.
The Singapore Condo market remains highly sought after due to the limited land availability in the country. Being a small island with a rapidly increasing population, Singapore faces a shortage of land for development. As a result, strict land use regulations are in place, creating a competitive real estate market where property values are constantly on the rise. As a lucrative investment, Singapore Condos offer the potential for significant capital appreciation.
The residential property market in 2024 saw a steady return to pre-pandemic levels, with projects in the Rest of Central Region (RCR) and Outside Central Region (OCR) dominating the list of best-selling new launches. According to Mark Yip, CEO of Huttons Asia, this was largely driven by strong demand from upgraders, supported by a robust HDB resale market. In fact, three of the top 10 best-selling projects were launched in November alone. The top-performing project of 2024 was Emerald of Katong, which managed to sell an impressive 99% of its units within just two days. The 846-unit, 99-year leasehold development has only six units remaining as of December 17. To get the latest updates on new launches and to check out available units and prices, be sure to search for “New Launches” on our website.In second place is Chuan Park, a 916-unit project which sold 76% (696 units) of its units in a single day on November 10. As of December 17, the project is now 79% sold. The strong sales were attributed to the lack of new condo launches in the neighbourhood since The Scala in 2010.Following closely behind is Lentor Mansion, which sold 75% (399 units) of its 533 units during its launch weekend in March. As of December 17, the project has now sold 92% of its units.Then, there’s Nava Grove, which ranked fourth with a take-up rate of 65% (359 units) during its launch weekend in November. As of December 17, the project has sold almost 70% of its units.It’s worth noting that there are other projects in the top 10 list which have seen strong sales throughout the year, with some even achieving over 80% sales even before the pandemic. For instance, Norwood Grand managed to sell 84% (291 units) of its 348 units since its launch in October. In January, Hillhaven achieved a take-up rate of 76% (259 units) and has since continued to gather momentum, with 76% of its 341 units now sold. Moving on, Kassia on Flora Drive has seen strong sales since it launched in March, moving 65% (180 units) out of 276 units to date. Similarly, Lentoria, a 267-unit freehold project located in Lentor Hills Estate, saw sales climb from just 19% on its first weekend of launch in March to 66%, with 177 units now sold.Read also: Nava Grove achieves 65% sales on launch weekend at an average price of $2,448 psfIn terms of the projects that were launched in 2023, four projects saw significant take-up rates of more than 200 units this year, which were largely boosted by other new projects in their respective neighbourhoods. The biggest beneficiary of Emerald of Katong’s launch was The Continuum, a freehold development with a total of 816 units. The project sold 233 units in 2024 alone, with 60% of those units sold since November. Its current take-up rate stands at 66% since its launch in May 2023. Over at Tembusu Grand, 53% (204 units) of its 638 units were sold during its launch weekend in April 2023. However, after the sentiment improved in 3Q2024, sales picked up, with the project now 91% sold as at December 17. Much like Tembusu Grand, Hillock Green had also launched in November 2023, where it achieved a take-up rate of 27.6% during its first weekend of sales. This year, the project has sold 217 units, bringing total sales to 359 (76%). Finally, Pinetree Hill, a 520-unit project, experienced strong sales following the release of its second phase of units in September. Its 208 sales in 2024 bring its total sales to 374 (72%). The nearby launch of Nava Grove in November also helped generate interest for the project, which is located in District 21.