Launches and Sales
Sales in Dec 2024 was lower at 203 units, down 92.1% month-on-month but 50.4% higher year-on-year.
However, this was the highest Dec sales since 2021. The surge in buying sentiments in Nov 2024 spilled over to Dec 2024 despite it being the year-end holiday season and absence of project launches.
Developers launched 20 units for sale, 99.3% lower than Nov 2024 and 44.4% lower than Dec 2023. This is the lowest number of units launched for sale since URA started tracking data in 2007.
Almost all the projects have launched their units for sale. In the absence of new launches, the number of units launched for sale every month is likely to remain low.
Purchases by Market Segments and Price Range
The top selling projects in Dec 2024 are predominantly in the RCR and OCR.
Sales in the OCR made up 54.7% while the RCR proportion was 36.0%.
The CCR saw 19 transactions of which The Collective at One Sophia accounted for nine. Almost all the transactions at The Collective at One Sophia are around $1.2 million. This is an attractive and hard to beat price for a property in the CCR.
Top Projects by Sales in Dec 2024
| Project Name | Region | Units Sold in the Month | Median Price ($psf) | Lowest Price ($psf) | Highest Price ($psf) |
| HILLOCK GREEN | OCR | 19 | 2,278 | 2,086 | 2,554 |
| THE MYST | OCR | 17 | 2,080 | 1,868 | 2,339 |
| THE CONTINUUM | RCR | 15 | 2,864 | 2,664 | 3,091 |
| CHUAN PARK | OCR | 11 | 2,657 | 2,484 | 2,721 |
| PINETREE HILL | RCR | 11 | 2,543 | 2,394 | 2,607 |
| SORA | OCR | 10 | 2,198 | 2,041 | 2,294 |
| HILLHAVEN | OCR | 9 | 2,175 | 1,947 | 2,224 |
| THE COLLECTIVE AT ONE SOPHIA | CCR | 9 | 2,758 | 2,650 | 2,860 |
| LENTORIA | OCR | 7 | 2,291 | 2,180 | 2,431 |
| NAVA GROVE | RCR | 7 | 2,612 | 2,345 | 2,705 |
Source: URA, Huttons Data Analytics as of 15 Jan 2025
The highest transacted value in Dec 2024 was the sale of a $14.578 million unit in 32 Gilstead to a foreigner.
Singaporeans made up 87.4% of buyers in Dec 2024 while PRs accounted for 9.7%.
Purchases by Residential Status and Price Range in Dec 2024
| <$1.5 million | $1.5 to <$2 million | $2 to <$2.5 million | $2.5 to <$5 million | $5 to <$10 million | $10 million and above | Total | |
| Singaporeans | 15 | 37 | 59 | 64 | 3 | 2 | 180 |
| Permanent Residents | 2 | 1 | 8 | 8 | 1 | 0 | 20 |
| Foreigners | – | – | – | 4 | 1 | 1 | 6 |
| Total | 17 | 38 | 67 | 76 | 5 | 3 | 206 |
Source: URA, Huttons Data Analytics as of 15 Jan 2025
Purchases by Foreigners
In the absence of new project launches, the number of purchases by foreigners in Dec 2024 eased to 6, from 22 units in Nov 2024. 3 of them bought properties in the CCR while the other 3 bought in the RCR.
Proportion of Purchase by Foreigners
Source: URA, Huttons Data Analytics as of 15 Jan 2025
Executive Condominiums
Novo Place had its second balloting for second-timers in Dec 2024 during which it sold 137 units. It is the top selling EC in Dec 2024. It is 88.3% sold after 1 month of sales, making it the best-selling EC launch in 2024.
ECs offer buyers an attractive alternative to private residential living albeit at a more affordable price.
Total sales of EC units in Dec 2024 was 170, 49.1% lower than Nov 2024.
Outlook
For 2024, developers have launched an estimated 6,647 units for sale, 12.0% lower than the 7,551 units launched in 2023.
Boosted by the excellent sales in Nov 2024, developers sold an estimated 6,560 units, 2.2% higher than 2023.
Sales in Jan 2025 will be bumped up to between 700 and 900 units with the launch of Bagnall Haus and The Orie.
6 launches are planned for the month of Feb 2025 after the Lunar New Year. These launches are Arina East Residences, Aurea, Aurelle of Tampines (EC), Elta, Lentor Central Residences and Parktown Residence.
Sales in Feb 2025 could exceed 1,000 if all planned launches go ahead.
