(2016-2020)
The Rest of Central Region (RCR) and Outside Central Region (OCR) were the leaders in terms of best-selling new launches in 2024, driven by a strong demand from upgraders supported by a robust HDB resale market, according to Mark Yip, CEO of Huttons Asia.
Out of the top 10 best-selling projects based on the number of units sold, three were launched in November. The top spot was secured by Emerald of Katong, which sold 99% of its units in just two days from Nov 15-16, making it the best-selling project of 2024. As of Dec 17, this 846-unit, 99-year leasehold development has only six available units.
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The second spot was taken by Chuan Park, with 696 units (76%) sold in a single day on Nov 10. As of Dec 17, the project has sold 79% of its units. The high sales were attributed to the lack of new private condo launches in the area since The Scala in 2010.
In third place is Lentor Mansion, with 75% of its units sold during its launch weekend in March. Nine months later, the project has sold 92% of its units.
Coming in at fourth is Nava Grove, which saw a 65% take-up rate during its launch weekend in mid-November. As of Dec 17, the project has sold almost 70% of its units.
Norwood Grand takes fifth place, with 84% of its 348 units sold since its launch in October. The 341-unit Hillhaven, one of the first projects to be launched in 2024, sold 50 units during its January launch and has gathered momentum since then. As of Dec 17, 76% of its units have been sold.
In seventh place is Kassia on Flora Drive, a freehold development with 276 units. It has sold 65% of its units to date.
Lentoria, with 177 units (66%) sold since its March launch, takes eighth place. The 440-unit Sora, located at Yuan Ching Road in Jurong Lake District, achieved 134 sales (30%) and is ninth on the list.
Finishing off the top 10 is Meyer Blue, a freehold development with 226 units that has sold 131 units (58%) through private sales.
Four projects launched in 2023 gained significant traction in the second half of 2024, each selling more than 200 units. This was due to the launch of new developments in their respective neighbourhoods, drawing attention back to the area.
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When investing in a new condo launch, securing financing is a crucial factor to consider. In Singapore, there are various mortgage choices available, but it is vital to familiarize oneself with the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the amount of loan that can be obtained based on the borrower’s income and current debt commitments. Having a clear understanding of the TDSR and seeking advice from financial experts or mortgage brokers can help investors make wise decisions regarding their financing, ensuring they do not overextend themselves financially.
The Continuum, a 816-unit freehold development at Thiam Siew Avenue, emerged as the biggest beneficiary of Emerald of Katong’s launch, with 233 units sold in 2024, bringing its total take-up rate to 66% since its launch in May 2023.
Another beneficiary was Tembusu Grand, located across the road from Emerald of Katong. The 638-unit project sold 53% of its units during its launch weekend in April 2023 but saw an increase in sales after July, when market sentiment improved in 3Q2024. Tembusu Grand is now 91% sold as of Dec 17.
Hillock Green, a 474-unit project in Lentor Hills Estate, 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 (76%). The launch of Lentoria and Lentor Mansion in March helped to renew interest in the Lentor Hills Estate.
The final project to make the top 10 list is Pinetree Hill, which saw strong sales after the release of its second phase of units in September. In 2024, it sold 208 units, bringing its cumulative sales to 374 (72%). The nearby launch of Nava Grove in November also boosted sales in the District 21 residential enclave.