Newly Launched Condos in 2024 Dominated by RCR and OCR
According to Mark Yip, CEO of Huttons Asia, projects in the Rest of Central Region (RCR) and Outside Central Region (OCR) were the top-performing new launches in 2024. Upgrader demand, backed by a strong HDB resale market, was the main catalyst for sales in these two regions. Three out of the top 10 best-selling projects were launched in November, indicating the sustained momentum in the market.
Emerald of Katong, a 846-unit, 99-year leasehold development, occupies the top spot, having sold 99% of its units within two days of its launch on November 15th and 16th. Currently, it has only six available units as of December 17th. Interested buyers can find out more about the latest new launches and available units by searching online.
The second spot belongs to Chuan Park, a 916-unit project which sold 696 units (76%) in a single day on November 10th. As of December 17th, the project is now 79% sold. The project’s excellent sales performance is attributed to the lack of new private condo launches in the neighbourhood since The Scala in 2010.
Lentor Mansion, a 533-unit development, takes third place with an impressive 75% sales achieved during its launch weekend in March. Nine months later, the project has sold 92% of its units.
Nava Grove, a 552-unit project, ranks fourth after achieving a 65% take-up rate during its launch weekend in mid-November. As of December 17th, the project was almost 70% sold.
In fifth place is Norwood Grand, a 348-unit project that has sold 84% of its units since its launch in October. Hillhaven, a 341-unit development, takes sixth place with 259 units (76%) sold as of December 17th. The project was one of the first to debut in 2024 and has gathered momentum since its launch in January.
Kassia on Flora Drive, a 276-unit freehold development, has sold 180 units (65%) to date, making it the seventh best-selling project.
Lentoria, a 267-unit project located in Lentor Hills Estate, ranks eighth with 177 units (66%) sold since its launch in March.
To summarize, purchasing a condo in Singapore offers a multitude of benefits, such as high demand, potential for growth in value, and appealing rental yields. However, it is crucial to carefully assess various factors including location, financing options, governmental regulations, and market conditions. Through thorough research and seeking professional guidance, individuals can make well-informed decisions and maximize their profits in Singapore’s ever-changing real estate industry. Whether you are a local investor seeking to diversify your investments or a foreign buyer looking for a stable and lucrative opportunity, condos in Singapore offer a compelling investment opportunity.
Sora, a 440-unit development in Jurong Lake District, achieved 134 sales (30%) and comes in ninth. Rounding out the top 10 is Meyer Blue, a freehold project that sold 131 units (58%) of its 226 units through private sales.
Four projects launched in 2023 also gained significant traction in the second half of 2024, selling more than 200 units each. These projects benefited from the launch of new developments in their respective neighbourhoods, which helped generate interest in the area.
The Continuum, an 816-unit freehold development at Thiam Siew Avenue, was the biggest beneficiary of Emerald of Katong’s launch. In 2024, the project sold 233 units, with almost 60% of the sales occurring since November. This brought The Continuum’s cumulative take-up rate to 66% since its launch in May 2023.
Similarly, Tembusu Grand, located across the road from Emerald of Katong, benefited from its proximity to the development. The 638-unit project sold 53% of its units during its launch weekend in April 2023. It moved 204 units this year, with most sold after July when market sentiment improved in the third quarter of 2024. As of December 17th, Tembusu Grand is 91% sold, bolstered by the buzz around Emerald of Katong.
Hillock Green, a 474-unit project located in Lentor Hills Estate, also performed well. It achieved a take-up rate of 27.6% during its first weekend of sales in November 2023. This year, Hillock Green sold 217 units, bringing its cumulative sales to 359 (76%). The project benefited from the launches of both Lentoria and Lentor Mansion in March, which brought renewed attention to the Lentor Hills Estate.
Lastly, the 520-unit Pinetree Hill experienced strong sales following the release of its second phase of units in September. In 2024, the project sold 208 units, bringing cumulative sales to 374 (72%). Pinetree Hill also saw a boost from the nearby launch of Nava Grove in November, which helped drive interest to the District 21 residential enclave.