Monthly Developer Sales Mar 2024

Sales rebound strongly as developers step up on launches
Overview

Following the Chinese New Year festivities in February, developers launched more projects in March. As a result, new home sales more than quadrupled, reaching the highest level in four months.

Data from the Urban Redevelopment Authority (URA) shows that developers sold 718 new private homes, excluding executive condominiums (ECs), in March 2024, climbing by a whopping 369.3 per cent from the 153 transactions in February 2024.

Compared to March 2023, last month's sales rose by 45.9 per cent on a year-on-year basis from 492 units. Including ECs, new home sales rose by 344.9 per cent from 187 units in February 2024 to 832 in March 2024.


Stellar Performance

Last month’s stellar performance could be attributed to pent-up demand for new homes due to the absence of project launches in February. In March, the new home sales were primarily driven by the suburban project, Lentor Mansion. The project sold 409 out of 533 units, which is 76.7 per cent of the total units, during its launch month. Excluding EC, the next best-performing project was Lentoria, another project launched in the Lentor area, which sold 60 out of 267 units.

Lentor Mansion, which was developed by GuocoLand and Hong Leong Holdings, is the most popular new project in the first quarter of this year. The project's high take-up rate can be attributed to the developers' strong reputation, its convenient location, and unique design features.

The strong sales at Lentor Mansion mirrors the success of other launched projects like Lentor Modern and Lentor Hills Residences. The success of these projects cements Lentor's reputation and popularity as an up-and-coming residential enclave.


Best-selling Projects

There were four new project launches in March - Lentor Mansion, Lentoria, the 35-unit Ardor Residence, and the 17-unit Koon Seng House. Last month marks the highest number of projects (including EC) launched in a month since August 2023 with five project launches. A total of 877 units (excluding EC) were launched last month, which was the highest number of launched units since November 2023 at 970 units. 

Last month’s best-selling projects, including ECs, were Lentor Mansion, Lumina Grand, Lentoria, The Botany at Dairy Farm, Lentor Hills Residences, North Gaia, Hillhaven, and The Myst.


By Market Segment

The suburbs or Outside of Central Region (OCR) formed the bulk of sales last month at 84.3 per cent (605 units), followed by the city fringe or Rest of Central Region (RCR) at 9.2 per cent (66 units) and the prime location or Core Central Region (CCR) at 6.5 per cent (47 units). This marks the fourth straight month when CCR had the smallest proportion of sales, due to a lack of new luxury launches.


Luxury Market

According to URA Realis data, ten new non-landed homes were sold for at least S$5 million last month, marking the fourth consecutive month with ten or fewer transactions at this price point. This is in contrast to November 2023, when 60 homes were sold at this price tag, largely due to the launch of Watten House. 


Outlook

Two major projects are slated for launch: SORA in the suburbs and Newport Residences in the prime district. SORA is a 440-unit residential development situated on Yuan Ching Road in the Jurong Lake District, which will be the largest commercial hub outside of the Central Business District. The development is located near Jurong Lake Gardens, offering abundant greenery and convenient access to recreational activities, making it an attractive location for nature enthusiasts. 

Newport Residences is a freehold development in the Anson Road precinct, situated right in the heart of the Central Business District.
















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