1,500 new homes sold in 3 weekend launches
Chuan Park crowd during launch weekend 31 Oct 2024
The real estate market has seen a remarkable boost, with 1,480 new condominium units sold over the weekend alone, marking a strong sales performance for projects like Emerald of Katong, Nava Grove, and the executive condo Novo Place. This surge is expected to push November's new home sales to over 2,200 units, the highest monthly total since March 2013.
In addition to this weekend's sales, around 800 new homes were sold in the two weeks leading up to it, with developments such as Chuan Park, Union Square Residences, and The Collective at One Sophia hitting the market. November saw developers launch an unprecedented six new projects, offering a total of 3,551 units—more than the 2,485 new homes released during the first half of the year.
The strong sales performance is a positive conclusion to what had been a relatively quiet year for developers. This recent rush of new projects reflects growing market optimism, with developers eager to take advantage of the renewed buyer interest before the year ends.
The improvement in market sentiment during the second half of the year has created a sense of urgency among buyers. This is largely due to the moderation in private home prices and lower interest rates, which may have encouraged buyers to re-enter the market.
While most of the prospective buyers visiting showflats in the past two weeks were Singaporeans, there are also uptick in both local and foreign buyers using trust structures to purchase homes, often for their children. This suggests a growing accumulation of wealth among local buyers and an increasing influx of foreign capital into Singapore’s property market.
Weekend Highlights: What Made This Weekend Special?
1. Emerald of Katong: A Record-Setting Performance
Units Sold: 835 out of 846 units (98.7% take-up rate).
Average Price: S$2,621 psf.
Price Range: S$1.2 million for a one-bedroom-plus-study to S$3.5 million for a five-bedroom luxe unit.
Buyer Appeal: Located on the East Coast, competitive pricing and vibrant lifestyle amenities.
Emerald of Katong emerged as the weekend’s star. With a competitive launch price of S$2,423 psf (starting), this project attracted overwhelming interest. The developer’s decision to hold prices steady reassured buyers, resulting in a near sell-out on launch day. Buyers who missed out turned to nearby projects like Tembusu Grand and The Continuum, which recorded additional sales over the weekend.
2. Nava Grove: Nature Meets Urban Living
Units Sold: 359 out of 552 units (65% take-up rate).
Average Price: S$2,448 psf.
Unit Mix: Two- to five-bedroom units.
Price Range: From S$1.4 million for two-bedroom units to S$4 million for five-bedroom units with private lifts.
Nava Grove is located in District 21 and combines modern luxury with a nature-inspired design. Its expansive green spaces, efficient layouts, and proximity to employment hubs like Jurong Lake District made it a magnet for professionals and families. Buyers favoured premium units, reflecting a growing appetite for well-designed, larger homes.
3. Novo Place: ECs Prove Their Appeal
Units Sold: 286 out of 504 units (57% take-up rate).
Average Price: S$1,654 psf.
Buyer Profile: HDB upgraders taking advantage of deferred payment schemes.
Novo Place capitalised on its strategic location as one of the few executive condominiums (ECs) near an MRT station. The project’s deferred payment scheme proved especially popular, easing financial strain for families transitioning from HDB flats to private housing. With four-bedroom units fully sold, Novo Place underscored the demand for spacious, affordable homes.
Key Trends Driving the Surge
1. Strategic Launch Timing
November saw six new launches offering over 3,500 units. This condensed schedule was strategically timed, creating a sense of urgency among buyers, who acted quickly to secure their preferred units before year-end price adjustments.
2. Favourable Market Conditions
Lower interest rates and a softening in private home prices rejuvenated buyer confidence. Many buyers saw this as an opportunity to lock in properties before future price hikes or government cooling measures.
3. FOMO and Investment Opportunities
Fear of missing out (FOMO) played a significant role, particularly among parents purchasing homes for their children as long-term investments. Trust structures were frequently employed to facilitate these purchases, reflecting the rising wealth of local families and an influx of overseas funds.
4. Buyer Demographics
Singaporeans: Most buyers were locals, including young professionals, families, and HDB upgraders.
Investors: Increasingly, affluent investors turn to real estate as a stable asset class amid fluctuating global markets.
What This Means for the Market
A Return to Confidence
The weekend’s robust sales figures highlight renewed confidence in the real estate market. Buyers are viewing properties not only as homes but also as resilient investments.
Potential Cooling Measures
Anticipating Potential Cooling Measures If the current sales momentum continues, the government may step in with cooling measures. For buyers, making informed decisions now could mean avoiding stricter regulations or higher costs in the future.
Shift Toward Larger Units
The demand for two- and three-bedroom units and premium configurations with flexible layouts reflects a growing preference for spacious homes that accommodate lifestyle changes.
Looking Ahead: What’s Next for 2025?
The extraordinary sales numbers of this weekend are a strong indication that Singapore’s property market is entering a new phase of growth. While developers celebrate a triumphant close to 2024, buyers and investors must navigate the opportunities and challenges ahead.
For those who missed out, the journey isn’t over. Keep exploring, stay informed, and seize the right opportunities. With careful planning, your dream home—or investment—can become a reality.
