Launches and Sales
Two major non-landed projects – Meyer Blue and Norwood Grand were launched for sale in Oct 2024.
This pushed up the number of units launched for sale in Oct 2024 to 534 units, 22.2% higher than Sept 2024 and 888.9% higher than a year ago.
In the first ten months of 2024, developers have launched an estimated 3,756 units for sale, 42.6% lower than the 6,545 units launched in the same period in 2023.
On the back of major launches, developers sold 738 units in Oct 2024, 84.0% higher than Sept 2024 and 261.8% higher than a year ago.
Buyers are returning to the market after better economic growth and interest rate cuts boosted confidence and sentiments. The lower interest rate allowed buyers to borrow more and improved their ability to buy a new home.
Meyer Blue sold 124 units in Oct 2024. It is a rare and unique product as there is limited supply of new homes in the Meyer area and this area offers sea-facing units. The Meyer area stands out for its exclusivity with only 2,053 completed non-landed units across 12 projects. Furthermore, Meyer Blue offers bigger format units and luxurious fittings.
Norwood Grand sold more than 80% or 292 units in Oct 2024. There was very strong interest in the first private residential project in Woodlands since 2012. The transformation taking place such as the upcoming Woodlands regional centre, Woodlands north coast, RTS link and the Johor-Singapore Special Economic Zone convinced buyers of the vast potential in Woodlands.
Purchases by Market Segments and Price Range
The number of purchases in the CCR in Oct 2024 more than doubled to 32 from Sept 2024’s 15.
Out of the 32 units sold in the CCR, 10 were bought by foreigners. Singapore as a safe haven amidst the global uncertainty continues to attract foreigners to relocate here. However, there is no information on the nationality of these foreigners at the moment.
The OCR and RCR were the best performing market segments due to the launch of Meyer Blue and Norwood Grand.
Buyers were attracted to the competitive pricing in Norwood Grand. Almost 75% of the units sold in Norwood Grand were priced at $2 million and below.
Meyer Blue on the other hand offers prime sea facing living with an attractive entry price from $2 million.
Top Projects by Sales in Oct 2024
| Project Name | Region | Units Sold in the Month | Median Price ($psf) | Lowest Price ($psf) | Highest Price ($psf) |
| NORWOOD GRAND | OCR | 292 | 2,081 | 1,895 | 2,252 |
| MEYER BLUE | RCR | 124 | 3,240 | 2,984 | 3,569 |
| PINETREE HILL | RCR | 71 | 2,541 | 2,139 | 2,697 |
| HILLOCK GREEN | OCR | 36 | 2,236 | 1,990 | 2,471 |
| LENTOR MANSION | OCR | 29 | 2,241 | 2,153 | 2,321 |
| TEMBUSU GRAND | RCR | 26 | 2,388 | 2,270 | 2,706 |
| LENTORIA | OCR | 22 | 2,253 | 2,075 | 2,440 |
| HILLHAVEN | OCR | 16 | 2,168 | 1,881 | 2,288 |
| THE MYST | OCR | 15 | 2,126 | 1,940 | 2,339 |
| KLIMT CAIRNHILL | CCR | 13 | 3,302 | 3,162 | 3,547 |
Source: URA, Huttons Data Analytics as of 15 Nov 2024
The top transaction by value in Oct 2024 was the sale of a unit in 32 Gilstead for $14.5 million to a foreigner.
Singaporeans made up 88.6% of buyers in Oct 2024 while PRs accounted for 8.7%.
Purchases by Residential Status and Price Range in Oct 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 | 146 | 144 | 169 | 173 | 18 | 0 | 650 |
| Permanent Residents | 11 | 7 | 15 | 24 | 5 | 2 | 64 |
| Foreigners | 0 | 1 | 2 | 10 | 3 | 4 | 20 |
| Companies | 0 | 0 | |||||
| Total | 157 | 152 | 186 | 207 | 26 | 6 | 734 |
Source: URA, Huttons Data Analytics as of 15 Nov 2024
Purchases by Foreigners
The number of purchases by foreigners in Oct 2024 was 20, markedly higher than the 4 purchases by foreigners in Sept 2024. 10 of them bought properties in the CCR while the other 10 bought in the RCR and OCR.
