Launches and Sales
Compared to March 2024, the launches in April 2024 are much smaller.
In total, there were three launches – 14-unit 32 Gilstead, 142-unit The Hill @one-north and 59-unit The Hillshore. The number of units launched in April 2024 was 278, a big drop of 68.3% from the previous month and 65.2% lower year-on-year.
Take-up at these three launches were encouraging. 32 Gilstead sold 4 out of 14 units at a median price of $3,443 psf. Buyers bought 42 units at a median price of $2,614 psf at The Hill @one-north while The Hillshore moved 3 units at $2,599 psf.
Developers’ sales in April 2024 was 301 units, 58.1% lower month-on-month and 66.2% lower year-on-year.
More than 80% of the sales in April 2024 were for units in earlier launched projects like The Botany at Dairy Farm, Hillhaven, Pinetree Hill. This indicates a steady underlying demand from buyers who see good value in these projects.
In the OCR, The Botany at Dairy Farm has sold 86.5% of its units in 12 months. Hillhaven is close to 30% sold in just 3 months. These projects in the OCR had a median selling price of around $2,000 to $2,100 psf since their launch.
In the RCR, 41.9% of the units in Pinetree Hill were sold in 10 months at a median price of $2,398 psf according to caveats.
Purchases by Market Segments and Price Range
The OCR accounted for 49.8% of units sold in April 2024 while the RCR made up 39.5%. The CCR saw 32 units sold, translating to a market share of 10.6%.
About 32% of the units sold in April 2024 are below $2 million while 33% are between $2 million and less than $2.5 million. These are attractive price points for many buyers in the market.
Singaporeans made up 83.3% of purchases in April 2024 while Permanent Residents (PRs) made up 13.4%.
In the CCR, a luxury project with large format units, 32 Gilstead sold 4 units in April 2024 with prices ranging from $14.2 to $14.5 million. The four units were purchased by Singaporeans and PRs.
Purchases by Residential Status and Price Range in Apr 2024
| <$1.5 million | $1.5 to <$2 million | $2 to <$5 million | >$5 million | Total | |
|---|---|---|---|---|---|
| Singaporeans | 24 | 60 | 161 | 4 | 249 |
| Permanent Residents | 2 | 8 | 26 | 4 | 40 |
| Foreigners | 0 | 1 | 8 | 1 | 10 |
| Companies | 0 | 0 | 0 | 0 | 0 |
| Total | 26 | 69 | 195 | 9 | 299 |
Source: URA, Huttons Data Analytics as of 15 May 2024
Top Projects by Sales in Apr 2024
| Project Name | Region | Units Sold in the Month | Median Price ($psf) | Lowest Price ($psf) | Highest Price ($psf) |
|---|---|---|---|---|---|
| THE BOTANY AT DAIRY FARM | OCR | 50 | 2,004 | 1,805 | 2,174 |
| THE HILL @ ONE-NORTH | RCR | 42 | 2,614 | 2,519 | 2,661 |
| HILLHAVEN | OCR | 22 | 2,080 | 1,953 | 2,226 |
| PINETREE HILL | RCR | 18 | 2,439 | 2,383 | 2,629 |
| LENTOR HILLS RESIDENCES | OCR | 16 | 2,113 | 1,922 | 2,391 |
| LENTOR MANSION | OCR | 15 | 2,230 | 2,178 | 2,395 |
| HILLOCK GREEN | OCR | 12 | 2,116 | 1,991 | 2,430 |
| GRAND DUNMAN | RCR | 9 | 2,681 | 2,459 | 2,884 |
| THE CONTINUUM | RCR | 9 | 2,892 | 2,654 | 2,970 |
| THE LAKEGARDEN RESIDENCES | OCR | 8 | 2,228 | 2,060 | 2,321 |
| BLOSSOMS BY THE PARK | RCR | 7 | 2,531 | 2,296 | 2,673 |
| THE LANDMARK | RCR | 7 | 2,886 | 2,828 | 3,035 |
| WATTEN HOUSE | CCR | 7 | 3,309 | 3,213 | 3,457 |
Source: URA, Huttons Data Analytics as of 15 May 2024
Purchases by Foreigners
There was sustained interest from foreigners with transactions staying in the double digits for the past two months. Heightened geopolitical tensions may be one reason behind the pick up in interest from foreigners. Nevertheless the ABSD of 60% on foreigners is still an effective deterrent against the sudden inflow of hot money.
Proportion of Purchase by Foreigners
Source: URA, Huttons Data Analytics as of 15 May 2024
Outlook
Sales in May 2024 are likely to be lackadaisical.
2 boutique launches, Jansen House and Straits at Joo Chiat will be launched for sale. In the absence of larger launches, sales in May 2024 are likely to be between 150 and 250 units.
There is unlikely to be any launches in June 2024 due to the school holidays. Sales in June 2024 may be similar to May 2024, bringing sales in 2Q 2024 to an estimated 600 to 700 units.
In July 2024, there may be 2 major non-landed launches – Kassia and SORA.
Kassia is probably the last freehold project in the Flora Drive private residential enclave. There are a total of 280 units. Buyers can enjoy superb convenience with a plethora of shopping destinations and amenities located nearby. From the iconic Jewel Changi Airport to the bustling Tampines One and Loyang Point, residents can relish in dining, shopping, and entertainment experiences mere moments away from home.
The market will see the launch of a highly anticipated launch next to Jurong Lake Gardens in July 2024. SORA will be the largest new launch in Jurong Lake District. There will be 440 units spread across 1 bedroom + study to 5-bedroom types.
Barring unforeseen circumstances, developers may sell up to 7,000 new homes while prices are expected to be stable, increasing up to 5% in 2024.
Potential Upcoming Projects in May/July 2024
| No. | Project Name | Developer | Location | District | Tenure | Est Units | Month |
|---|---|---|---|---|---|---|---|
| 1 | Jansen House | Macly Group | Jansen Road | 19 | 999 | 21 | May |
| 2 | Straits at Joo Chiat | Roxy-Pacific Holdings Pte Ltd | Joo Chiat Place | 15 | FH | 16 | May |
| 3 | Kassia | Hong Leong Holdings | Flora Drive | 17 | FH | 280 | July |
| 4 | SORA | CEL Development, Sing-Haiyi Pearl and TK 189 Development | Yuan Ching Road | 23 | 99 | 440 | July |
| Total | 757 | ||||||
Source: URA, Huttons Data Analytics as of 15 May 2024
