New private home sales surge 84% in October, heralding buoyant November sales

According to data, developers sold 738 new private homes last month, excluding Executive Condominiums (ECs). This represents an 84% increase month-on-month (MoM) from the 401 units transacted in September, and a 262% surge year-on-year (YoY) compared to the 204 units sold in October 2023.

Buyers are returning to the market on the back of improving economic growth and interest rate cuts, which have bolstered consumer confidence and sentiment. Lower interest rates allow buyers to borrow more, enhancing their purchasing power for new homes.

Developers launched 534 new private residential units for sale in October, up 22.2% MoM from the 437 units launched in September. The 534 units rolled out last month represent an almost tenfold jump compared to the 54 units launched in October 2023.

This brings the estimated total number of private homes launched in the first 10 months of this year to 3,756 units, down 42.6% from the 6,545 units launched over the same period last year.

Best-Selling Projects

Norwood Grand emerged as the top-selling project last month. The 348-unit development by City Developments Limited along Champions Way in Woodlands moved 292 units (over 80%) at a median price of $2,081 psf. The project is located in District 25 within the Outside Central Region (OCR).

Buyers were drawn to Norwood Grand's competitive pricing. Nearly 75% of the transacted units were sold at or below $2 million.

Another new project launched in October was Meyer Blue, a 226-unit development jointly developed by UOL Group and Singapore Land Group (SingLand). Located along prime Meyer Road in District 15, the project sold 124 units during its preview last month at a median price of $3,240 psf. It is situated in the Rest of Central Region (RCR).

Unsurprisingly, Norwood Grand and Meyer Blue accounted for 56% of total new home sales last month. Driven by the stellar performance of Norwood Grand, the OCR led new private home sales in October.

The third best-selling project last month was Pinetree Hill in the RCR. The 520-unit development sold an additional 71 units at a median price of $2,541 psf. Launched by UOL and SingLand in July 2023, the project initially experienced tepid sales, moving just 29% of its units in the first month at a median price of $2,360 psf.

In September, another 71 units were transacted as Pinetree Hill adjusted some prices amidst renewed interest in the Pine Grove locality. The 552-unit Nava Grove, a joint venture between MCL Land and Sinarmas Land, is slated for launch on 16 November. As of the end of October, Pinetree Hill was 73% sold.

CCR Home Purchases Doubled in October

By market segment, OCR projects accounted for 62.1% (458 units) of total transactions in October. The RCR made up 33.6% (248 units), while the Core Central Region (CCR) accounted for 4.3% (32 units).

Nevertheless, buying volume in the CCR more than doubled in October from the 15 units sold the previous month. Among the 32 units transacted in the CCR, 10 were purchased by foreigners. Amid global uncertainties, Singapore remains a safe haven and continues to draw foreign buyers looking to relocate here.

The highest transaction in absolute price terms last month was a 4,219 sq ft four-bedroom unit at 32 Gilstead in the CCR. On 28 October, this luxury boutique condominium unit was sold for $14.49 million ($3,434 psf) to a foreign buyer. Another 4,209 sq ft four-bedroom unit on the same floor fetched $14.46 million, or $3,435 psf.

Buying sentiment in the luxury segment has improved considerably. In October, six new non-landed homes changed hands for over $10 million each, marking the highest monthly sales volume for this price quantum since October 2021, when 10 such units were sold.

"Turbocharged" Launches in November

Home sales in November are poised to surge significantly on the back of an attractive pipeline of new launches totalling 3,551 units (including ECs), injecting fresh momentum into primary market sales across all segments.

This weekend (16–17 November) will see the launches of the 846-unit Emerald of Katong, the 552-unit Nava Grove at Pine Grove, and the 504-unit Novo Place EC in Tengah.

Emerald of Katong collected 3,629 cheques from interested buyers, translating to an oversubscription rate of 4.3 times. Meanwhile, Nava Grove garnered 840 cheques as expressions of interest (EOIs).

Sales of new units are anticipated to register another substantial uplift. Under the harmonisation of gross floor area (GFA) definitions, non-strata areas such as air-con ledges are excluded from saleable space; these projects should continue to entice buyers with their efficient layouts and competitive price points.

More Pronounced Recovery in Developer Sales for 2025

In the first 10 months of 2024, developers sold 3,787 new private homes (excluding ECs). With the slew of new launches in 4Q 2024, full-year developer sales for 2024 could reach 6,000 units, paving the way for an even stronger performance in 2025.

Although private home prices dipped 0.7% in 3Q 2024, full-year price growth for 2024 is projected to hover around 3%, moderating from the 6.8% recorded in 2023. A more pronounced recovery in developer sales is anticipated in 2025.