Huttons’ comments on May 2024 developers’ sales

18 June 2024

Launches and Sales
Sales in May 2024 eased to 221 units as developers held back on launches of non-landed projects. This is 26.6% lower month-on-month and 78.7% lower than a year ago.

A few projects were launched for sale in May 2024. The number of units launched in May 2024 was 248, the second lowest number of launched units in 2024. This is around 10.8% lower than the previous month and 84.5% lower year-on-year.

Jansen House sold 3 units at a median price of $2,098 psf while Straits at Joo Chiat moved 2 units at a median price of $2,091 psf.

In the absence of new major non-landed project launches, buyers went house hunting for homes in earlier launched projects.

The Lentor precinct in District 26 clocked in the highest number of sales at 69 units in May 2024. Lentor Hills Residences, Hillock Green and Lentor Mansion were the top 3 best selling projects in the Lentor precinct. Out of the 2,477 units in Lentor, almost 75% or 1,844 units have been sold. The absence of a new launch for more than 10 years may have led to pent up demand and the creation of a private residential enclave in Lentor could have appealed to many buyers.

The next most popular district was District 23. Hillhaven, The Botany at Dairy Farm and The Myst topped the best-selling projects in the district. Out of the 1,135 units in District 23, more than 60% or 716 units have been sold.

Top Projects by Sales in May 2024

Project Name Region Units Sold in the Month Median Price ($psf) Lowest Price ($psf) Highest Price ($psf)
LENTOR HILLS RESIDENCES OCR 25 2,164 2,006 2,370
HILLHAVEN OCR 23 2,099 1,946 2,206
HILLOCK GREEN OCR 21 2,128 1,764 2,412
THE BOTANY AT DAIRY FARM OCR 18 1,968 1,838 2,134
THE MYST OCR 17 2,152 1,894 2,375
THE LANDMARK RCR 14 2,883 2,750 3,100
LENTOR MANSION OCR 11 2,229 2,185 2,352
LENTORIA OCR 10 2,149 2,047 2,319
THE CONTINUUM RCR 10 2,844 2,718 3,023
GRAND DUNMAN RCR 8 2,552 2,464 2,902

Source: URA, Huttons Data Analytics as of 18 Jun 2024

Purchases by Market Segments and Price Range
The OCR accounted for 63.8% of units sold while the RCR made up 24.0% in May 2024. The CCR saw 27 units sold, translating to a market share of 12.2%.

In the CCR, a 7,761 sq ft in Skywaters Residences was sold for $47.342 million or $6,100 psf in May 2024. Since 1995, there have only been a handful of deals priced at $6,000 psf or higher.

About 32.1% of the units sold in May 2024 are below $2 million while 37.2% are between $2 million and less than $2.5 million. These are attractive price points for many buyers in the market.

Singaporeans made up 82.6% of purchases in May 2024 while Permanent Residents (PRs) made up 14.7%.

Purchases by Residential Status and Price Range in May 2024

<$1.5 million $1.5 to <$2 million $2 to <$2.5 million $2.5 to <$5 million >$5 million Total
Singaporeans 15 49 65 47 4 180
Permanent Residents 1 5 13 9 4 32
Foreigners 0 0 3 2 1 6
Companies 0 0 0 0 0 0
Total 16 54 81 58 9 218

Source: URA, Huttons Data Analytics as of 18 Jun 2024

Purchases by Foreigners
The number of purchases by foreigners slipped in May 2024, making up 6 or 2.8% of total transactions. 4 of the purchases are in the CCR, 1 each in the RCR and OCR.

Proportion of Purchase by Foreigners
Huttons’ comments on May 2024 developers’ sales
Source: URA, Huttons Data Analytics as of 18 Jun 2024

Outlook
There will be no launches in June 2024 due to the school holidays. Sales in June 2024 may be similar to May 2024, bringing sales in 2Q 2024 to an estimated 600 to 700 units.

In July 2024, there will be 2 major non-landed launches – Kassia and SORA.

Kassia is probably the last freehold project in the Flora Drive private residential enclave. There are a total of 276 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 Mall, Tampines One, Komo Shoppes and Loyang Point, residents can relish in dining, shopping, and entertainment experiences mere moments away from home.

The market will also see the launch of a highly anticipated launch next to Jurong Lake Gardens in July 2024. Sora will be the largest new launch in Jurong Lake District. There will be 4 iconic towers of 20 and 12 storeys with a 300m frontage overlooking Jurong Lake Gardens. There will be 440 units spread across 1 bedroom + study to 5-bedroom types. According to the developer, prices start from $1,850 psf or starting from just under $1 million for a 538 sq ft, one bedroom plus study unit.

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 2H 2024

No. Project Name Developer Location District Tenure Est Units Month
1 Kassia Tripartite Developers Pte Ltd Flora Drive 17 FH 276 Jul 2024
2 Sora Lakeside Residential Pte Ltd Yuan Ching Road 22 99 440 Jul 2024
3 Arina East Residences ZACD LV Development Pte Ltd Tanjong Rhu Road 15 FH 107 3Q 2024
4 Bagnall Haus RL Bagnall Pte Ltd Upper East Coast Road 16 FH 113 3Q 2024
5 Bukit Timah Link Bukit One Pte Ltd Bukit Timah Link 21 99 160 3Q 2024
6 Meyer Blue United Venture Development (Meyer) Pte Ltd Meyer Road 15 FH 226 3Q 2024
7 Emerald Of Katong Sim Lian JV (Katong) Pte Ltd Jalan Tembusu 15 99 846 3Q/4Q 2024
8 Pine Grove (Parcel B) Golden Ray Edge 3 Pte Ltd Pine Grove 21 99 552 3Q/4Q 2024
9 The Chuan Park Chuan Park Development Pte Ltd Lorong Chuan 19 99 916 3Q/4Q 2024
10 Union Square Residences CDL Libra Pte Ltd/CDL Conservo Pte Ltd/Centro Property Holding Pte Ltd Keng Cheow Street 1 99 366 3Q/4Q 2024
11 Aurea GMC Property Pte Ltd Beach Road 7 99 186 4Q 2024
12 Champions Way CDL Stellar Pte Ltd Champions Way 25 99 348 4Q 2024
13 Marina Gardens Lane Kingsford Huray Development (a unit of Chinese developer Kingsford Group), Obsidian Development and Polarix Cultural & Science Park Investment Marina Gardens Lane 1 99 790 4Q 2024
14 Marina View Residences Boulevard Development Pte Ltd/Boulevard Midtown Pte Ltd Marina View 1 99 683 4Q 2024
15 Tampines Ave 11 Topaz Residential Pte Ltd/Topaz Commercial Pte Ltd Tampines Ave 11 18 99 1,195 4Q 2024
16 The Collective at One Sophia Sophia Residential Pte Ltd/Sophia Commercial Pte Ltd Sophia Road 9 99 367 4Q 2024
Total 7,572

Source: URA, Huttons Data Analytics as of 17 Jun 2024