New private home sales surged to a record high in November this year after developers launched 5 condo projects all within 2 weeks of each other in a single month in response to expected lower home loan interest rates triggering huge pent up demand from home buyers before the year ends.
Analysts saw a pickup in market activity beginning in September this year after the US Federal Reserve lowered interest rates by 50 basis points, easing monetary policy for the first time in four years due to progress on the Fed’s dual mandate causing sales of new private homes to rebound from a 16-year low in August.
Last month in October, developers sold 738 new private homes, excluding executive condominium (EC) units, according to 15 Nov 2024 data released by the Urban Redevelopment Authority (URA) or a 84% jump from the 401 units sold in September and more than 3.5 times the 204 units sold in October 2023.
November saw an unprecedented launch by different property developers for 5 new condo developments: Nava Grove, Chuan Park, Emerald of Katong, Union Square and The Collective at One Sophia all within 2 weeks of the same month.
In a flash, more than 2,500 new condo units were released within such a short period of time throwing buyers into a frenzy from the pent up demand as consumer sentiment improved with the economy gaining momentum and recent interest rate cuts that have made mortgages more affordable.
Nava Grove
Jointly developed by MCL Land and Sinarmas Land and surrounded by lush green spaces, the 99 year leasehold Nava Grove sits between the picturesque Clementi Forest and the popular Rail Corridor to the north, and the historic Dover Forest to the south.
The name “Nava” stands for nature, allure, vibrancy and aspiration – the core principles behind its design. “Grove” was chosen to reflect its location at Pine Grove in Singapore. Residents can choose from a diverse mix of 552 units from cosy two-bedroom homes to five-bedroom residences that offers a touch of exclusivity with private lift access. The upcoming Clementi Nature Trail will connect residents directly to these sprawling natural havens, bringing the first part of the property’s vision – nature – to life.
The Collective at One Sophia
Joint venture partners SingHaiyi Group and Ultra Infinity launched The Collective at One Sophia comprising 367 condominium units which forms the residential component of One Sophia, a mixed-use development along Sophia Road. The Collective at One Sophia also consists of a 13-storey commercial tower consisting of 127 strata-titled retail units within a two-storey retail podium, as well as 122 strata office units in the top 11 floors.
Besides being the best-selling project of 2024, Chuan Park is also the fastest-selling since J Gateway. Click to find out more about Chuan Park
Emerald of Katong
The 846-unit Emerald of Katong located on a 99 year leasehold land at Jalan Tembusu, off Tanjong Katong Road is a five-minute walk to Tanjong Katong MRT Station (on the Thomson East Coast Line).
Nestled in the modern Peranakan district of Katong, Emerald of Katong offers a mix of one-bedroom-plus-study to five-bedroom apartments, with sizes from 484 sq ft to 1,561 sq ft. Emerald of Katong is launched under the new gross floor area harmonisation initiative where air conditioner ledges are not included in the strata area, hence maximising usability and efficiency.
Union Square
Union Square Residences - a redevelopment of the former Central Mall by City Development Ltd (CDL) comprised of a 40-storey tower with 366 apartments and commercial units at levels 1 and 2. The 99-year leasehold condo on Havelock Road is the residential component of Union Square, a large-scale mixed-use development that includes offices, retail and F&B space, and a co-living component with a hotel licence.
Chuan Park
Chinese developer Kingsford Group sold an amazing 76% or 696 out of 916 units at Chuan Park on 10 Nov 2024 at an average price of around $2,579 psf. This 916 unit mega condo project spans five blocks – three 22-storeys and two 19-storeys consisting of two- to five-bedrooms, ranging from 700 sq ft to 1,841 sq ft.– and two commercial units spread across a 99-year leasehold site of 400,500 sq ft. The transacted prices across all units sold ranged from $1.6 million for two-bedroom units to $4.3 million for a five-bedroom unit. The units that moved fast comprises of two-bedroom, two-bedroom plus study and three bedrooms. Even the larger four and five bedrooms units see good take up rates with 47 out of 60 units of 4 bedrooms sold and 8 out of 22 five bedrooms sold, indicating that there are many right sizers and upgraders in District 19, say associate Group Director Kiwi Lim from Propnex Realty.
"Chuan Park may have broken this year's record as the first mega condo of this scale with 916 units to sell an amazing 76% (696 units) of its total units in just one day with the average price of units sold around $2,579 psf but I expect Chuan Park's amazing 2024 record to be broken by tomorrow's Emerald of Katong's preview sale." said Kiwi Lim who has been analysing the real estate market for more than a decade.
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