Private residential units sold by developers in December 2024

On 15 January 2025, the Urban Redevelopment Authority (URA) released the data on developer sales for the month of December 2024.

A summary of the sales is provided in the Appendix.

Ms. Chia Siew Chuin, Head of Residential Research, Research & Consultancy at JLL

谢岫君, 私宅市场研究部主管 (新加坡) commented:

Post-November launch rush, developers leverage December lull to strategise for New Year rebound

After an exceptionally active November 2024 with multiple new project launches, which created an unusually vibrant market, December's primary market slowed as expected. Developers paused fresh project launches during the holiday month, preferring to gear up for renewed market interest in the new year. This strategic pause allows developers to calibrate and prepare to capitalise on the improved buying sentiment anticipated in the new year.

With more than 20 new projects in the launch pipeline, some developers appear keen to kick-start launches early to get ahead of the competition. In January to-date, two new private residential projects were previewed and are slated to launch on January 18. The freehold, 113-unit Bagnall Haus located off Upper East Coast Road drew over 1,500 visitors during its preview. The Orie in Toa Payoh pulled in a crowd of 8,000 prospects at its preview.

Several private new property launches are scheduled for February 2025, following the Lunar New Year celebrations. They include Aurea, Elta, Lentor Central Residences, and Parktown Residence.

Cautious optimism for 2025

Despite a sluggish start in 2024, the primary property market gained momentum later in the year, driven by improved market sentiment due to brighter economic outlook, steady employment market and better financing conditions. For the full year 2024, new developer sales (excluding ECs) are estimated to reach 6,547 units. This slightly edges out the 6,421 units sold in 2023, which had been the lowest since the 4,264 units transacted in 2008 during the global financial crisis.

Singapore's private residential property market is poised for growth in 2025, driven by improved market sentiment since 3Q24, favourable economic conditions, moderated interest rates, and healthy household balance sheets. Additional factors supporting this outlook include low unemployment, sustained demand from public flat upgraders, rising public flat resale prices, and a strong pipeline of project launches.

However, global economic complexities, stemming from geopolitical tensions and potential policy shifts under a new U.S. administration, may lead to a cautious approach in monetary policy and slower interest rate reductions. This could result in more discerning buyer behaviour, particularly given the increased project options available.

Barring significant market shocks, new home sales in 2025 are projected to reach 7,000-9,000 units, up from an estimated 6,547 units in 2024, aligning with the decade-long average of 8,853 units annually. Attractive pricing remains key to driving sales. Developers have some pricing flexibility due to lower land acquisition costs in 2023. However, global market uncertainties and tensions will compel developers to incorporate risk-mitigation safeguards in their pricing strategies. Overall, private home prices are projected to increase by 3-6% in 2025, compared to 2024's estimated rise of 3.9%.

Appendix

In December 2024, 20 new private home units were launched for sale, a 99.3% drop from the 2,871 units launched in the previous month. On a year-on-year basis, the number of new units launched also fell by 44.4%.

There were no fresh private project launches (excluding ECs) in December 2024. All 20 units launched in the month were from a previously launched project, The Myst.

Developers sold 203 new private homes (excluding ECs) in December 2024, a 92.1% fall from the 2,560 units sold in November 2024. The take-up during the month was led by the Outside Central Region (OCR) with 111 units sold, followed by the Rest of Central Region (RCR) with 73 units sold. Meanwhile, the prime Core Central Region (CCR) saw 19 units being taken up in December 2024.

The top selling projects during the month are listed in Table A below. Hillock Green and The Myst were the top-selling projects for the month of December. The former transacted 19 units at a median price of SGD 2,278 per square foot (psf) while the latter sold 17 units at SGD 2,080 psf. 
 

Table A - Top Selling Projects

Source: URA