Singapore’s private home market experienced a significant revival in November, driven by a series of high-profile project launches, pent-up demand, and improving consumer sentiment. According to property data from the Urban Redevelopment Authority (URA) released on December 16, developers sold an impressive 2,557 new private homes during the month. This marks a staggering 246.5% increase from the 738 units sold in October and more than triple the 784 units sold in November 2023.

Strongest Sales Since 2013

The November figures represent the highest monthly sales since March 2013, when 2,793 units were sold. Including executive condominiums (ECs), total sales reached 2,891 units, with developers launching 3,375 units for sale.

In contrast, November 2023 saw just 800 units sold from 970 launched. The uptick in activity over the past two months is evident, with developers selling a combined 3,295 units in October and November, outperforming the 3,049 units sold during the preceding nine months.

The year-to-date sales as of November stood at 6,344 units. This figure positions the market to surpass 2023’s 15-year low of 6,421 units sold.

A Wave of New Launches

JT Chia, Managing Director of Propertyforsale, attributed the surge to an unprecedented six project launches in November, including five condominium projects and one EC. These new launch projects accounted for a significant portion of sales, with the 916-unit Chuan Park selling nearly 80% of its units and the 846-unit Emerald of Katong almost fully sold.

These two projects emerged as November’s best-sellers, achieving median prices of S$2,627 per square foot (psf) for Emerald of Katong and S$2,586 psf for Chuan Park.

The easing interest rates, following two rate cuts by the U.S. Federal Reserve since September, further bolstered buyer enthusiasm.

Timing and Market Dynamics

Developers appeared eager to launch projects quickly, capitalizing on strong demand and aiming to beat the festive lull in December and January.

Property Outlook for 2025

The government’s land sales (GLS) program for the first half of 2025 is expected to yield approximately 5,030 new private homes, including 980 EC units.

Challenges on the Horizon

While optimism prevails, potential headwinds loom.

The protectionist U.S. trade policy under a second Donald Trump presidency might result in a higher inflation environment. As such, the number of interest rate cut could reduce. 

Property analysts remain cautiously optimistic, predicting steady demand and sustained interest in well-located, high-quality developments. The resurgence in November underscores the resilience of Singapore’s private housing market, setting a promising tone for the year ahead.

A stable HDB resale price will provide support for private home transactions.