In summary, opting to invest in a condominium in Singapore offers a multitude of benefits, including robust demand, potential for asset appreciation, and appealing rental yields. However, it is crucial to carefully evaluate key elements such as location, financing options, government regulations, and current market conditions. With thorough research and expert guidance, investors can make well-informed decisions and maximize their profits in the vibrant real estate market of Singapore. Whether you are a local investor seeking to broaden your investment portfolio or a foreign buyer looking for a secure and lucrative venture, the condominiums in Singapore, including those found on Singapore Projects, present a compelling opportunity.
The Urban Redevelopment Authority (URA) has reported that 2,557 new private homes were sold in November, not including executive condos (ECs). This represents a significant increase of 246.5% from October’s figure of 738 new private homes sold, and a 226% spike compared to units sold in November 2023. According to Christine Sun, chief researcher and strategist at OrangeTee Group, this surge marks the highest monthly developer sales since March 2013, when 2,793 units were sold (excluding ECs). Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI), adds that this is also the first time since March 2013 that new home sales have exceeded the 2,000-unit threshold in a single month.The reason for this surge, according to Lee Sze Teck, senior director of data analytics at Huttons Asia, is the “unprecedented” number of project launches that have taken place during the month. Five private residential projects were launched in November, including the 916-unit Chuan Park, the 846-unit Emerald of Katong, the 552-unit Nava Grove, the 367-unit The Collective at One Sophia, and the 366-unit Union Square Residences. In total, developers launched 2,871 new homes (excluding ECs) in November, which is a 438% jump from the previous month and a 196% increase from the same period last year.In addition to these, the 504-unit Novo Place EC also commenced sales in November. Including ECs, new home sales in November witnessed a 277% increase from the previous month and a 226% surge from November 2023. As of November, developers have sold an estimated 6,344 units, which is slightly more than the 6,317 units sold in the first 11 months of 2023. This can be attributed to the fact that developers have launched 6,627 units for sale in the first 11 months of 2024. In comparison, developers launched 7,515 units during the same period last year.The best-selling project in November was the Emerald of Katong, which sold 840 units (99%) out of its 846 units, with a median price of $2,627 psf. This makes the 99-year leasehold development the top-selling project in 2024, both in terms of units sold and percentage. According to OrangeTee’s Sun, buyers were enticed by the project’s excellent design and location near the East Coast, and the lower interest rates have made mortgages more accessible.Kingsford Group’s 916-unit Chuan Park was the second best-selling project in November, with 721 units (79%) sold at a median price of $2,586 psf. Located on Lorong Chua, adjacent to Lorong Chuan MRT Station, the 99-year leasehold condo is in the Outside Central Region (OCR). Nava Grove, a 99-year leasehold development in Pine Grove in District 21, was the third best-selling project in November, with 382 units (69%) sold at a median price of $2,445 psf. The strong sales performance of these new launches can be attributed to pent-up demand and improved buyer sentiment following interest rate cuts in September, according to Sun.Based on the lack of new launches and the upcoming festive season, Huttons’ Lee predicts that new private home sales in December will likely fall to around 200 to 250 units. This would bring the total developer sales for the year to around 6,500 units, which is slightly more than in 2023. However, Lee forecasts a 5% price growth for the full year, which is lower than the 6.8% growth recorded in 2023.Going into 2025, Sandrasegeran expects new home sales to pick up again in January with the launch of the 777-unit The Orie by City Developments on Lorong 1 Toa Payoh. He believes that the gap since the last new launch in 2016 will generate pent-up demand for this well-established estate. Other launches expected in the first quarter of 2025 include the 113-unit Bagnall Haus, the 186-unit Aurea, and the 760-unit Aurelle of Tampines EC. Sun, however, believes that the recent surge in sales is a temporary phenomenon and projects a more subdued demand for new homes in the coming year. Meanwhile, Lee remains cautiously optimistic and projects a rebound in new private home sales to between 7,000 and 8,000 units in 2025, with price growth between 4% and 7%.