New private home sales in Singapore surged by 90% month-on-month in September 2024, with 401 units sold compared to 211 in August. Bukit Sembawang’s 8@BT led the market, selling 83 units at a median price of $2,727 psf, followed by Pinetree Hill, which moved 72 units at $2,501 psf. RCR projects accounted for 55.1% of sales, while OCR contributed 41.1%. This resurgence came after a quiet Hungry Ghost Festival month, and fresh project launches boosted sales.
Several upcoming launches, including Norwood Grand and Meyer Blue, are expected to sustain this momentum through October and November. Norwood Grand in Woodlands will launch its 348 units, and Meyer Blue sold over 50% of its units at an average price of $3,260 psf on its launch day. These projects are projected to push monthly sales above 500 units.
Total new home sales excluding ECs for the year stand at 3,077, reflecting a 42.3% year-on-year decline. However, developers are optimistic that sales will pick up in the final quarter of 2024. Union Square Residences and other key projects like Emerald of Katong and Nava Grove are slated for launch by year-end, tapping into demand from first-time buyers, HDB upgraders, and investors.
Overall, 2024 is expected to close with 4,500 to 5,500 new homes sold.
