In February 2024, Singapore’s property market saw a decline in developers’ sales of new private homes to 149 units, a 47% drop from January and a 66% decrease year-on-year. This reduction was primarily due to the Lunar New Year holidays and a lack of new project launches. Both the Outside Central Region (OCR) and the Rest of Central Region (RCR) led the sales, with 58 units sold each. The Botany at Dairy Farm emerged as the top-selling OCR project. Executive condo (EC) sales also plummeted by about 89% month-on-month, with Lumina Grand leading the sales. The market’s downturn was partly attributed to cooling measures, high interest rates, and uncertain market sentiment. Median unit prices in the Core Central Region (CCR) fell by 3%, while slight dips were noted in the RCR and OCR as well. March is expected to see an uptick in sales activity with new projects like Lentoria and Lentor Mansion entering the market. The report hints at a cautious buyer sentiment, with many adopting a wait-and-see approach, potentially awaiting interest rate cuts or more favorable pricing.
For those interested in a detailed analysis of the latest trends, factors influencing the property market, and future outlook, downloading the full PropNex Research Monthly Report for February 2024 is highly recommended. Get comprehensive insights to navigate the ever-changing real estate landscape.
