Singapore Sees Highest Private Home Sales in Over a Decade

Singapore recorded its most robust private home sales in over 11 years in November, according to the latest data from the Urban Redevelopment Authority (URA). A total of 2,557 new units were sold during the month, excluding Executive Condominiums. This figure marks a significant increase, surpassing the combined sales of the previous six months and more than tripling the 784 units sold in November 2022.

Christine Sun, chief researcher and strategist at OrangeTee Group, highlighted that this is the highest number of units sold in a single month since March 2013, when 2,793 homes were purchased. Compared to October’s figure of 738 units, this represents a 246.5 per cent month-on-month increase.

The surge in sales was driven by a combination of factors, including strong consumer demand, a series of project launches, and improved consumer confidence. Six private home launches took place last month, an unprecedented number, with four occurring on the same weekend. Among these, Emerald of Katong, located in eastern Singapore, stood out—selling 99 per cent of its 846 units at a median price of S$2,627 per square foot.

Sun explained that buyers took advantage of attractive deals as many developments were introduced simultaneously. With Executive Condominiums included, the total number of homes sold in November reached 2,891 out of 3,375 units launched. By comparison, 970 units were launched in November 2022, with 800 homes sold.

PropNex research chief Wong Siew Ying noted that this year has already surpassed the total number of homes sold in all of 2023, with 6,344 units sold between January and November. This indicates a strong recovery from last year, when 6,421 units were sold—the lowest since 2008.

Although recent sales figures demonstrate a robust appetite for private homes, some experts caution that this could represent a temporary spike rather than a full market resurgence. Wong observed: “Buyers, by and large, remain discerning and continue to take a long-term view of their property purchases.”

Nevertheless, the demand for private homes continues to be a promising indicator for the property market as developers and buyers respond to new opportunities and evolving consumer sentiment.