A Year of Peaks and Valleys for Singapore’s Private Property Market
The private property market in 2024 experienced significant fluctuations, akin to a roller coaster ride. Developers launched a total of 22 private residential projects and 2 executive condominium (EC) projects throughout the year. This marked a slight decrease from 2023, which saw 26 private residential projects and 1 EC project.
In terms of units, approximately 6,800 private residential units were launched for sale in 2024, compared to 7,551 units in 2023. Of these, an estimated 42.5% were located in the Rest of Central Region (RCR) and 47.5% in the Outside Central Region (OCR).
Developers sold an estimated 6,400 to 6,500 units in 2024, similar to 2023’s figures. However, most of these transactions occurred in the second half of the year, following the Lunar Seventh Month.
A Slow Start to 2024
The first half of 2024 saw the lowest number of units launched for sale in any first half since 1996, largely due to the prevalence of boutique projects. Only 1,889 units were sold during this period, marking one of the lowest first-half sales figures since 1996. Most project launches during this time, with the exception of Lentor Mansion—which achieved a 75% take-up rate on its launch weekend—witnessed slower sales compared to 2023. Market sentiment was subdued, likely influenced by uncertainties in the job market and persistently high interest rates. Many buyers appeared to be holding back, anticipating the launches of highly-anticipated projects such as Chuan Park and Emerald of Katong.
A Surge in Demand Post-Lunar Seventh Month
The market gained momentum in July 2024, with Kassia selling more than 50% of its units, signaling the start of a robust recovery. The first launch after the Lunar Seventh Month, 8@BT, also achieved over 50% sales on its launch weekend. A cut in interest rates by the US Federal Reserve in September 2024 further boosted buying interest, culminating in a 60% quarter-on-quarter increase in developer sales during the third quarter.
The heightened demand persisted into the fourth quarter, with overwhelming interest and cheque submissions for projects such as Chuan Park, Emerald of Katong, Meyer Blue, Nava Grove, and Norwood Grand. We estimated nearly 9,000 cheque submissions for private residential launches post-Lunar Seventh Month. The second EC launch of the year, Novo Place, also attracted significant interest, with over 800 e-applications.
In October 2024, Meyer Blue sold more than 50% of its units, while Norwood Grand achieved an impressive 80% take-up rate on its launch weekend. November 2024 saw record-breaking sales, with Emerald of Katong selling nearly 99% of its 846 units on launch weekend, making it the best-selling project of the year. Chuan Park followed closely, selling 70% of its 916 units, while Nava Grove moved more than 60% of its 552 units.
Overall, developers sold an estimated 3,400 to 3,500 units in the fourth quarter alone, with 2,400 to 2,500 units transacted in November. The sales volume in the fourth quarter surpassed that of the first three quarters combined, underscoring the resilience of the property market and its appeal as a tool for wealth creation and preservation.
Best-Selling Projects and Market Drivers
Projects in the RCR and OCR dominated the best-selling launches in 2024, driven by strong upgrading demand from a vibrant HDB resale market. Emerald of Katong emerged as the year’s top-selling project, followed by Chuan Park and Lentor Mansion. Improved economic growth and interest rate cuts enhanced borrowing affordability, attracting more buyers to the new home market. Additionally, the relatively low returns from alternative investments prompted more individuals to turn to property as a preferred investment.
The robust sales performance and price points achieved during these launches may lead to a moderate price increase of up to 5% for 2024, compared to the 6.8% growth recorded in 2023.
| Project | Region | Available Units | Estimated Units Sold |
|---|---|---|---|
| Emerald of Katong | RCR | 846 | 840 |
| Chuan Park | OCR | 916 | 725 |
| Lentor Mansion | OCR | 533 | 517 |
| Nava Grove | RCR | 552 | 389 |
| Norwood Grand | OCR | 348 | 292 |
| Hillhaven | OCR | 341 | 266 |
| Kassia | OCR | 276 | 184 |
| Lentoria | OCR | 267 | 181 |
| SORA | OCR | 440 | 145 |
| Meyer Blue | RCR | 226 | 134 |
Resale Market Trends
The limited supply of new launch units and the search for affordable private residential properties drove buyers to the resale market during the first half of 2024. However, resale activity flattened in the third quarter due to the resumption of new launches and expectations of an interest rate cut in September.
The fourth quarter saw a decline in resale transactions as more than 3,000 buyers opted for new launches such as Chuan Park, Emerald of Katong, Nava Grove, The Collective at One Sophia, and Union Square Residences. For 2024, the resale condo market is projected to record around 13,500 transactions, representing a 20% increase from 2023.
By year-end, the number of unsold units in the market was estimated to be between 19,000 and 20,000—significantly lower than the peak of nearly 38,000 units in the first quarter of 2019.
Outlook for 2025
Looking ahead, 2025 is expected to feature 22 launches, with an estimated 11,790 units, including two EC projects: Aurelle of Tampines and another EC at Plantation Close.
In the Core Central Region (CCR), up to 2,533 units may be launched, with notable projects such as Aurea, Holland Drive, Marina View Residences, Orchard Boulevard, River Valley Green (Parcel A), and Robertson Walk.
The RCR is projected to see major launches like Arina East Residences, Bloomsbury Residences, De Souza Avenue, Margaret Drive, Marina Gardens Lane, and The Orie, contributing approximately 2,994 unit – comparable to the estimated 2,900 units launched in 2024.
Meanwhile, the OCR is expected to see a 10% increase in units, with potential launches including Bagnall Haus, Canberra Crescent, ELTA, Lentor Central Residences, Parktown Residence, and Upper Thomson Road (Parcel B), totaling 3,598 units.
We remains cautiously optimistic about the new sales market in 2025. Unmet demand from 2024 may spill over into early 2025, setting the stage for a promising year ahead.
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