Proportion of Purchase by Foreigners
Source: URA, Huttons Data Analytics as of 15 Nov 2024
Executive Condominiums
Developers sold 28 EC units in Oct 2024, slightly lesser than Sept 2024.
Buyers’ interest was diverted to an upcoming EC launch, Novo Place in Nov 2024. Novo Place is the second EC in Tengah after Copen Grand. It is one of the few EC projects that is within a 5 mins’ walk to a MRT station. It is also within 1km to the popular Princess Elizabeth Primary School.
Outlook
Developers have sold an estimated 3,787 units in the first 10 months of 2024.
There will be six launches including an EC lined up in Nov 2024. These launches are Chuan Park, Emerald of Katong, Nava Grove, Novo Place (EC), The Collective at One Sophia and Union Square Residences.
As of 10 Nov 2024, Chuan Park has sold 696 units, making it the best-selling project in 2024 by number of units sold. The Collective at One Sophia sold 37 units during a private preview while Union Square Residences sold 78 units.
The level of interest for Emerald of Katong was overwhelming, with more than 3,600 cheques collected. Similarly, Nava Grove and Novo Place were over-subscribed as well.
Sales in Nov 2024 may be as high as 2,100 units. This is likely the first time sales exceeded 2,000 units since Mar 2013.
Developers’ sales in 2024 are likely to be between 5,500 and 6,000 units while prices are expected to be stable, increasing up to 3% in 2024.
Potential Upcoming Projects
| No. | Project Name | Developer | Location | District | Tenure | Est Units | Month |
| 1 | Emerald Of Katong | Sim Lian JV (Katong) Pte Ltd | Jalan Tembusu | 15 | 99 | 846 | Nov 2024 |
| 2 | Chuan Park | Chuan Park Development Pte Ltd | Lorong Chuan | 19 | 99 | 916 | Nov 2024 |
| 3 | Nava Grove | Golden Ray Edge 3 Pte Ltd | Pine Grove | 21 | 99 | 552 | Nov 2024 |
| 4 | Novo Place (EC) | Hoi Hup Sunway Jurong Pte Ltd | Plantation Close | 24 | 99 | 508 | Nov 2024 |
| 5 | The Collective at One Sophia | CEL Development, Sing-Haiyi Crystal and Ultra Infinity | Sophia Road | 9 | 99 | 367 | Nov 2024 |
| 6 | Union Square Residences | CDL Libra Pte Ltd/CDL Conservo Pte Ltd/Centro Property Holding Pte Ltd | Keng Cheow Street | 1 | 99 | 366 | Nov 2024 |
| 7 | Arina East Residences | ZACD LV Development Pte Ltd | Tanjong Rhu Road | 15 | FH | 107 | Jan 2025 |
| 8 | Bagnall Haus | RL Bagnall Pte Ltd | Upper East Coast Road | 16 | FH | 113 | Jan 2025 |
| 9 | Marina View Residences | Boulevard Development Pte Ltd/Boulevard Midtown Pte Ltd | Marina View | 1 | 99 | 683 | Jan 2025 |
| 10 | The Orie | CDL Constellation Pte. Ltd., Frasers Property Phoenix Pte. Ltd. and Sekisui House, Ltd. | Lor 1 Toa Payoh | 12 | 99 | 777 | Jan 2025 |
| 11 | Aurelle of Tampines | Sim Lian Land and Sim Lian Development | Tampines St 62 | 18 | 99 | 760 | Feb 2025 |
| 12 | Aurea | GMC Property Pte Ltd | Beach Road | 7 | 99 | 186 | 1Q 2025 |
| 13 | Elta | CSC Land Group and MCL Land | Clementi Ave 1 | 5 | 99 | 501 | 1Q 2025 |
| 14 | Lentor Central Residences | Hong Leong, GuocoLand and CSC Land | Lentor Central | 26 | 99 | 477 | 1Q 2025 |
| 15 | Parktown Residence | UOL Group, Singapore Land (SingLand)and CapitaLand Development | Tampines Ave 11 | 18 | 99 | 1,193 | 1H 2025 |
| Total | 8,352 |
Source: URA, Huttons Data Analytics as of 15 Nov 2024
