Holiday Slowdown Slashes New Home Sales
Wondering why new home sales were so low last month? The year-end holiday season and a lack of fresh launches significantly slowed Singapore’s new private home sales, with developers moving just 203 units (excluding ECs), according to data from the Urban Redevelopment Authority (URA). That’s a 92.1% drop from November!
Where Did the Numbers Land?
Including ECs, December sales totaled 373 units – an 87.1% month-on-month decline. Does this trend surprise you? She explains, “With no new launches in December after November’s flurry, a sales dip was inevitable.”
Let’s dive into the numbers. December 2024 saw just 20 new homes launched for sale, a staggering 99.3% drop from November and the lowest since URA began tracking this data in 2007.
Big Projects, Big Numbers – November’s Contrast
November told a very different story for developers. Developers launched 2,871 units from notable projects like the 916-unit Chuan Park and the 846-unit Emerald of Katong. These launches drove strong sales, making December’s slump even more noticeable.
What About the Year Overall?
Was 2024 a tough year for property sales? A total of 6,560 new private homes (excluding ECs) were sold last year, showing a slight improvement from 2023. However, it remains among the lowest full-year sales volumes recorded, trailing years like 2008 and 2004.
Spotlight on Top-Selling Projects
Let’s talk December’s winners. Hillock Green led sales in the Outside Central Region (OCR) and across Singapore, selling 19 units at a median price of $2,278 psf. Other contributors included The Myst, with 17 units sold at $2,080 psf, and Chuan Park, which moved 11 units at $2,657 psf.
| Project Name | Region | Units Sold in the Month | Median Price ($psf) | Lowest Price ($psf) | Highest Price ($psf) |
|---|---|---|---|---|---|
| HILLOCK GREEN | OCR | 19 | 2,278 | 2,086 | 2,554 |
| THE MYST | OCR | 17 | 2,080 | 1,868 | 2,339 |
| THE CONTINUUM | RCR | 15 | 2,864 | 2,664 | 3,091 |
| CHUAN PARK | OCR | 11 | 2,657 | 2,484 | 2,721 |
| PINETREE HILL | RCR | 11 | 2,543 | 2,394 | 2,607 |
| SORA | OCR | 10 | 2,198 | 2,041 | 2,294 |
| HILLHAVEN | OCR | 9 | 2,175 | 1,947 | 2,224 |
| THE COLLECTIVE AT ONE SOPHIA | CCR | 9 | 2,758 | 2,650 | 2,860 |
| LENTORIA | OCR | 7 | 2,291 | 2,180 | 2,431 |
| NAVA GROVE | RCR | 7 | 2,612 | 2,345 | 2,705 |
Source: URA, Huttons Data Analytics as of 15 Jan 2025
Who’s Buying? A Look at Profiles
What about buyer demographics? Foreign buyers made six purchases last month, compared to 22 in November. The priciest transaction?
What’s Next? January’s Outlook
Can we expect a rebound in 2025? Experts are optimistic about January’s prospects, fueled by launches like the 777-unit The Orie in the RCR and 113-unit Bagnall Haus in OCR. According to ERA’s Marcus Chu, sales could reach 700–900 units this month.
Looking Forward to 2025
Exciting projects are on the horizon. Expect major launches like Lentor Central Residences and Parktown Residence to add momentum. PropNex projects over 11,000 units could hit the market this year, with potential sales reaching 8,000–9,000 units.
Jansen House Photos
Final Takeaways
December’s numbers reflect broader market dynamics – knowledge you can use. Developers’ focus on price quantum, balancing affordability with value, could shape 2025’s landscape. Are you ready to make your move?
By staying informed and proactive, you’ll be better equipped to navigate Singapore’s dynamic property market in 2025.