Developers are estimated to sell between 7,000 and 8,000 units in 2025.
Barring unforeseen circumstances, prices in the property market are estimated to grow between 4% and 7% in 2025.
Upcoming Projects in 2025
| No. | Project Name | Developer | Location | District | Tenure | Est Units | Est Launch Period |
| 1 | Bagnall Haus | Roxy Pacific | Upper East Coast Road | 16 | FH | 113 | Jan 2025 |
| 2 | The Orie | CDL Constellation Pte. Ltd., Frasers Property Phoenix Pte. Ltd. and Sekisui House, Ltd. | Lor 1 Toa Payoh | 12 | 99 | 777 | Jan 2025 |
| 3 | Arina East Residences | ZACD Group | Tanjong Rhu Road | 15 | FH | 107 | Feb 2025 |
| 4 | Aurea | Perennial Holdings, Sino Land and Far East Organization | Beach Road | 7 | 99 | 186 | Feb 2025 |
| 5 | Aurelle of Tampines (EC) | Sim Lian Land Pte Ltd and Sim Lian Development Pte Ltd | Tampines St 62 | 18 | 99 | 760 | Feb 2025 |
| 6 | Elta | CSC Land Group (Singapore) Pte. Ltd. and MCL Land | Clementi Ave 1 | 5 | 99 | 501 | Feb 2025 |
| 7 | Lentor Central Residences | Intrepid Investments Pte. Ltd., GuocoLand (Singapore) Pte. Ltd. and CSC Land Group | Lentor Central | 26 | 99 | 477 | Feb 2025 |
| 8 | Parktown Residence | UOL-Singapore Land consortium and CapitaLand Development | Tampines Ave 11 | 18 | 99 | 1,193 | Feb 2025 |
| 9 | W Residences Singapore – Marina View | IOI Properties | Marina View | 1 | 99 | 683 | 1Q 2025 |
| 10 | Bloomsbury Residences | Qingjian Realty and Forsea Residence | Media Circle | 5 | 99 | 358 | Mar/Apr 2025 |
| 11 | Marina Gardens Lane | Kingsford Huray Development, Obsidian Development and Polarix Cultural & Science Park Investment | Marina Gardens Lane | TBC | 99 | 937 | 2Q 2025 |
| 12 | Orchard Boulevard | UOL Group and Singapore Land Group | Orchard Boulevard | 9 | 99 | 270 | 2Q 2025 |
| 13 | Robertson Walk | River Valley Tower Pte Ltd | Robertson Walk | 9 | 999 | 348 | 2Q 2025 |
| Science Park Drive | CapitaLand Development Singapore | Science Park Drive | 5 | 99 | 345 | 2Q 2025 | |
| 14 | Upper Thomson Road (Parcel B) | GuocoLand (Singapore) Pte. Ltd. and Intrepid Investments Pte. Ltd. | Upper Thomson Road | 26 | 99 | 941 | 2Q 2025 |
| 15 | Zion Road (Parcel A) | CDL-MFA Vega Property Pte. Ltd. and CDL-MFA Altair Property Pte. Ltd. | Zion Road | 3 | 99 | 735 | 2Q 2025 |
| 16 | Plantation Close (EC) | Hoi Hup Realty and Sunway Developments | Plantation Close | 24 | 99 | 560 | 2Q/3Q 2025 |
| 17 | Canberra Crescent | Peak Nature Pte Ltd and Huatland Development Pte. Ltd. | Canberra Crescent | 27 | 99 | 375 | 3Q 2025 |
| 18 | De Souza Avenue | SL Capital (8) Pte Ltd | De Souza Avenue | 21 | 99 | 355 | 3Q 2025 |
| 19 | Holland Drive | Holly Development Pte. Ltd. | Holland Drive | 10 | 99 | 666 | 3Q 2025 |
| 20 | River Green | Winchamp Investment Pte. Ltd. | River Valley Green | 9 | 99 | 380 | 3Q 2025 |
| 21 | Margaret Drive | Intrepid Investments Pte. Ltd., Hong Realty (Private) Limited and GuocoLand (Singapore) Pte. Ltd. | Margaret Drive | 3 | 99 | 460 | 4Q 2025 |
| 22 | Zion Road (Parcel B) | Valerian Residential Pte. Ltd. | Zion Road | 3 | 99 | 610 | 4Q 2025 |
| Total | 12,137 |
* in alphabetical order followed by chronological order
Source: URA, Huttons Data Analytics as of 15 Jan 2025
