July 2024 Sees Surge in New Private Home Sales as OCR Launches Drive Transactions Higher

15 August 2024, Singapore – Developer sales saw a strong recovery in July, driven by new launches in the mass market segment. A total of 571 new private homes (excluding executive condominiums) were sold during the month, representing more than twice the 228 units sold in June. July’s sales were also the highest in four months and the second-highest monthly total of the year, only behind March’s 718 units. However, compared to July 2023, when 1,413 units were sold, there was a nearly 60% decline.

In the Outside Central Region (OCR), two significant projects – the 440-unit Sora on Yuan Ching Road and the 276-unit Kassia on Flora Drive – launched in July, together accounting for about 45% of the month’s total sales. Developers introduced 616 new units to the market in July (up from 118 units in June), with Sora and Kassia making up the majority. The surge in new launches significantly contributed to the boost in sales.

Including the 1,889 units (excluding ECs) sold in the first half of 2024, the total number of new private homes sold in the first seven months of the year reached 2,460 units. It seems likely that 2024’s new home sales will fall short of the 6,421 units sold in 2023.

Source: URA

Driven by strong performances at Sora and Kassia, the OCR emerged as the leading region in July, with 444 new private homes (excluding ECs) sold—over three times the 132 units transacted in June. Kassia led the way with 154 units sold at a median price of $2,049 psf, followed by Sora with 103 units sold at a median price of $2,152 psf (see Table 2). Additionally, The Lakegarden Residences maintained solid sales momentum, benefiting from the interest generated by Sora’s launch, with 41 units sold at a median price of $2,212 psf, making it the third best-selling project in July.

In the Rest of Central Region (RCR), developers sold 106 new units in July, reflecting a 49% increase from June’s 71 units. The top-selling RCR projects were Grand Dunman, which sold 24 units at a median price of $2,583 psf, and Tembusu Grand, with 23 units sold at a median price of $2,445 psf. By the end of July, Tembusu Grand had sold approximately 69% of its 638 units. Later this year, the 846-unit Emerald of Katong is expected to launch, providing more choices for buyers in the Jalan Tembusu area.

In the Core Central Region (CCR), only 21 new private homes were sold in July, marking the lowest monthly sales since December 2018, when just 16 units were transacted. Hill House at Institution Hill was the top seller in CCR, with 7 units sold at a median price of $3,066 psf in July. New home sales in CCR have been subdued, largely due to a lack of new launches following the tightening of additional buyer’s stamp duty (ABSD), which has dampened investment demand from foreign buyers and property investors.

In the executive condominium (EC) segment, developers sold 37 new units in July, a 26% drop from the 50 units sold in June, as unsold EC inventory continued to decline. North Gaia EC led the segment with 26 units sold at a median price of $1,319 psf, while Lumina Grand sold 11 units at a median price of $1,492 psf. As of the end of July, there were 232 new EC units remaining unsold, according to URA data.