Singapore’s private property market witnessed a remarkable surge in November, hitting its highest monthly sales in over 11 years. Developers sold 2,557 private homes (excluding ECs), a significant jump from October’s 738 units. This strong performance reflects pent-up demand, improved buyer confidence, and the excitement surrounding several major new project launches.
Market Performance at a Glance
According to data from the Urban Redevelopment Authority (URA), sales in November 2024 were:
- 98 units sold in the Core Central Region (CCR)
- 1,569 units in the Rest of Central Region (RCR)
- 890 units in the Outside Central Region (OCR)
This robust demand comes on the back of favourable borrowing conditions, following interest rate cuts by the U.S. Federal Reserve in September. Many buyers seized the opportunity to purchase properties before the year-end holidays.
Key Projects That Led the Market
Several prominent developments launched in November contributed to this exceptional performance:
- Emerald of Katong
Emerald of Katong was a standout success, selling an impressive 840 out of 846 units at a median price of S$2,627 psf. Its thoughtful design, excellent amenities, and prime location near East Coast made it a top choice for buyers seeking convenience and quality living. - Chuan Park
Located at Lorong Chuan, Chuan Park sold 721 out of 916 units at a median price of S$2,586 psf. Buyers were drawn to its family-friendly environment, competitive pricing, and proximity to established amenities and connectivity. - Nava Grove
This project also saw positive take-up, reflecting growing interest in developments that balance location, design, and value.
These projects highlight the enduring appeal of large-scale developments that cater to diverse buyer profiles, including upgraders and investors. The success of Emerald of Katong and Chuan Park underscores the market’s appetite for properties with strong long-term potential.
Market Outlook Moving Forward
While November’s record-breaking numbers are impressive, analysts view this as a temporary spike rather than a sign of overheating. Buyer activity throughout 2024 has been moderate due to a lack of major launches earlier in the year.
Looking ahead:
- The Government Land Sales (GLS) programme is expected to inject approximately 5,030 private housing units (including 980 ECs) in the first half of 2025. This steady supply will help balance demand and improve market stability.
- The Orie at Toa Payoh, launching in January 2025, is highly anticipated. Given the area’s lack of new launches since 2016, pent-up demand is likely to drive strong interest.
Experts predict that new home sales will pick up momentum in early 2025, particularly as buyers continue to seek well-located, thoughtfully designed developments like Union Square Residences and Chuan Park.
A Resilient and Stable Market
November’s success highlights the resilience of Singapore’s property market, driven by sustained demand and strategic launches. Projects such as Emerald of Katong have proven that buyers remain confident in developments that offer quality, location, and value.
As we look to 2025, expect continued interest in key launches and prime locations, reflecting the robust outlook for Singapore’s private housing sector.
For those exploring opportunities in new homes, now is an ideal time to stay ahead of the market and discover the value these exceptional developments offer.