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Future launches and the state of the private residential market in 2024

Future launches and the state of the private residential market in 2024

In 2023, a number of factors contributed to the uncertainty surrounding Singapore’s property market, including rising interest rates, geopolitical tensions, weaker global economic growth, high living expenses, and inflation on various condos like The Continuum. These were added to the property’s April cooling measures for The Continuum Showflat. The money laundering case involving over $2.8 billion in cash, expensive cars, real estate, and other assets further unsettled the market.

PropNex CEO Ismail Gafoor cautions that “many of the uncertainties will likely persist into 2024, at least in the first half of the new year.” “Market confidence has, however, recently increased, as evidenced by reports of an improvement in business sentiment and a pickup in manufacturing activity.”

Sentiment has been bolstered by the rapid sales of the 180-unit freehold Watten House on Shelford Road in prestigious District 11, with 57% sold on Nov. 18, and the 368-unit, 99-year leasehold J’den in Jurong Lake District, which sold 88% of its units on launch day at an average price of $2,451 per square foot. On November 11, 130 units (28%) of the 474-unit, 99-year leasehold Hillock Green at Lentor Hills sold for an average price of $2,108 per square foot.

We anticipate selling roughly 7,000 new homes by the end of the year with the debut of J’den, Hillock Green, and Watten House, says SRI managing partner Ken Low.

According to SRI, despite the market’s difficulties, the median price of newly built residences sold in 2023 was $2,445 psf, up 15.5% year over year from $2,117 psf the year before. According to Low, the increase is the result of more new projects being launched this year in the core districts, known as the Core Central Region (CCR), and on the outskirts of the city, known as the Rest of Central Region (RCR).
ERA As of December 7, 6,122 new private residences (not executive condos or ECs) were sold, according to Singaporean estimates. The company predicts that 6,500–7,000 new residences will be built by the end of the year, a little less than the 7,099 brand-new residences that were sold in 2022.

Bright light

Marcus Chu, CEO of ERA Singapore, states that “Singapore has maintained its position as a shining beacon in the Asia Pacific region despite the uncertainties in the global market.” “The Monetary Authority of Singapore (MAS) expects GDP growth in the nation to be in the range of 2% to 3% in 2024.”
According to Ministry of Manpower statistics, the overall unemployment rate stayed low at 2% in September 2023, despite a minor increase in layoffs to 4,100 in 3Q2023, up from 3,200 in 2Q2023. During the same period, Singaporeans’ personal savings and disposable income increased by 7.2% and 8.0%, respectively, year over year. According to Chu of ERA, “all of these factors continue to support home-buying activities.”

During the firm’s 3Q2023 media briefing on November 6, Piyush Gupta, CEO of DBS, the largest bank in Singapore by total assets (US$509.1 billion or $683.5 billion), stated that the cost of new mortgages for property buyers has decreased to 3.3%, with certain banks pricing new mortgages lower at 3.0% to 3.1%.

According to Chu of ERA, “the new home market, further lifting transaction volume,” could be stimulated by the reduced cost of new mortgages for home purchasers and the possibility of additional interest rate reductions in 2H2024. He projects that the demand for new homes in 2024 will be between 7,000 and 8,000 units, which is comparable to the number seen this year.

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