Singapore new home sales hit 10-month low in December

There were only 203 units sold during the month, down 92% from November.

According to PropNex, following the sizzling sales in November, new home sales fizzled out and fell by 92% in December to 203 units (ex. EC) from the 2,560 units transacted in the previous month. The slump in developers’ sales was expected as there were no fresh project launches in December, after an unprecedented deluge of launches in November.

“The 203 new units sold in December represent the lowest monthly sales in 10 months, since 153 units were transacted in February 2024. On a year-on-year basis, developers’ sales were about 50% higher than the 135 units shifted in December 2023,” the analyst said.

Here’s more from PropNex:

Developers placed only 20 new units (ex. EC) for sale in December, all from The Myst which was launched for sale in July 2023. This is drastically lower than the bumper 2,871 units released for sale in November. Based on monthly data tracked by PropNex starting from 2009, the 20 units launched in December 2024 is the lowest on record.

Shorn of new launches, all three sub-markets witnessed a decline in sales in December from November. The Outside Central Region (OCR) led monthly sales, with 111 units (ex. EC) sold in December – down sharply by about 88% from 893 units transacted in the previous month. The top-selling OCR projects in December were Hillock Green (see Table 2) which sold 19 units at a median price of $2,278 psf, The Myst which moved 17 units at a median price of $2,080 psf, and Chuan Park which transacted 11 units at a median price of $2,657 psf. Home sales in the OCR are projected to be relatively lively in January as freehold development, the 113-unit Bagnall Haus (next to upcoming Sungei Bedok MRT interchange station) is slated to be launched on 18 January.

The Rest of Central Region (RCR) saw 73 new homes sold during the month, also markedly lower than the 1,569 units shifted in November, where projects such as Emerald of Katong and Nava Grove boosted sales. In December, the most popular RCR projects included The Continuum which sold 15 units at a median price of $2,864 psf, and Pinetree Hill where 11 units changed hands at a median price of $2,543 psf. Developers’ sales in the RCR are also expected to rise in January, with the upcoming launch of the 777-unit The Orie in Toa Payoh.

Over in the Core Central Region (CCR), developers sold 19 new units in December – moderating from the 98 units shifted in the previous month. The CCR project that posted the highest sales during the month was The Collective at One Sophia which moved 9 units at a median price of $2,758 psf. New private home sales in the CCR have been mostly tepid, amid limited new CCR project launches since the tightening of the additional buyer’s stamp duty (ABSD) measure in April 2023. That said, CCR sales are likely to pick up in January, with One Bernam reportedly selling more units.

Over in the EC segment, sales fell by 49% to 170 units in December from 334 units in November. The best-selling EC project was Novo Place in Tengah which sold 158 units at a median price of $1,647 psf in December, when the project was opened to second-timer buyers a month after it was launched. Overall, Novo Place EC has transacted 445 out of its 504 units (or 88%) since it hit the market in November 2024. Based on URA’s data, there were 160 unsold new EC units as at the end of December. This tight supply of unsold stock bodes well for the upcoming EC project, Aurelle of Tampines which will offer 760 new EC units.