Fresh Launches Supercharge November New Private Home Sales 2557 Units 247 M O M
According to the latest data from URA, developers sold an impressive 2,557 new private homes in November, excluding executive condos (ECs). This marks a 246.5% increase from the 738 units sold in October and a 226% jump from units sold in November 2023.
The surge represents the highest monthly developer sales since March 2013, where 2,793 units (excluding ECs) were sold, according to Christine Sun, chief researcher and strategist at OrangeTee Group. Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI), adds that this is the first time new home sales have exceeded the 2,000-unit threshold in a single month since March 2013.
This spike in sales can be attributed to the “unprecedented” number of project launches during the month, says Lee Sze Teck, senior director of data analytics at Huttons Asia. Five private residential projects were launched in November, including Chuan Park with 916 units, Emerald of Katong with 846 units, Nava Grove with 552 units, The Collective at One Sophia with 367 units, and Union Square Residences with 366 units.
Additionally, the 504-unit Novo Place EC also commenced sales in November. Including ECs, new home sales jumped by 277% m-o-m and 226% y-o-y to 2,891 units in November.
As of November, developers have sold an estimated 6,344 units, which is marginally higher than the 6,317 units sold in the first 11 months of 2023. This comes off the back of 6,627 units launched for sale by developers in the same period. In comparison, developers launched 7,515 units across the same period last year.
Top-selling projects in November include Emerald of Katong with 840 units sold, Kingsford Group’s 916-unit Chuan Park with 721 units sold, and the 99-year leasehold Nava Grove with 382 units sold.
Sun explains that the strong sales performance among these new launches can be attributed to pent-up demand and improved buyer sentiment following interest rate cuts in September. She also notes that buyers were drawn to projects with attractive deals, particularly those located near the East Coast.
Looking ahead, a more subdued December is expected due to the school holidays and the festive season. Huttons’ Lee projects new private home sales to fall to around 200 to 250 units, bringing full-year developer sales to about 6,500 units.
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However, in 2025, sales are expected to regain momentum with the launch of projects such as The Orie by City Developments, Bagnall Haus, Aurea, and Aurelle of Tampines EC. According to OrangeTee’s Sun, the recent surge in sales is a temporary phenomenon, and she is “cautiously optimistic” of a better performance in the new sale market in 2025.
