In January 2024, Singapore’s property market experienced a notable recovery in new private home sales, with developers selling 281 units. This marked a significant 108% increase from December, albeit a 29% decrease from January 2023. The surge in sales was particularly pronounced in the Outside Central Region (OCR), where 144 units were sold, showcasing a strong demand in this area. Contributing to this uptick were two new project launches, Hillhaven and The Arcady at Boon Keng, which together accounted for nearly 40% of the month’s sales. The executive condo (EC) market also witnessed a surge, led by the launch of Lumina Grand EC in Bukit Batok, which sold 271 units at a record median price of $1,525 per square foot.
Despite the positive momentum at the start of the year, the overall market sentiment remains cautious. Factors such as high interest rates, the impact of 2023’s cooling measures, and a slow market the previous year have made buyers more circumspect. Median prices varied across regions, with some areas seeing slight decreases in new launch prices. The report suggests a subdued February in terms of sales, with expectations of an uptick from March as more projects are launched, indicating a gradual yet uncertain recovery in the property sector.
For a comprehensive understanding of the market trends, key project launches, and detailed analysis, download the full Propnex New Home Sales Monthly Report for January 2024. Gain insights into the factors driving the current market dynamics and what to expect in the coming months.
