Developers sold 401 new private homes excluding executive condos (ECs) in September, based on data released by URA on October 15. This marks a 90% m-o-m increase over the 211 units transacted in August and an 84.8% y-o-y growth over the 217 units sold in September 2023.
According to Lee Sze Teck, senior director of data analytics at Huttons Asia, the rebound in private home sales was largely due to the resumption of new project launches following the lunar seventh month – a period seen by some as an inauspicious time to purchase a home.
Developers launched 437 units for sale in September 2024, a 60.7% m-o-m rise from the 272 units launched in August 2024 and over five times higher than 68 units launched in September 2023.
“The post-Hungry Ghost Festival period often sees a revival in sentiment, allowing developers to capitalize on renewed interest and launch fresh projects to meet demand,” says Mohan Sandrasegeran, head of research & data analytics at SRI.
The first new project launched after the lunar seventh month, 8@BT was also the best-selling project of September. The 158-unit condo developed by Bukit Sembawang Estates along Bukit Timah Link moved 83 units at a median price of $2,727 psf during the month. The project is located in the Rest of Central Region (RCR).
Almost 60% of units sold at 8@BT were priced at $2 million and below, a comfortable budget for many buyers, says Lee. He adds that one- and two-bedroom units at 8@BT adopt an efficient layout with minimal corridor space and no balcony, which could have also contributed to the project’s popularity.
Sandrasegeran suggests that the project could have benefitted from pent-up demand following the lack of new launches in August as well as a boost in buyer confidence following a larger-than-expected interest rate cut by the US Federal Reserve.
Pinetree Hill, also located in the RCR, was the second best-selling project for September, with 72 sold at a median price of $2,501 psf. This follows the phase 2 launch of the project with 120 units released for sale last month. The 520-unit condo was initially launched in July 2023 with 400 units released for sale under phase 1.
“Interest in 8@BT fuelled fresh interest in Pinetree Hill, also located in D21. In total, Pinetree Hill sold 72 units in September alone, compared to the 80 units sold between January to August this year,” observes Marcus Chu, CEO of ERA Singapore.
He points to Pinetree Hill’s lower median price and shorter completion times as factors that could have spurred buyers to the project. Pinetree Hill’s median price of $2,501 psf is 8.2% lower compared to 8@BT’s median price of $2,727 psf.
Including sales in September, developers have sold 1,188 new homes excluding ECs in 3Q2024, 63.9% higher q-o-q but down 39% y-o-y. A total of 3,077 new homes have been sold between January and September, 42.3% lower y-o-y.
Source : https://www.edgeprop.sg/property-news/developer-sales-rebounds-september-rising-901-m-o-m