Launches and Sales
Despite the absence of launches in June 2024 due to the school holidays, developers’ sales were resilient.
Developers sold 228 units in June 2024, 2.2% higher than the previous month and 18.0% lower than a year ago. Buyers remained highly selective and budget conscious in view of the economic climate.
In 2Q 2024, developers sold an estimated 752 units, 35.4% lower than 1Q 2024 and 68.3% lower than a year ago.
The Lakegarden Residences was the best-selling project in June 2024. The impending launch of Sora in July led to an increase in interest in living in Jurong Lake District. The median selling price of The Lakegarden Residence was $2,119 psf in June 2024.
Top Projects by Sales in Jun 2024
| Project Name | Region | Units Sold in the Month | Median Price ($psf) | Lowest Price ($psf) | Highest Price ($psf) |
| THE LAKEGARDEN RESIDENCES | OCR | 23 | 2,119 | 1,902 | 2,337 |
| THE BOTANY AT DAIRY FARM | OCR | 21 | 1,979 | 1,833 | 2,140 |
| TEMBUSU GRAND | RCR | 20 | 2,542 | 2,341 | 2,677 |
| HILLHAVEN | OCR | 18 | 2,124 | 1,968 | 2,242 |
| PINETREE HILL | RCR | 15 | 2,548 | 2,350 | 2,655 |
| LENTOR HILLS RESIDENCES | OCR | 14 | 2,104 | 1,947 | 2,401 |
| HILLOCK GREEN | OCR | 13 | 2,132 | 2,051 | 2,514 |
| LENTORIA | OCR | 11 | 2,096 | 2,029 | 2,260 |
| THE CONTINUUM | RCR | 11 | 2,859 | 2,690 | 2,936 |
| THE LANDMARK | RCR | 9 | 2,866 | 2,694 | 3,060 |
| KLIMT CAIRNHILL | CCR | 8 | 3,335 | 3,173 | 3,863 |
Source: URA, Huttons Data Analytics as of 15 Jul 2024
Purchases by Market Segments and Price Range
The breakdown of sales in June 2024 were largely similar to May 2024. The OCR made up the bulk of sales at 57.9%, RCR at 31.1% and the CCR at 11.0%.
A semi-detached house at Mountbatten Road was sold for $9.3 million while a terrace house at Chancery Lane was bought for $9 million. A $6.688 million 1,808 sq ft at Midtown Modern rounded up the top three transactions in June 2024.
There were more larger units transacted in June 2024 compared to May 2024. In June 2024, there were 104 transactions of unit size 100 sq m and above. In comparison, there were only 81 transactions of such unit size in May 2024.
With more transactions of larger units, the proportion of units priced between $2.5 to less than $5 million increased to 36.3% in June 2024 compared to 26.4% in May 2024.
Singaporeans made up 82.1% of purchases in June 2024 while Permanent Residents (PRs) made up 13.1%. Foreigners accounted for the remaining 4.8%.
Purchases by Residential Status and Price Range in Jun 2024
| <$1.5 million | $1.5 to <$2 million | $2 to <$2.5 million | $2.5 to <$5 million | >$5 million | Total | |
| Singaporeans | 12 | 44 | 63 | 65 | 4 | 188 |
| Permanent Residents | 1 | 7 | 8 | 13 | 1 | 30 |
| Foreigners | 1 | 1 | 5 | 4 | 11 | |
| Companies | ||||||
| Total | 13 | 52 | 72 | 83 | 9 | 229 |
Source: URA, Huttons Data Analytics as of 15 Jul 2024
Purchases by Foreigners
The number of purchases by foreigners increased to 11 in June 2024, more than double the sales in May 2024. The foreigners bought 8 properties in the CCR and 3 in the RCR. In the CCR, there were 4 purchases in Klimt Cairnhill, 3 in Midtown Modern and 1 in Watten House.
Singapore continues to attract foreigners due to its excellent living and business environment and a stable Government.
Proportion of Purchase by Foreigners
Source: URA, Huttons Data Analytics as of 15 Jul 2024
Outlook
Sales in July could be more than double of June boosted by major project launches.
There will be 3 project launches – Kassia, Sora and The Green Collection.
Sora in Yuan Ching Road has sold more than 100 units on launch weekend at an average price of $2,160 psf which is in-line with prices in the OCR.
Kassia is probably the last freehold project in the Flora Drive private residential enclave. There are a total of 276 units. Buyers can enjoy superb convenience with a plethora of shopping destinations and amenities located nearby.
The Green Collection is the one and only strata-landed project in Sentosa overlooking the Tanjong Golf course.
Projects that may be launched for sale in Aug/Sept 2024 include 8@BT, Arina East Residences, Aurea, Meyer Blue and Union Square Residences.
As the number of launches gather pace in 3Q 2024, sales volume will also increase.
Barring unforeseen circumstances, developers may sell up to 6,500 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 | Jul 2024 |
| 3 | The Green Collection | Green Collection Pte Ltd | Cove Drive | 4 | 99 | 20 | Jul 2024 |
| 4 | Arina East Residences | ZACD LV Development Pte Ltd | Tanjong Rhu Road | 15 | FH | 107 | Aug/Sept 2024 |
| 5 | 8@BT | Bukit One Pte Ltd | Bukit Timah Link | 21 | 99 | 160 | Sept 2024 |
| 6 | Aurea | GMC Property Pte Ltd | Beach Road | 7 | 99 | 186 | Sept 2024 |
| 7 | Meyer Blue | United Venture Development (Meyer) Pte Ltd | Meyer Road | 15 | FH | 226 | Sept 2024 |
| 8 | Union Square Residences | CDL Libra Pte Ltd/CDL Conservo Pte Ltd/Centro Property Holding Pte Ltd | Keng Cheow Street | 1 | 99 | 366 | Sept 2024 |
| 9 | Emerald Of Katong | Sim Lian JV (Katong) Pte Ltd | Jalan Tembusu | 15 | 99 | 846 | 3Q/4Q 2024 |
| 10 | Pine Grove (Parcel B) | Golden Ray Edge 3 Pte Ltd | Pine Grove | 21 | 99 | 552 | 3Q/4Q 2024 |
| 11 | The Chuan Park | Chuan Park Development Pte Ltd | Lorong Chuan | 19 | 99 | 916 | 3Q/4Q 2024 |
| 12 | Bagnall Haus | RL Bagnall Pte Ltd | Upper East Coast Road | 16 | FH | 113 | Oct 2024 |
| 13 | Marina View Residences | Boulevard Development Pte Ltd/Boulevard Midtown Pte Ltd | Marina View | 1 | 99 | 683 | Oct 2024 |
| 14 | Norwood Grand | CDL Stellar Pte Ltd | Champions Way | 25 | 99 | 348 | Oct 2024 |
| Total | 5,239 |
Source: URA, Huttons Data Analytics as of 15 Jul 2024
