MONTHLY DEVELOPER SALES
Real Estate Data Trend & Analytics
Apr 2024
Artist Impression of SORA
New home sales continue to fluctuate on alternate months
Overview
Sales Volume Launches
Month
(Excl. EC) (Incl. EC) (Excl. EC) (Incl. EC)
New home sales volume has been fluctuating over
Apr-23 890 912 798 798
the past seven months, with alternating monthly
Nov-23 784 800 970 970
increases and decreases observed since October
Dec-23 135 152 36 36
2023. Specifically, sales volume surged in months
Jan-24 304 611 417 929
when major projects were launched and dipped in
Feb-24 153 187 45 45
the absence of such projects in the following
Mar-24 718 832 877 877
month.
Apr-24 301 352 278 278
M-o-M
-58.1% -57.7% -68.3% -68.3%
This trend persisted last month, with new % Change
home sales experiencing a dip after a surge in the Y-o-Y
% Change
-66.2% -61.4% -65.2% -65.2%
preceding month. According to data from the
Source: URA, OrangeTee & Tie Research & Analytics
Urban Redevelopment Authority (URA), new home
sales (excluding executive condominiums or ECs)
fell by 58.1 per cent to 301 units in April 2024 from
718 units in March 2024 due to a lack of major
project launches.
On a year-on-year basis, last month’s new
home sales decreased by 66.2 per cent from 890
units in April 2023. Including ECs, sales dipped by
57.7 per cent from 832 units in March 2024 to 352
units in April 2024.
The trends indicate that the launch of
major projects has a significant impact on the
volume of new home sales. Therefore, It is
important that buyers not interpret the increase or
Artist Impression of The Botany at Dairy Farm
decrease in volume as a reflection of market
sentiment.
Best-selling projects
There were three new project launches in
April – the 142-unit The Hill @ One North, the 59-
unit The Hillshore and the 14-unit luxury
development 32 Gilstead. Last month’s best-selling
projects, including ECs, were The Botany at Dairy
Farm, The Hill @ One North, North Gaia, Hillhaven,
Lumina Grand, Pinetree Hill, Lentor Hills
Residences, Lentor Mansion and Hillock Green.
Artist Impression of Lentor Mansion
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By Market Segment
Last month’s transactions, excluding ECs, were
mostly concentrated in the city fringe areas and the
suburbs. 49.8 per cent or 150 units were in the
Outside Central Region (OCR), while 39.5 per cent or
119 units were in the Rest of Central Region (RCR).
The remaining 10.6 per cent, or 32 units, were in the
Core Central Region (CCR).
Luxury Market
At the upper end of the market, there was a
jump in new non-landed homes that were sold for at
least S$10 million last month. Five such
transactions were inked, the highest monthly sales
since ten units were sold in Oct 2021, according to
URA Realis data.
A total of 12 new non-landed homes were
sold for at least S$5 million, the highest transaction
since November 2023 (60 units). The new luxury
project, 32 Gilstead, accounted for four of the
priciest transactions last month, with the highest
price unit at S$14.5 million (S$3,455 psf) for 4,209
sqft third-floor freehold unit.
Outlook
The suburbs will likely maintain their strong
presence in the new sales market. After the
successful launch of Lentor Mansion, and supported
by ongoing sales at Lentor Hills Residences and
Hillock Green, more projects will be launched in the
suburban areas.
Artist Impression of Lumina Grand, Hillock Green, Klimt Cairnhill and Tembusu Grand
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This includes one of the most highly anticipated
projects, SORA, which is scheduled for release soon.
SORA comprises 440 units and is situated on Yuan
Ching Road in the Jurong Lake District. It is a rare
development that offers both scenic greenery and
picturesque lake views.
Two other upcoming projects to keep an eye
on in the latter half of the year: The Chuan Park and
Emerald of Katong. The Chuan Park is a development
situated in Lorong Chuan, close to retail amenities
and reputable educational institutions. On the other
hand, Emerald of Katong is developed by the
renowned Sim Lian Group and is conveniently located
in the tranquil Tanjong Katong residential enclave. Artist Impression of Lentor Hills Residences
This project is just a 5-minute walk away from the
upcoming Tanjong Katong MRT.
Source: URA, OrangeTee & Tie Research & Analytics
Please contact us for research inquiries. For sales enquiries, please
contact your preferred OrangeTee Agents.
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