Commentary on Monthly New Home Sales for December 2024

By Tricia Song (宋明蔚), Head of Research, Southeast Asia, CBRE

Following robust sales in November from a host of attractive new launches, December’s private new home sales sunk to the second lowest level in 2024 on the absence of new launches and December holiday lull. Sales fell 92.1% m-o-m but were up 50.3% y-o-y at 203 units, the second lowest reading in 2024, just above the 153 units recorded in Feb 2024.  

December’s sales take the tally of new homes sold for the whole of 2024 to 6,560 units, up 2.2% y-o-y from 2023’s 6,421 units which was a 15-year low for developer sales since 4,264 units were sold in 2008 during the Global Financial Crisis. 

Developer sales leading up to 9M 2024 had been much weaker as sentiment was dented by elevated interest rates, high price points and the lack of attractive launches. However sentiment and sales saw a strong rebound in Q4 2024, catalysed by lower mortgage rates and strong pent-up demand for attractively-priced major new launches in the quarter.
Top 10 Selling Projects in December 2024 (including ECs and landed)

Project Name	Street Name	Tenure	Locality	Units Sold in the Month	Median Price ($psf) in the Month	% of project sold to date
NOVO PLACE EC	PLANTATION CLOSE	99 yrs	OCR	158	$1,647	88%
HILLOCK GREEN	LENTOR CENTRAL	99 yrs	OCR	19	$2,278	77%
THE MYST	UPPER BUKIT TIMAH ROAD	99 yrs	OCR	17	$2,080	77%
THE CONTINUUM	THIAM SIEW AVENUE	FH	RCR	15	$2,864	67%
PINETREE HILL	PINE GROVE	99 yrs	RCR	11	$2,543	69%
CHUAN PARK	LORONG CHUAN	99 yrs	OCR	11	$2,657	79%
SORA	YUAN CHING ROAD	99 yrs	OCR	10	$2,198	33%
HILLHAVEN	HILLVIEW RISE	99 yrs	OCR	9	$2,175	78%
THE COLLECTIVE AT ONE SOPHIA	SOPHIA ROAD	99 yrs	CCR	9	$2,758	18%
LENTORIA	LENTOR HILLS ROAD	99 yrs	OCR	7	$2,291	68%
NAVA GROVE	PINE GROVE	99 yrs	RCR	7	$2,612	70%

Source: CBRE Research, URA

December 2024 saw no new private launches as developers held back in view of the December holiday season lull. As such, the top three best performing projects were existing launches, including 1 EC project, Novo Place (504 units) which was also the top performer in the month. Launched just a month ago in Nov 2024, said project sold another 158 units at a median price of $1,647 psf and was 88% sold.  

The next 2 best performing projects were Hillock Green (474 units) at Lentor Central which sold another 19 units at a median price of $2,278 psf, followed by The Myst (408 units) which moved 17 units at a median price of $2,080 psf. These 2 projects have each sold 77% of their total units as of December.

Source: CBRE Research, URA
*Based on Realis new sales (excl. EC) caveats extracted on 15 Jan 2025. 

By market segment, Decembers 2024’s developer sales (excluding ECs) were led by the Outside Central Region (OCR). 111 units or 54.7% of total December new home sales were sold in the OCR, down from 893 units (34.9%) in November. The Rest of Central Region (RCR) sold 73 units (36% of December sales), down from 1,569 units (61.3%) in November 2024. Lastly, the Core Central Region (CCR) moved 19 units (9.4% of December sales), compared to 98 units (3.8%) in November. 

Based on quantum size, the largest proportion of new private homes sold (excl. ECs) were in the S$2.00 – 2.50 mil range at 32.5% as buyers scooped up larger units at existing launches. This was followed by the S$2.50 mil – S$3.00 mil bracket at 22.3%.

Outlook and Forecasts