Overview
2024 kicked off with two new home launches and one Executive Condominium (EC) launch – Hillhaven, The Arcady at Boon Keng and Lumina Grand that have boosted Jan sales.
A total of 417 new homes, excluding ECs, were launched in January, compared to 36 units in December. Another 512 ECs were also launched in the same month.
With the launch of Hillhaven and The Arcady at Boon Keng, some 281 units of new homes (excluding EC) were sold in January, more than double of the 135 units sold in December. Another 307 units of EC were sold in January compared to 17 units in December.
Top performing projects in January
Two EC projects, Lumina Grand and North Gaia, made it to the top five performing projects in January.
The top-selling project was Lumina Grand that sold 271 units of its 512 units (52.9%) at a median price of $1,525.
This is followed by Hillhaven and The Arcady at Boon Keng which sold 64 and 47 units respectively. Hillhaven achieved a median price of $2,065 psf while the Arcady at Boon Keng sold at a median price of $2,574 psf. In the same month, The Myst (OCR) moved 21 units, and North Gaia sold another 20 units.
Table 1: Top five best performing developments in January 2024
Buyer profile
Chart 1: Buyer profile for new homes excluding ECs
Singaporeans made up the majority of new home buyers (87.8%) in January 2024. Foreign buyers continue to stay away from the new home segment after the punitive Additional Buyer Stamp Duty (ABSD) hike in April 2023
Looking at the nationality by countries, 31 of the foreign buyers were of un-specified nationality, and there was one buyer each from Thailand and Myanmar.
Luxury properties (non-landed home $5 mil and above)
Seven luxury new homes were sold in January 2024. All the luxury new homes sold in January were purchased by Singaporeans, further illustrating the discernible shift away from higher-priced homes by foreigners and foreign investors, influenced by the 60% ABSD.
Two units were sold at Watten House. Another five other luxury home transactions came from The Reserve Residences and 19 Nassim.
Chart 2: Buyer profile for home $5mil and more
