In a promising sign for Singapore’s real estate market, private home sales surged in October 2024, marking an 11-month high as developers responded to increasing demand for new homes.
Data from the Urban Redevelopment Authority (URA) revealed that 738 private homes (excluding executive condominiums or ECs) were sold in October. This is an 84% increase compared to the 401 units sold in September and more than three times the 204 units transacted in October 2023. October’s sales volume is the highest recorded since November 2023, when 784 units were sold.
Christine Sun, Chief Researcher at OrangeTee Group, highlighted that improving consumer confidence and favorable mortgage rates were key drivers of the strong sales performance. “With interest rates easing and the economy picking up, more buyers are returning to the market,” Sun said.
A key factor behind the surge in October’s private home sales was the launch of two major projects: Norwood Grand in Woodlands and Meyer Blue along the East Coast. These two developments accounted for over half of the total sales in October. As a result, the number of private homes launched for sale in October increased by 22% to 534 units, compared to 437 units launched in September.
Norwood Grand saw strong demand, with 292 of its 348 units (84%) sold during its launch weekend. The development’s success is attributed to Woodlands’ ongoing transformation, including the upcoming Woodlands Regional Centre, RTS Link, and Johor-Singapore Special Economic Zone, which have increased the area’s appeal to buyers, according to Lee Sze Teck, Senior Director of Data Analytics at Huttons Asia.
On the East Coast, Meyer Blue also saw impressive sales, with 124 of its 226 units (more than 50%) sold in October. The development’s rare freehold status, picturesque sea views, and proximity to new MRT stations made it a popular choice among homebuyers. CBRE’s Tricia Song noted that the development’s connectivity to major transport hubs was a major draw for buyers.
October also saw notable activity in the luxury property segment, with 31 non-landed homes selling for $5 million or more — the highest number since November 2023. Out of these, 22 were from Meyer Blue, with sizes ranging from 1,528 sq ft to 2,992 sq ft.
In the EC market, 28 units were sold in October, a slight decrease from September’s 32 units. However, analysts expect EC sales to pick up with the launch of Novo Place, a 504-unit EC project in Tengah, which is scheduled to open in mid-November.
Looking ahead, November is expected to be another strong month for sales, with more than 2,500 new homes expected to be launched across several prominent projects, including Union Square Residences, The Collective at One Sophia, Chuan Park, Nava Grove, and Emerald of Katong. Analysts predict that November could see the highest sales numbers of 2024 due to the large scale of many of these developments.
Union Square Residences, a luxury condominium by City Developments Limited (CDL), has already achieved strong sales. As of November 9, 75 of its 366 units (about 20%) had been sold at an average price of $3,200 per square foot. The project has attracted significant local interest, with 83% of buyers being Singaporeans, while the remaining 17% are Permanent Residents (PRs) or foreign buyers.
Among the premium units sold, a five-bedroom Sky Suite on the 38th floor, spanning 2,476 sq ft, was sold for $9.288 million ($3,751 per square foot).
As the year draws to a close, the Singapore real estate market looks set to continue its upward trajectory, supported by strong buyer demand and an active development pipeline.