Singapore's Private Home Sales Hits 11 Year High

Singapore’s private home sales in November reached their highest level in over 11 years, fueled by pent-up demand, favorable market conditions, and an influx of project launches. According to data released by the Urban Redevelopment Authority (URA) on Dec 16, developers sold 2,557 units, excluding executive condominiums (ECs). This is the highest monthly sales figure since March 2013, when 2,793 units were sold.

Sales in November skyrocketed by 246.5% month-on-month from October’s 738 units and surged by 226.1% year-on-year compared to November 2023’s 784 units. The sales distribution included 98 units in the Core Central Region (CCR), 1,569 units in the Rest of Central Region (RCR), and 890 units in the Outside Central Region (OCR).

Industry experts attribute this surge to multiple factors. Christine Sun, Senior Vice President of Research and Analytics at the OrangeTee Group, highlighted that pent-up demand and improved buyer sentiment played key roles, as did lower mortgage rates following the United States Federal Reserve's interest rate cut in September. November also saw five new private residential project launches, the most in a single month since November 2019.

According to Sun, the simultaneous launch of prominent projects created a buzz in the market, prompting buyers to act quickly and secure attractive deals. These newly launched projects include Emerald of Katong, Chuan Park, and Nava Grove.

Mohan Sandrasegeran, Head of Research and Data Analytics at Singapore Realtors Inc, noted that the launches were strategically timed to attract buyers before the year-end holiday season. The easing of interest rates further bolstered buyer confidence, especially among those who had previously hesitated due to uncertainty earlier in the year.

This remarkable sales performance underscores the resilience of Singapore’s private property market, driven by strategic launches and favorable economic conditions. As borrowing costs ease, the market appears poised for continued growth, with new projects capturing the attention of a diverse pool of buyers.