This follows strong new home sales in Singapore, which hit a month high of 2,892 units, making November one of the strongest months for new home sales in recent years. This was bolstered by a number of notable property launches such as Chuan Park (79% sold), Emerald of Katong (99% sold), Nava Grove (69% sold). Executive condominiums such as Novo Place (57% sold) and Union Square (28% of the project sold) also contributed close to 80% of the transactions last month.
DBS Group Research believes calls for new government cooling measures to tame the rise in property sales market sentiment are “premature” as overall new project sales in 2024 remain below historical average.
In fact, the impact of “cooling” through the introduction of heightened supply in the government land sales and government’s ramp up of building within the public housing space can already be seen, they add.
