Monthly Developer Sales June 2024

There were no newly launched projects in June 2024 with 118 new units being released during the month from existing projects that had already been launched previously. In June, there were 228 new sales (excluding executive condominiums (ECs)), similar to the 223 units in May with a very slight increase of about 2.2%.

The highest selling project in the month was an EC, North Gaia. Excluding ECs, The Lakegarden Residences was the highest private project with 23 units sold, and in second place, The Botany at Dairy Farm with 21 units transacted. Like May, the month of June continued to be characterised mostly by existing projects selling remaining units in the Outside Central Region (OCR).

Based on past data from the monthly developer’s sales, there was a monthly average of 616 new sales in 2022, and 556 units in 2023. But in the six months from January to June 2024, the monthly average was only 321 units. The official primary sales numbers in Q1 2024 together with the developer sales between April and June totalled an estimated 1,916 units in the first half of 2024.

The market remained in a quiet phase throughout Q2 2024. With more options on the market, homebuyers have become more selective and measured. Sales volume is likely to remain subdued until such time when interest rates come down. Prominent new launches that can spur market activity have also been lacking, against a backdrop of homebuyers on the sidelines who are reticent to commit to any purchase.

With secondary sales leading the market, Knight Frank expects overall private home sales volume to fall between 14,000 and 16,000 for the whole of 2024, down from the 15,000 to 18,000 units initially forecasted. In the new sale market, it is now more than likely that the projected total for 2024 will be between 4,000 and 6,000 units, substantially lower than the 7,000 and 9,000 primary transactions originally anticipated.

Nonetheless, private home prices are still expected to grow around 3% to 5% for the full year due to the prices at new launches that are a result of elevated land costs committed some 12 to 18 months ago, as well as prevailing high construction costs.