Singapore’s property market saw a slowdown in new home sales in December 2024, with developers moving 203 units (excluding executive condominiums). This is a significant drop from the November high of 2,560 units but still represents a 50% increase compared to the 135 units sold in December 2023.
| Project | Units Sold | Median Price (S$PSF) | Region |
|---|---|---|---|
| Novo Place (EC) | 158 | 1,647 | OCR |
| Hillock Green | 19 | 2,278 | OCR |
| The Myst | 17 | 2,080 | OCR |
| The Continuum | 15 | 2,864 | RCR |
| Pinetree Hill | 11 | 2,543 | RCR |
| Chuan Park | 11 | 2,657 | OCR |
| Sora | 10 | 2,198 | OCR |
| The Collective At One Sophia | 9 | 2,758 | CCR |
| Hillhaven | 9 | 2,175 | OCR |
| Lentoria | 7 | 2,291 | OCR |
Despite the seasonal year-end lull, December 2024 marked the best-performing December since 2021, thanks to momentum from the November surge, during which six new condominium projects were launched.
In total, developers sold 6,560 new homes in 2024, a modest 2.2% increase from the year before, when sales hit a 15-year low due to property cooling measures and rising interest rates.
Fewer Launches in December
Only 20 new units were launched in December, compared to the 2,871 units rolled out in November. Analysts believe this pause allowed developers to prepare for the improved buying sentiment anticipated in 2025.
JLL’s Chia Siew Chuin noted that developers are likely to make a strong comeback, with over 10,000 new units expected to launch in 2025. February alone will see major projects such as Elta in Clementi, Lentor Central Residences, Parktown Residence in Tampines North, and Aurelle, a new executive condominium in Tampines.
Record-Breaking Sales in November
November’s extraordinary performance, with 2,560 units sold, was the highest monthly sales figure since March 2013. Christine Sun, OrangeTee Group’s chief researcher, attributes this spike to pent-up demand, the completion of several new homes since 2021, and competitive pricing.
Some projects, like Novo Place in Tengah, continued to perform well into December. The executive condominium sold 158 units at a median price of S$1,647 per square foot (psf) in December, bringing its total sales to 445 units, or 88% of its total inventory.
Luxury Market and Foreign Buyers
The luxury market remained resilient, with four non-landed transactions above S$5 million recorded in December. The priciest deal was a 4,219 sq ft unit at 32 Gilstead, sold for S$14.6 million (S$3,455 psf) to a foreign buyer.
However, foreign buyer activity slowed last month, with only six units purchased by overseas investors, down from 22 in November. All purchases were above S$2.5 million.
Looking Ahead to 2025
Analysts are optimistic about 2025, forecasting new home sales to reach 7,000 to 9,000 units. Private home prices are expected to grow by 3% to 6%, supported by lower interest rates, strong household balance sheets, and the launch of iconic projects like Elta in Clementi, Lentor Central Residences, and Parktown Residence.
With an exciting lineup of new launches on the horizon, Singapore’s property market continues to offer opportunities for both homebuyers and investors.