Huttons’ comments on February 2024 developers’ sales

15 March 2024

Launches and Sales

As expected, developers’ sales in February 2024 slowed to 149 units, down 47.0% from January 2024’s 281 units. February 2024’s sales was also down 65.6% from a year ago.

The lower sales were largely due to the absence of major non-landed launches and the Chinese New Year holiday. The extended break for Chinese New Year usually sees quite a number of buyers going overseas for a short break thus making it not ideal for a project launch.

Developers launched only 45 units for sale in February 2024, 89.2% lower than the previous month and 88.8% lower than February 2023.

Including EC, developers sold 183 units in February 2024.

ECs have continued to see steady sales as it offers buyers a condo lifestyle at an attractive entry price. More EC projects are closer to a MRT station as a result of dense train network thus increasing the accessibility for buyers of ECs. An estimated 466 EC units remained unsold as of February 2024.

Purchases by Market Segments and Price Range

In February 2024, Singaporeans scooped up 123 units (83.1%) and Permanent Residents 22 units (14.9%). Foreigners accounted for the remaining 3 units (2.0%). The number of units purchased by Singaporeans in February 2024 dropped more than 50% compared to January 2024 due to the CNY holiday break and the absence of launches.

As Singaporeans typically account for the bulk of purchases in the RCR and OCR, this resulted in the RCR and OCR making up 78.4% of sales in February 2024 compared to 90.9% in January 2024.

58 units were sold in the OCR while 58 units were sold in the RCR in February 2024. A further 32 units were sold in the CCR. The top 3 best-selling projects in February 2024 are The Botany at Dairy Farm, Pinetree Hill and Grand Dunman.

Purchases by Residential Status and Price Range in Feb

<$1.5 million $1.5 to <$2 million $2 to <$5 million >$5 million Total
Singaporeans 13 28 81 1 123
Permanent Residents 1 5 10 6 22
Foreigners 0 0 2 1 3
Companies 0 0 0 0 0
Total 14 33 93 8 148

Source: URA, Huttons Data Analytics as of 15 Mar 2024

Top Projects by Sales in February 2024

Project Name Region Units Sold in the Month Median Price ($psf) Lowest Price ($psf) Highest Price ($psf)
THE BOTANY AT DAIRY FARM OCR 15 2,018 1,902 2,118
BLOSSOMS BY THE PARK RCR 10 2,585 2,279 2,654
GRAND DUNMAN RCR 10 2,532 2,398 2,726
PINETREE HILL RCR 10 2,468 2,354 2,540
HILLOCK GREEN OCR 8 2,242 2,031 2,380
LENTOR HILLS RESIDENCES OCR 8 2,099 1,929 2,424
THE MYST OCR 8 2,238 1,905 2,377
THE LANDMARK RCR 6 2,858 2,575 2,928
KLIMT CAIRNHILL CCR 5 3,434 3,400 3,496
ONE BERNAM CCR 5 2,567 2,534 2,856

Source: URA, Huttons Data Analytics as of 15 Mar 2024

Purchases by Foreigners

The most expensive unit in February 2024 was a 5-bedroom unit at Terra Hill sold to a foreigner for $8.05 million.

The proportion of purchases by foreigners stayed low at 2.0% in February 2024.

Proportion of Purchase by Foreigners
Developer Sales Infographics 2024
Source: URA, Huttons Data Analytics as of 15 Mar 2024

Outlook

For March 2024, the launch of major non-landed projects like Lentor Mansion and Lentoria will give sales a boost.

Developers’ sales for the month of March 2024 are likely to rebound to between 400 and 600 units.

Up to 5 major non-landed projects may be launched in the months of April and May 2024. They include Arina East Residences, Kassia, SORA, The Hill @one-north and The Hillshore.

Arina East Residence is a redevelopment of the former freehold La Ville condo in District 15 and has a total of 107 units. The project is a short walk to the upcoming Katong Park MRT station.

Kassia is probably the last freehold project in the Flora Drive private residential enclave. There is a total of 280 units. Buyers can enjoy superb convenience with a plethora of shopping destinations and amenities located nearby. From the iconic Jewel Changi Airport to the bustling Tampines One and Loyang Point, residents can relish in dining, shopping, and entertainment experiences mere moments away from home.

SORA is a redevelopment of the former Park View Mansions and has a total of 440 units. It will be the largest project in Jurong Lake District with unit types ranging from 1+study to 5-bedroom.

The Hillshore is a 59-unit freehold boutique project along Pasir Panjang Road in District 5. The project has a mix of 2- to 4-bedroom types and is within a 5-minute walk to Haw Par Villa MRT station. It is in close proximity to the future Greater Southern Waterfront.

The Hill @one-north is a mixed-use development in one-north and minutes’ walk to one-north MRT station. Fairfield Methodist School (Primary) is within 1km of the project.

Barring unforeseen circumstances, developers may sell up to 7,000 new homes while prices are expected to be stable, increasing up to 5% in 2024.

Potential Upcoming Projects in April/May 2024

No. Project Name Developer Location District Tenure Est Units
1 Arina East Residences ZACD Group Tanjong Rhu Road 15 FH 107
2 Kassia Hong Leong Holdings Flora Drive 17 FH 280
3 SORA CEL Development, Sing-Haiyi Pearl and TK 189 Development Yuan Ching Road 22 99 440
4 The Hill @one-north Kingsford Real Estate Development Pte Ltd Slim Barracks Rise 5 99 142
5 The Hillshore Hillside View Development Pte Ltd Pasir Panjang Road 5 FH 59
Total 1,028

Source: URA, Huttons Data Analytics as of 15 Mar 2024