Private Home Sales Skyrocket in October as Demand Boosts Developer Activity
Private home sales in Singapore experienced a significant surge in October 2024, hitting an 11-month high, as the market responded to increased demand from homebuyers and developers accelerated launches of new properties.
According to the Urban Redevelopment Authority (URA), a total of 738 private homes (excluding executive condominiums or ECs) were sold in October. This marks an 84% increase from the 401 units sold in September, and more than 3.5 times the 204 units sold in October 2023. October’s sales volume is the highest seen since November 2023, when 784 units were transacted.
The surge in private home sales can be attributed to a combination of factors, including improving consumer sentiment and favorable interest rate conditions. Christine Sun, Chief Researcher at OrangeTee Group, explained that the economic recovery and recent interest rate cuts have made mortgage financing more affordable, leading to renewed buyer activity.
Two major developments launched in October were key drivers of this sales uptick: Norwood Grand in the northern part of Singapore and Meyer Blue in the East Coast. Together, these two projects accounted for more than half of all private home sales for the month. As a result, the number of new private homes launched in October rose to 534 units, a 22% increase from September’s 437 units, according to Lee Sze Teck, Senior Director of Data Analytics at Huttons Asia.
Norwood Grand, a landmark development in Woodlands, was particularly successful, selling 292 out of its 348 units (84%) within its launch weekend. This project holds particular significance as it is the first private residential development in Woodlands since 2012. The area’s ongoing transformation, including the development of the Woodlands Regional Centre, the upcoming RTS Link, and the Johor-Singapore Special Economic Zone, has generated strong interest among homebuyers, according to Lee.
Meanwhile, Meyer Blue, located along the East Coast, saw strong demand, with 124 of its 226 units (over 50%) sold in October. Buyers were drawn to the development’s rare freehold tenure, stunning sea views, and proximity to new MRT stations. According to Tricia Song, CBRE’s Head of Research for Southeast Asia, Meyer Blue’s connectivity to new transportation infrastructure made it especially appealing to buyers.
In the luxury segment, the market showed significant activity in October, with 31 non-landed homes selling for over $5 million. This represents the highest number of high-end sales since November 2023. Of these, 22 were from Meyer Blue, with sizes ranging from 1,528 sq ft to 2,992 sq ft. The larger, premium units contributed heavily to the project’s overall sales success.
In the executive condominium (EC) market, 28 new units were sold in October, slightly down from the 32 units sold in September. However, with the launch of Novo Place, a 504-unit EC project in Tengah in mid-November, EC sales are expected to gain momentum, according to Marcus Chu, CEO of ERA Singapore.
Looking ahead, analysts are optimistic about November’s sales performance, with over 2,500 new homes expected to hit the market across several major developments. Projects such as The Collective at One Sophia, Union Square Residences, Chuan Park, Nava Grove, and Emerald of Katong are expected to further fuel market activity. As large developments tend to attract a greater number of buyers, this could lead to the highest monthly sales figures of 2024, according to Christine Sun.
Union Square Residences, a high-end development by City Developments Limited (CDL), has already seen a strong start. As of November 9, 75 units (about 20% of the 366-unit project) had been sold at an average price of $3,200 per square foot. CDL reports that the majority of buyers (83%) are Singaporeans, while the remaining 17% include Permanent Residents (PRs) from countries such as China, Malaysia, the UK, and the Netherlands, as well as foreign buyers from Norway and the USA.
Among the high-end units at Union Square Residences, a 2,476 sq ft five-bedroom Sky Suite on the 38th floor was sold for $9.288 million, or $3,751 per square foot, marking one of the largest transactions at the development.
With a healthy pipeline of new launches and continued interest from both local and international buyers, the Singapore private home market remains poised for continued growth as the year progresses toward its final months.
