The December 2024 property market saw a steep decline in new home sales, with developers moving just 203 units (excluding executive condominiums or ECs) during the month. This marked a significant 92.1% drop compared to November’s extraordinary performance, where sales reached 2,557 units, driven by a flurry of new project launches. Including ECs, the total number of homes sold in December was 373 units—an 87.1% decrease from November’s 2,894 units, according to data released by the Urban Redevelopment Authority (URA) on January 15, 2025.
Expected Slowdown Amid Year-End Festivities
The plunge in sales was not unexpected. Market analysts attribute the slowdown to a combination of seasonal factors and the absence of fresh project launches in December. Wong Siew Ying, Head of Research and Content at PropNex Realty, explains, “The slump in developers’ sales was expected as there were no fresh project launches in December, following an unprecedented deluge of launches in November.”
Indeed, November 2024 saw developers launch 2,871 new homes, including major projects such as the 916-unit Chuan Park, 846-unit Emerald of Katong, and 552-unit Nava Grove. In contrast, December witnessed the launch of just 20 new units—a 99.3% month-on-month (m-o-m) decline and the lowest number of new launches since URA began tracking this data in 2007.
Regional Performance and Top-Selling Projects
The Outside Central Region (OCR) emerged as the top-performing segment, accounting for 111 of the 203 units sold. Notable projects such as Hillock Green led December’s sales, with 19 units transacted at a median price of $2,278 psf. Other contributors included The Myst, which sold 17 units at $2,080 psf, and Chuan Park, which moved 11 units at $2,657 psf.
The Rest of Central Region (RCR) and Core Central Region (CCR) recorded lower transaction volumes, selling 73 units and 19 units, respectively. Despite the slowdown, buyer interest persisted in specific segments, reflecting the resilience of demand even during a traditionally quiet period.
Buyer Profiles and Trends
Foreign buyers accounted for just six private home purchases in December, a significant drop from 22 units in November. The highest transaction value for the month was a $14.578 million unit at 32 Gilstead, purchased by a foreign buyer. The muted foreign interest aligns with ongoing economic challenges and multiple rounds of cooling measures that have tempered demand from international buyers.
The EC segment also experienced a slowdown, with 170 units sold in December—a 49.1% m-o-m decrease. However, sales were supported by projects like Novo Place, which sold 158 units at a median price of $1,647 psf.
Looking Ahead: Optimism for January 2025
Despite December’s weak performance, industry players remain optimistic about the property market’s prospects in early 2025. New launches, including the 777-unit The Orie and 113-unit Bagnall Haus, are expected to reignite buyer interest. Sales bookings for these projects will commence on January 18.
Huttons’ Senior Director of Data Analytics, Lee Sze Teck, projects that developers’ sales in January could rebound to between 700 and 900 units. The upcoming months will also see launches like the 477-unit Lentor Central Residences and the 1,193-unit Parktown Residence, offering a diverse range of options to buyers.
Wong Siew Ying from PropNex anticipates that over 11,000 new homes could be launched in 2025, potentially driving developers’ sales to between 8,000 and 9,000 units. Developers are likely to focus on “quantum play,” keeping overall pricing competitive to attract both investors and homeowners amid high interest rates and elevated borrowing costs.
Summary Highlights
- December 2024 Sales: Developers sold 203 units (excluding ECs), marking a 92.1% decline from November.
- Minimal New Launches: Only 20 units were launched in December, the lowest since URA tracking began in 2007.
- Top-Selling Projects: Hillock Green, The Myst, and Chuan Park led OCR sales.
- 2025 Market Outlook: Over 11,000 new homes are projected for launch, with sales expected to rebound in January 2025.
- Buyer Focus: Developers will prioritize competitive pricing and value-for-money offerings to attract buyers.
Stay Informed and Take Action
The Singapore property market is poised for an exciting 2025, with a wide array of new launches catering to various buyer needs. Whether you're a first-time buyer, an investor, or looking to upgrade, now is the time to stay ahead of the curve. Reach out today to discuss upcoming opportunities and how they might align with your property goals!
Source
[EdgeProp Singapore] | Year-end lull drags December developers’ sales down to 203 units