Launches and Sales
Property launches were back in full swing in March 2024 after the Chinese New Year festive season.
In March 2024, the property market had 4 project launches – Ardor Residence, Koon Seng House, Lentor Mansion and Lentoria.
These four projects pushed up the number of launched units in March 2024 to 877, 1848.9% higher month-on-month and 53.1% higher year-on-year.
As a result, developers’ sales in March 2024 jumped 4.7 times to 718 units from 153 units in February 2024. Sales were also 45.9% higher than a year ago.
The spike in sales volume was largely due to the successful launch of Lentor Mansion in the Outside Central Region (OCR).
Lentor Mansion sold 409 units in March 2024, making it the best-selling project in 2024 in terms of number of units sold and in percentage terms. It made up 57.0% of developers’ sales in March 2024. The project is 76.7% as of end-March 2024 with a median price of $2,269 psf.
Based on caveats, almost 75% of the units sold in Lentor Mansion were priced below $2 million. This is a sweet spot price for many first-time buyers and HDB upgraders.
Developers sold 114 EC units in March 2024 on the back of robust sales at Lumina Grand from second timers. Lumina Grand sold another 61 units during the second round of balloting and is 72.3% sold as of end-March 2024.
New ECs have continued to do well monthly due to its competitive pricing vis-à-vis some resale EC whose prices have exceeded $1,400 psf on average in the past year. A 1,367 sq ft at Esparina Residences went as high as $1,756 psf. An estimated 358 EC units remained unsold as of end-March 2024.
Purchases by Market Segments and Price Range
Singaporeans and Permanent Residents made up more than 98% of purchases in March 2024.
One Singaporean paid $11.795 million for a 3,412 sq ft unit in Watten House in March 2024.
There was a noticeable increase in the proportion of sales below $2 million to 58.6% in March 2024 compared to 31.8% in the previous month. This was due to the launch of Lentor Mansion and Lentoria where 346 units were priced below $2 million.
Purchases by Residential Status and Price Range in Mar 2024
| Range | <$1.5 million | $1.5 to <$2 million | $2 to <$5 million | >$5 million | Total |
|---|---|---|---|---|---|
| Singaporeans | 186 | 215 | 258 | 5 | 664 |
| Permanent Residents | 10 | 7 | 27 | 3 | 47 |
| Foreigners | 3 | 3 | 5 | 2 | 13 |
| Companies | 0 | 0 | 0 | 0 | 0 |
| Total | 199 | 225 | 290 | 10 | 724 |
Source: URA, Huttons Data Analytics as of 15 Apr 2024
Top Projects by Sales in Mar 2024
| Project Name | Region | Units Sold in the Month | Median Price ($psf) | Lowest Price ($psf) | Highest Price ($psf) |
|---|---|---|---|---|---|
| LENTOR MANSION | OCR | 409 | 2,269 | 2,104 | 2,476 |
| LENTORIA | OCR | 60 | 2,129 | 1,965 | 2,318 |
| THE BOTANY AT DAIRY FARM | OCR | 33 | 2,030 | 1,819 | 2,153 |
| LENTOR HILLS RESIDENCES | OCR | 29 | 2,114 | 1,922 | 2,379 |
| HILLHAVEN | OCR | 16 | 2,074 | 1,955 | 2,246 |
| THE MYST | OCR | 13 | 1,996 | 1,897 | 2,340 |
| HILLOCK GREEN | OCR | 12 | 2,168 | 2,023 | 2,396 |
| WATTEN HOUSE | CCR | 12 | 3,255 | 3,152 | 3,457 |
| 19 NASSIM | CCR | 11 | 3,304 | 3,001 | 3,397 |
| GRAND DUNMAN | RCR | 11 | 2,474 | 2,367 | 2,904 |
| THE CONTINUUM | RCR | 11 | 2,786 | 2,641 | 2,969 |
| PINETREE HILL | RCR | 10 | 2,485 | 2,338 | 2,536 |
| POLLEN COLLECTION | OCR | 10 | 2,256 | 1,884 | 2,270 |
| THE LAKEGARDEN RESIDENCES | OCR | 9 | 2,143 | 2,087 | 2,254 |
| THE LANDMARK | RCR | 9 | 2,873 | 2,693 | 2,928 |
Source: URA, Huttons Data Analytics as of 15 Apr 2024
Purchases by Foreigners
While the proportion of purchases by foreigners remained low at 1.8% in March 2024, there was a significant increase in the number of purchases by foreigners to 13, up from 4 in February 2024. This could be due to the increase in number of viewings during the Chinese New Year period which may have translated to more sales in March 2024.
Proportion of Purchase by Foreigners
Source: URA, Huttons Data Analytics as of 15 Apr 2024
Outlook
There may be up to 4 non-landed projects with a total of 238 units scheduled for launch in April and May 2024.
The Hill @one-north and The Hillshore will book sales in April 2024. Developers are estimated to sell between 300 and 400 units in April 2024.
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 April/May 2024
| No. | Project Name | Developer | Location | District | Tenure | Est Units |
|---|---|---|---|---|---|---|
| 1 | Jansen House | Macly Group | Jansen Road | 19 | 999 | 21 |
| 2 | Straits at Joo Chiat | Roxy-Pacific Holdings Pte Ltd | Joo Chiat Place | 15 | FH | 16 |
| 3 | The Hill @one-north | Kingsford Real Estate Development Pte Ltd | Slim Barracks Rise | 5 | 99 | 142 |
| 4 | The Hillshore | Hillside View Development Pte Ltd | Pasir Panjang Road | 5 | FH | 59 |
| Total | 238 | |||||
Source: URA, Huttons Data Analytics as of 15 Apr 2024
