New projects in the Rest of Central Region (RCR) and Outside Central Region (OCR) took the top spots in the list of best-selling new launches of 2024, as demand from upgraders was driven by a strong HDB resale market, according to Mark Yip, CEO of Huttons Asia.
Of the top 10 best-selling projects, three were launched in November and dominated by those in RCR and OCR.
Emerald of Katong emerged as the top-selling project of 2024, with 99% of its 846 units sold within just two days of its launch on November 15-16. With only six units available as of December 17, the 99-year leasehold development has proven to be a popular choice among buyers.
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The second spot on the list went to Chuan Park, a 916-unit development that saw 696 units (76%) sold in just a single day on November 10. As of December 17, the project has sold 79% of its units. This strong performance was attributed to the lack of new private condo launches in the neighbourhood since The Scala in 2010.
In third place is Lentor Mansion, with 75% of its 533 units sold during its launch weekend in March. Nine months later, the project has sold 92% of its units.
Nava Grove, a 552-unit development, came in fourth place, with 65% of its units sold during its launch weekend in mid-November. By December 17, the project was almost 70% sold.
Norwood Grand claimed fifth place, with 291 out of its 348 units (84%) taken since its launch in October.
One of the first projects to debut in 2024, Hillhaven, took sixth place with 50 units sold during its launch in January. By December 17, sales had gathered momentum and with 259 units (76%) sold, it has now moved up to sixth place.
Kassia on Flora Drive, a 276-unit freehold development, took seventh place with 180 units (65%) sold to date.
In eighth place is Lentoria, a 267-unit development located in Lentor Hills Estate which has seen its sales increase from 19% on its first weekend to 66%, with a total of 177 units sold since its launch in March.
The 440-unit Sora, located at Yuan Ching Road in Jurong Lake District, achieved 30% in sales, or 134 units, and ranks ninth in the list of best-selling projects.
Rounding out the top 10 is the freehold Meyer Blue, which sold 131 out of its 226 units (58%) through private sales.
Four projects launched in 2023 also gained significant traction due to the sales momentum in the second half of 2024, with each moving more than 200 units. These projects benefited from the launch of new developments in their respective neighbourhoods, which brought attention back to the area.
The biggest beneficiary of the launch of Emerald of Katong was The Continuum, a 816-unit freehold development at Thiam Siew Avenue. The project sold 233 units in 2024, with almost 60% of the sales happening since November. This brought the total take-up rate to 66% since its launch in May 2023.
Meanwhile, the 638-unit Tembusu Grand, located across from Emerald of Katong, enjoyed a 53% take-up rate during its launch weekend in April 2023. It has sold 204 units this year, with most of its sales happening after July when market sentiment improved in 3Q2024. As of December 17, Tembusu Grand has already sold 91% of its units, boosted by the buzz surrounding Emerald of Katong.
In addition, Hillock Green, a 474-unit development located in Lentor Hills Estate, also performed well. It achieved a take-up rate of 27.6% during its first weekend of sales in November 2023. In 2024, the project sold 217 units, bringing its cumulative sales to 359 units (76%). The launch of Lentoria and Lentor Mansion in March this year also helped drive interest in the project.
Lastly, Pinetree Hill, a 520-unit development, saw strong sales following the release of its second phase of units in September. The project sold 208 units this year, bringing its cumulative sales to 374 units (72%). Pinetree Hill was also boosted by the launch of Nava Grove in November, which helped generate interest in the residential enclave of District 21.
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Largest Growth Rate in Best-Selling New Launches in 2024
Compared to last year, the best-selling new launches in 2024 saw a much larger growth rate, with the top 10 projects selling at least 50% more units than the top 10 projects for 2023. This indicates a strong rebound in the property market, with increased buying activity and demand from upgraders.
In 2023, the best-selling projects sold anywhere between 37% and 160% of their total units. In contrast, the top 10 projects in 2024 sold between 65% and 99% of their units, showing an increase in popularity and sales performance.
Moreover, the best-selling projects in 2024 generally had higher average prices per square foot (psf), with the exception of Nava Grove and Sora which had an average price of $2,448 psf and $1,164 psf, respectively.
Top 10 Best-Selling Projects in 2023 vs 2024
Rank 2023 Developments Units launched Cumulative sales (as of Dec 17) Take-up rate (%) Average price ($psf)
1 Marina One Residences 1,042 729 70% $2,438
2 Reflections at Keppel Bay 1,129 615 54% $2,144
3 Kallang Riverside 212 208 98% $1,687
4 Qbay Residences 630 379 60% $1,407
5 Hillview Peak 512 202 40% $1,371
6 Highline Residences 500 195 39% $2,080
7 Bartley Ridge 868 649 75% $1,386
8 Commonwealth Towers 845 588 70% $1,817
9 The Rise @ Oxley 120 76 63% $1,993
10 Poiz Residences 731 673 92% $1,440
Rank 2024 Developments Units launched Cumulative sales (as of Dec 17) Take-up rate (%) Average price ($psf)
1 Emerald of Katong 846 840 99% $1,970
2 Chuan Park 916 696 76% $2,582
3 Lentor Mansion 533 428 80% $2,093
4 Nava Grove 552 381 69% $2,448
5 Norwood Grand 348 291 84% $1,702
6 Hillhaven 341 259 76% $2,129
7 Kassia on Flora Drive 276 180 65% $2,127
8 Lentoria 267 177 66% $2,522
9 Sora 440 134 30% $1,164
10 Meyer Blue 226 131 58% N/A
Based on the number of units sold, three projects launched in November were among the top 10 best-selling projects. These were Emerald of Katong, Chuan Park, and Nava Grove. In comparison, 2023 saw no new launches in the top three spots.
The top 10 projects for 2024 all saw a higher take-up rate than the best-selling projects in 2023, showing a strong rebound in the market. Moreover, the best-selling projects in 2024 generally had higher average prices per square foot, with the exception of Nava Grove and Sora which had an average price of $2,448 psf and $1,164 psf, respectively.
Best-Selling New Launches by Region
Region Units sold Take-up rate (%) Average price ($psf)
RCR 4,214 76% $2,313
OCR 3,772 71% $1,781
CCR 1,316 62% $2,701
The top three regions in terms of units sold were the Rest of Central Region (RCR), Outside Central Region (OCR), and Core Central Region (CCR).
The CCR performed better than in 2023, with an average price per square foot (psf) of $2,701, compared to $2,217 psf in 2023. This likely reflects an increase in demand for luxury properties.
In contrast, the RCR and OCR saw a decrease in average prices, with an average price of $2,313 psf and $1,781 psf, respectively. This could suggest increased affordability in these regions and more attractive prices for buyers.
Singapore is facing a high demand for condos due to the limited availability of land. As a small island nation with a rapidly increasing population, there is a scarcity of land for development. To combat this issue, Singapore has implemented strict land use policies, creating a competitive real estate market where property prices are continually rising. As a result, the purchase of real estate, specifically condos, is an attractive investment opportunity with the potential for significant capital appreciation. This trend has also sparked the rise of new condo launches, catering to the growing demand for residential properties in Singapore.
Best-Selling Developments in RCR
Developments Units launched Cumulative sales (as of Dec 17) Take-up rate (%) Average price ($psf)
Norwood Grand 348 291 84