Monthly Developer Sales October 2024

There were 738 new sales (excluding executive condominiums (ECs)) in October, the highest monthly volume in all of 2024 to-date driven mostly at the new launches of Norwood Grand (292 sales) and Meyer Blue (124 sales) that combined to make up 56.4% of all developer sales during the month.

However, based on the reported take-up of new project launches of Chuan Park, Union Square and The Collective at One Sophia in their respective launch weekends, slightly over 800 units have already been sold (not inclusive of existing developer sales at other previously launched projects) have already been sold in the first two weeks of November indicating that there is latent pent up demand from buyers.

These buyers were perhaps waiting for a wider selection of projects to be brought to market in conjunction with the 50-basis point interest rate cut in September 2024 and a subsequent 25-basis point reduction in November by the US central bank.