects in 2H 2024
| No. | Project Name | Developer | Location | District | Tenure | Est Units | Month |
| 1 | Sora | Lakeside Residential Pte Ltd | Yuan Ching Road | 22 | 99 | 440 | Launched |
| 2 | Kassia | Tripartite Developers Pte Ltd | Flora Drive | 17 | FH | 276 | Launched |
| 3 | 8@BT | Bukit One Pte Ltd | Bukit Timah Link | 21 | 99 | 158 | Sept 2024 |
| 4 | Meyer Blue | United Venture Development (Meyer) Pte Ltd | Meyer Road | 15 | FH | 226 | Sept 2024 |
| 5 | Arina East Residences | ZACD LV Development Pte Ltd | Tanjong Rhu Road | 15 | FH | 107 | Oct 2024 |
| 6 | Aurea | GMC Property Pte Ltd | Beach Road | 7 | 99 | 186 | Oct 2024 |
| 7 | Bagnall Haus | RL Bagnall Pte Ltd | Upper East Coast Road | 16 | FH | 113 | Oct 2024 |
| 8 | Norwood Grand | CDL Stellar Pte Ltd | Champions Way | 25 | 99 | 348 | Oct 2024 |
| 9 | Nava Grove | Golden Ray Edge 3 Pte Ltd | Pine Grove | 21 | 99 | 552 | Nov 2024 |
| 10 | Novo Place (EC) | Hoi Hup Sunway Jurong Pte Ltd | Plantation Close | 24 | 99 | 508 | Nov 2024 |
| 11 | Emerald Of Katong | Sim Lian JV (Katong) Pte Ltd | Jalan Tembusu | 15 | 99 | 846 | 4Q 2024 |
| 12 | Marina View Residences | Boulevard Development Pte Ltd/Boulevard Midtown Pte Ltd | Marina View | 1 | 99 | 683 | 4Q 2024 |
| 13 | The Chuan Park | Chuan Park Development Pte Ltd | Lorong Chuan | 19 | 99 | 916 | 4Q 2024 |
| 14 | Union Square Residences | CDL Libra Pte Ltd/CDL Conservo Pte Ltd/Centro Property Holding Pte Ltd | Keng Cheow Street | 1 | 99 | 366 | 4Q 2024 |
| Total | 5,725 |
Source: URA, Huttons Data Analytics as of 16 Sep 2024
