The Singapore real estate market in November 2024 was a bustling scene with six new condo launches collectively offering more than 3,500 homes. On launch weekend alone, over 2,300 units found eager buyers, marking an impressive 66% sell-through rate. However, the spotlight was on one standout project that nearly sold out entirely, leaving buyers scrambling for alternatives.
In this article, we’ll explore what’s driving this wave of demand, review each of the new launches, and discuss what’s still available for discerning buyers.
Why is Demand So Hot This Time?
The strong demand for new condos in November 2024 can be attributed to several key macroeconomic and market-specific factors.
Improving Consumer Sentiment and Pent-Up Demand
Economic stability has returned, buoyed by the US Federal Reserve’s rate cut cycle, which has made mortgages more affordable for homebuyers. This increased affordability has renewed confidence among both first-time buyers and investors.
Slower Price Growth
Private housing prices rose by just 1.6% in the first three quarters of 2024, a stark contrast to the 3.9% surge seen during the same period in 2023. The moderation, coupled with a 0.7% dip in Q3 2024, signals an easing market, encouraging buyers who had been hesitant during the price hikes of 2023.
Low Inflation, Relatively Stable Housing Prices
With Singapore’s inflation averaging around 2.5% for 2024, housing prices have risen at a slower pace than other goods and services, thus adding to the appeal to property investors.
What are the new launches
The six new launches are Chuan Park, Emerald of Katong, Nava Grove, Union Square Residences, Novo Place, and The Collective at One Sophia.
Chuan Park
Situated next to Lorong Chuan MRT and near mature estates like Bishan, Serangoon, and Toa Payoh, Chuan Park appeals to both families and expatriates, offering convenience and educational options. However, a previous no-sale license issued to developers due to construction quality concerns and the price increases during the launch might deter some buyers.
Sales performance as of 26 November 2024: 197/ 916 units left (79% sold)
Emerald of Katong
Located in Jalan Tembusu, Emerald of Katong is walking distance to Marine Parade MRT and near other recent launches such as The Continuum, Tembusu Grand and Grand Dunman.
Situated in Katong, this prime location makes it attractive to buyers who are looking to live near reputable local schools such as Tanjong Katong Girls School, Chung Cheng High and Haig Girls, and who are also attracted to the vibrant lifestyle offered by the nearby East Coast Road. Emerald of Katong was nearly fully sold on launch date.
Sales performance as of 26 November 2024: 5/ 846 units left (99% sold)
Nava Grove
Nava Grove is situated on Ulu Pandan Road which connects to Holland Road and is beside Pinetree Hill, which was just launched recently.
Nava Grove is within 1KM of Pei Tong Primary School while other schools within the 2km radius include Henry Park Primary School, Nan Hua Primary School and Methodist Girls School (Primary).
Sales performance as of 26 November 2024: 169/ 552 units left (70% sold)
Union Square Residences and The Collective at One Sophia
Union Square Residences is located on the site of the former Central Square at Havelock Road in the City and is near multiple train stations. There is also no lack of amenities being centrally located and close to Chinatown and Clarke Quay.
The Collective at One Sophia is situated on the site of the former Peace Centre on Selegie Road. The Collective is close to train stations on both the Downtown Line and the Circle Line and has no lack of amenities being centrally located and near Little India as well as Orchard Road.
Both of these projects are located in the Core Central Region (CCR) and there are not many local school options available nearby. As such, these projects may target more towards singles, couples and investors.
Sales performance as of 26 November 2024: Union Square Residences – 266/ 366 units left (27% sold), The Collective – 307/ 367 units left (16% sold)
Novo Place Executive Condominium (EC)
Novo Place has a Tengah address but is actually situated at the junction of Jurong East and Bukit Batok. It is uncommon for ECs to be within walking distance of an MRT, but Novo Place is close to the upcoming Jurong Regional Line.
Executive Condominiums (ECs) are typically highly sought after due to their attractive price point.
Sales performance as of 26 November 2024: 213/ 504 units left (58% sold)
What are my options going ahead
November 2024 has been a landmark month for Singapore’s property market, with strong performances across new launches. While Emerald of Katong may no longer be an option with its limited supply left, the remaining developments provide exciting opportunities for buyers. With favorable market conditions and attractive projects on offer, now is an excellent time to invest.
Market indicators suggest robust demand will persist. Improved economic sentiments and falling interest rates are key drivers. Additionally, buyers’ preference for new launches over older developments ensures a steady pipeline of interest.
In Singapore’s fast-paced real estate market, targeting affordable quantum pricing is a key strategy for buyers. Units within the “sweet spot” offer an attractive balance between value and affordability, making them highly appealing to both first-time buyers and investors. Developments like Novo Place and Nava Grove stand out for their accessible price points, which provide excellent entry opportunities without overwhelming financial commitments.
Another significant consideration is the impending reduction in mortgage interest rates. With rates expected to decrease, buyers can secure competitive financing options, improving long-term affordability. This makes now an opportune moment to invest, particularly in executive condominiums (ECs) like Novo Place, which are already designed with affordability in mind. Locking in favorable rates now could save buyers significant amounts over time.
When selecting a property, location remains a critical factor. Homes situated near transportation hubs, established schools, and vibrant amenities tend to appreciate faster and maintain steady rental demand. For example, Emerald of Katong enjoys a prime position near Marine Parade MRT and reputable schools, making it a hotspot for families and expatriates. Similarly, Chuan Park benefits from its proximity to Lorong Chuan MRT and an array of educational institutions, ensuring it appeals to both homeowners and investors.
Time is of the essence in today’s market. With one project—Emerald of Katong—already sold out and others like Chuan Park nearing full capacity, buyers must act quickly to secure their preferred units. Delays could mean fewer choices and higher prices as demand spills over into remaining projects. Acting decisively can make all the difference between securing a desirable unit and missing out entirely.
Future-proofing is another smart strategy. Buyers should consider projects in developing areas that are aligned with upcoming infrastructure plans. For instance, Novo Place is strategically located in Tengah, near the Jurong Regional Line, and stands to benefit as the area’s amenities and transport options expand. Investing early in such developments often leads to significant appreciation over time as the surrounding area matures.
It is equally important for buyers to evaluate properties based on their personal needs. Families might prioritize developments like Chuan Park and Nava Grove for their larger layouts and proximity to reputable schools. Investors, on the other hand, may focus on properties with strong rental potential, such as those in central locations like Union Square Residences. First-time buyers should consider ECs or competitively priced units for the best balance of affordability and future growth potential.
Finally, buyers who miss out on this wave of launches should keep an eye on 2025. Several exciting projects are on the horizon such as Parktown Residence at Tampines, The Orie at Toa Payoh, promising enhanced designs and sought-after locations. With careful planning and timely action, buyers can still find opportunities to invest in Singapore’s dynamic real estate market.
By adopting these strategies, buyers can navigate the competitive landscape effectively, balancing affordability, location, and future investment potential to make informed decisions.
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