December 2024 Developer Sales Report: Holiday Downtime Slows New Private Home Sales to a Crawl

In total, December saw 203 new private homes (excluding ECs) sold, representing a 92.1% month-on-month (m-o-m) downtick over November’s performance (2,560 units sold). This contraction in sales was due to a one-two punch of a lack of new project launches and the typical year-end seasonal lull.

Year-on-year (y-o-y), new private home sales were also up 50.4% in December, compared to the 135 units sold over the same period in 2023. This performance also ranks December as the second-lowest month for new private home sales (excluding ECs) for 2024, with February holding the lowest record at 153 units sold.

The Executive Condominium (EC) market delivered a good showing in December, with a total of 170 units sold. Though this marked 49.1% m-o-m decline from November’s sales.

This outcome was largely due to the ongoing success of Novo Place, which made its debut in November. Novo Place’s second round of balloting saw a strong turn-out by second-time buyers (i.e. those who had previously purchased a subsidised flat), which made the development instrumental in propping up December’s EC sales.

Best-Performing New Launches

Table 1: Top five performing new launch projects (excluding EC) in November 2024

Source: URA, ERA Research and Market Intelligence

By order of most new private homes sold, December’s best-sellers were respectively Hillock Green (19 units sold), The Myst (17 units sold), The Continuum (15 units sold), Chuan Park (11 units sold), Pinetree Hill (11 units sold), and SORA (10 units sold).

Though modest, sales at Hillock Green were sufficient to secure it the top-selling position for December. It has consistently performed as a best-seller in 2024, for its attractive median pricing at $2,278 psf compared to recent new launches and family friendly layouts. Hillock Green’s continued success can be chalked up to Lentor’s appeal and its growth potential as a family-friendly neighbourhood.

The Continuum, a freehold development and repeat best-seller from November, continued to benefit from spillover demand from the near sold-out Emerald of Katong. In December 2024, new home sales at The Continuum achieved a median price of $2,864 psf, while units at Emerald of Katong were transacted at a median price of $2,626 psf. Buyers who were weighing their options for a condo in D15 might have found the 9% premium for the freehold status of The Continuum palatable, resulting in their eventual purchase.

Similarly, Chuan Park (also a returning top-selling development from November) owes its popularity to its strong locational attributes. Besides marking the first launch in Lorong Chuan since 2010, the development also offers convenient access to Lorong Chuan MRT station and appeals to various buyer profiles (including families) with its 1 to 4-bedder unit mix.

As for The Myst and Pinetree Hill, demand for these developments in December may have been bolstered by recent launches in District 21 in late-2024. These include 8@BT (launched in September) and Nava Grove (launched in November) which share the same locale as Pinetree Hill, while also being sufficiently close to District 23 where The Myst is located. This could have had the effect of drawing buyers who view The Myst and Pinetree Hill as possible alternatives.

Buyers Find Ideal Pricing in New Private Homes Priced Between $1.5M to $2M

As of 14 January 2025, full-year caveat data for 2024 shows that new private homes (excluding ECs) priced between $1.5M and $2M accounted for the largest share (29.9%) of new home transactions, followed by homes priced between $2M and $2.5M (23.4%) and $2.5M and $3M (16.9%).

This is a trend that we have prior witnessed in 2023, and suggests that affordability remains paramount for buyers – a trend likely to persist in 2025 as higher-for-longer interest rates and geopolitical concerns weigh on market sentiment.

Executive Condominium (EC)

In total, there were 170 EC transactions in December. While this was a decline from the 334 units sold in November, fuelled by the launch of Novo Place, it still exceeded the average 40-50 EC sales normally witnessed in months without launches.

These transactions were mainly fuelled by second-timer purchases at Novo Place. The second round of balloting targeted at second-timers yielded 158 transactions, bringing the total sales for the development to 445 units, or about 90% of the project sold.

Buyer Profile

Chart 1: Buyer profile for all new non-landed homes excluding ECs 

Source: URA, ERA Research and Market Intelligence

In line with prior months, foreigner demand continued to remain flat largely due to the punitive Additional Buyer’s Stamp Duty. Foreign buyers accounted for only six transactions, or 3.0% of December’s total sales. Meanwhile, Singapore Permanent Resident (PR) buyers recorded 20 transactions in December, making up 10% of total sales amidst the month’s smaller base.

Lastly, Singaporeans continued to dominate the market in December, accounting for 172 transactions or 86.9% of total new private home sales (excluding ECs) for the month. This share aligns closely with the past 12-month average of 87.3%.

Luxury Properties (Non-Landed Homes $5 Mil and Above)

A total of four luxury homes, priced at $5 mil and above, were transacted in December 2024. Additionally, 50% of the luxury homes transacted in the month fell within the $5 mil – $6 mil price range. The highest-priced transaction was a 4,219 sqft unit at 32 Gilstead, which was purchased for $14.6 mil ($3,455 psf) by a foreign buyer.

Chart 2: Buyer profile for homes transacted at $5mil and more

Source: URA, ERA Research and Market Intelligence

What Lies Ahead for the New Private Home Market in the Coming Months?

Though recent interest rate cuts and a more positive economic outlook have breathed new life into the new launch market, challenges remain with the possibility of higher-for-longer interest rates, an impending Trump presidency, as well as ongoing trade tensions that could impede Singapore’s economic growth.

Nonetheless, ERA remains cautiously optimistic about Singapore’s residential market in 2025. Supported by strong macroeconomic fundamentals, Singapore is likely to strengthen its position as a ‘safe harbour’ amid potentially stormy conditions. This could, in turn, boost buyer confidence and bolster demand for new private homes even in the face of a challenging global economy.

Come January, buyers will have no lack of fresh options with an estimated 24 private home projects and three EC launches slated for 2025.

The Orie, launching in January, will kick off the year as 2025’s first new launch and Toa Payoh’s first new development in nine years, or almost a decade. Located at Toa Payoh Lorong 1, the project is poised to draw considerable interest due to its excellent location, the growing popularity of RCR properties, and intrinsic appeal to HDB upgraders living nearby.

Over in the OCR, Bagnall Haus is likewise scheduled for launch in January, with an indicative average of $2,450. Pent-up demand in the East Coast area, as well as Bagnall Haus’ freehold status (which makes it suitable for legacy planning purposes) are expected to be key drivers for waiting buyers.

On the other hand, in the CCR, One Bernam, a mixed-use development at Tanjong Pagar, approached near-sellout amid fresh developer discounts offered in January. As such, local demand is expected to continue driving buyer activity in the CCR, with competitive pricing being a key motivator.

Apart from the abovementioned developments, upcoming projects at Margaret Drive and Lentor Central, as well as ELTA and Parktown Residence are also expected to captivate buyers in the coming months. The same applies for the three upcoming EC projects of 2025, two of which are in the East (Aurelle of Tampines and Jalan Loyang Besar) and one in the West (Plantation Close).

As such, barring any unforeseen circumstances, the new private residential market could see growth next year, with sales possibly reaching between 7,000 and 8,000 units in 2025.

Table 2: Upcoming launches in 2025

Executive Condominium

Source: ERA Project Marketing

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