Hungry Ghost Month Lull Fades as Strong New Launch Sales Signal Year-End Rally

Hungry Ghost Month Sales Slump Nearly 90%, But New Launches Set to Spark October Private Home Rebound

Four Major Launches Line Up as Skye at Holland Fires the Opening Salvo

The seventh lunar month, known as the Hungry Ghost Festival, has traditionally been a lull period for the property market, and this year was no exception.

With developers generally steering clear of launching projects during this inauspicious period, new private home sales tumbled in September to just 255 units—a sharp month-on-month drop of 88.1% and a new low for the year.

However, analysts widely agree that this does not indicate market weakness.

With four new launches rolling out a combined 2,233 units in October, the new private residential market is poised for a strong post-Ghost Month rebound.

September Sales Plunge: A Seasonal Lull, Not Market Cooling

According to flash data released by the Urban Redevelopment Authority (URA) on 15 October, new private home sales (excluding Executive Condominiums, or ECs) reached only 255 units in September,

down nearly 90% (88.1%) from 2,130 units in August, and falling 36.4% year-on-year compared to September last year.

By market segment:

Rest of Central Region (RCR): Top performer, with 125 units sold;

Outside Central Region (OCR): 84 units sold;

Core Central Region (CCR): 46 units sold.

The dip in September sales was largely driven by developers holding back launches during the Hungry Ghost Month, an outcome that was well anticipated by the market.

This year's Ghost Month ran from 23 August to 21 September, prompting developers to postpone launches. As a result, only 20 new units were launched in September, compared to five new projects and 2,496 units released in August. The subdued sales figures are therefore not a sign of waning demand.

Launched immediately after the Hungry Ghost Month ended, Skye at Holland sold 99% of its units over its launch weekend, demonstrating that buyer demand remains resilient.

October Rebound on the Horizon: Four Launches Set to Drive Strong Comeback

With several projects debuting in October, market momentum is expected to pick up significantly.

Key launches this month include:

Skye at Holland (Holland Drive) — A landmark Core Central Region (CCR) development that moved 658 units (a 98.8% take-up rate) on its launch weekend at an average price of $2,953 psf, setting a new benchmark for prime luxury homes this year;

Faber Residence (Faber Walk) — A prime development in the West;

Penrith (Margaret Drive) — A boutique city-fringe condominium;

Zyon Grand (Zion Road) — A high-end new launch in the River Valley precinct.

Together, these four projects account for 2,233 units and are expected to drive a robust rebound in October sales, potentially setting a new monthly high for the year.

Momentum to Continue into Year-End, Full-Year Sales Projected to Top 9,000 Units

As the year draws to a close, developers are stepping up launch activity to capitalise on reviving buyer sentiment.

Coupled with easing mortgage interest rates and improving buyer confidence, October sales are poised for a substantial rebound.

Sales in the first three quarters have already reached 7,924 units, and full-year volume is on track to cross 9,300 units, surpassing the average of the past three years.

Stabilising interest rates and upbeat market sentiment are set to draw first-time buyers, HDB upgraders, and investors into the market alike.

Macro Risks Still Warrant Attention

However, analysts caution that despite the optimism, external macroeconomic conditions bear watching. Renewed US-China trade tensions and any global economic slowdown could weigh on buyer sentiment. While underlying demand for private homes remains solid, external variables continue to pose potential risks.

October's flurry of new launches and returning buyers signal that the new private home market is entering a strong year-end sprint.

The blockbuster launch of Skye at Holland has already set a bullish tone for October. In the months ahead, driven by ongoing project debuts, falling interest rates, and recovering sentiment, 2024 is well-positioned to be another year of steady, upward growth for Singapore's private home market.