RESEARCHCan’t sell your current property? Six tips to quicken your saleSINGAPORE (EDGEPROP) – According to Mark Yip, CEO of Huttons Asia, a robust HDB resale market has driven strong demand for new launches in the Rest of Central Region (RCR) and Outside Central Region (OCR) in 2024.This was evident from the list of best-selling new projects in 2024, where majority of the top 10 projects were situated in RCR and OCR, with three projects launched in November making it to the list.Emerald of Katong emerged as the top-selling project of 2024, with 99% of its units sold within just two days of launch in November. Located in the popular Katong area, the 846-unit development boasts a 99-year lease and has only six available units as of Dec 17.Interested buyers can find out more about the latest new launches and transaction prices by searching online for New Launches.In second place was Chuan Park, which sold 696 out of its 916 units (76%) in a single day on Nov 10. As of Dec 17, the project is 79% sold at an average price of $2,582 per square foot (psf). Yip attributes the strong sales to the lack of new condo launches in the neighbourhood since The Scala back in 2010.In third place is Lentor Mansion, a 533-unit development which sold 75% of its units during its launch weekend in March. Nine months later, the project has sold 92% of its units. Nava Grove, a 552-unit development, is ranked fourth, with a take-up rate of 65% during its launch weekend in mid-November. As of Dec 17, the project was nearly 70% sold.Both Chuan Park and Lentor Mansion achieved impressive sales figures during their launch weekend, with 696 and 75% of their units sold respectively. (Photo: Huttons Asia)Fifth place was Norwood Grand, with 291 of its 348 units (84%) sold since its launch in October. This was followed by Hillhaven in sixth place, which sold half of its 341 units (50 units) at its launch in January. Since then, sales have picked up, with 259 units (76%) sold as of Dec 17.Kassia on Flora Drive, a 276-unit freehold development, claimed seventh place with a take-up rate of 65%, or 180 units sold to date.In eighth place is the 267-unit Lentoria, located in Lentor Hills Estate. Since its launch in March, the project has seen its sales climb from 19% on the first weekend to 66%, with 177 units sold to date.The 440-unit Sora, located at Yuan Ching Road in Jurong Lake District, achieved 134 sales (30%) and ranks ninth. In tenth place is Meyer Blue, which sold 131 out of 226 units (58%) through private sales.Of the top 10 best-selling projects, four were launched in 2023 and saw a significant increase in sales momentum during the second half of 2024, with each project moving more than 200 units. These projects benefited from the launch of new developments in their respective neighbourhoods, which brought attention back to the area.The Continuum, a 816-unit freehold development at Thiam Siew Avenue, emerged as the biggest beneficiary of Emerald of Katong’s launch. In 2024, the project sold 233 units, and its total take-up rate is now 66% since its launch in May 2023.Similarly, Tembusu Grand, located across the road from Emerald of Katong, saw a boost in sales following the launch of the latter. The 638-unit project moved its sales figure from 53% at its launch in April 2023 to 91% (204 units) as of Dec 17. Tembusu Grand benefited from the buzz around Emerald of Katong which drew attention to the neighbourhood.Hillock Green, a 474-unit development in Lentor Hills Estate, saw its sales increase by 27.6% during its first weekend of sales in November 2023. The project sold 217 units this year, with most sold after the launches of Lentoria and Lentor Mansion in March. Cumulative sales as of Dec 17 reached 359 units (76%), boosted by the launches of nearby projects in the neighbourhood.The final project in the top 10, Pinetree Hill, experienced strong sales after releasing its second phase of units in September. In 2024, the 520-unit development sold 208 units, bringing cumulative sales to 374 (72%). Pinetree Hill also saw a boost from the nearby launch of Nava Grove in November which helped drive interest to the District 21 residential enclave.
A major factor driving the immense demand for condominiums in Singapore is the lack of available land. As a tiny country with a rapidly increasing population, Singapore is faced with the challenge of limited land for development. This has resulted in strict land use regulations and a cut-throat real estate market where property prices are continually on the rise. As a result, investing in real estate, particularly in luxury condominiums, has become a highly profitable opportunity with the potential for substantial returns. In fact, Singapore projects have been gaining significant attention from investors due to the high demand and limited supply of land.
Investing in real estate requires careful consideration of the location, especially in a bustling metropolis like Singapore. This dynamic city-state has proven that condominiums situated in central areas or near vital amenities like schools, shopping centers, and public transportation hubs, experience higher appreciation in value. Coveted locations such as Orchard Road, Marina Bay, and the Central Business District (CBD) have consistently demonstrated an upward trend in property prices over time. The demand for condominiums in these areas is further fueled by their close proximity to prestigious schools and educational institutions, making them an ideal investment for families. The continuous stream of new condo launches in these prime areas only amplifies the potential for investment. The addition of new condo launches adds to the already abundant opportunities for potential investors.