The property market in 2024 saw two distinct halves, with the first half marked by sluggish sales and cautious market sentiment. However, the second half saw a surge in activity and record-breaking sales volumes.In 1H2024, boutique developments were in the limelight, with the lowest number of units launched for sale since 1H1996. Sales volume mirrored this trend, with just 1,889 units sold – the lowest since 1996. The exception was the 533-unit Lentor Mansion, which achieved a 75% take-up rate during its launch weekend in March.However, market sentiment started to shift in 2H2024, with the launch of the 276-unit freehold Kassia on Flora Drive in late July, which achieved a 52% take-up rate. This set the stage for strong sales momentum following the Lunar Seventh Month. In September, the 158-unit 8@BT at Bukit Timah Link saw 53% of its units sold, at an average price of $2,719 psf.In 3Q2024, new home sales leapt 60% q-o-q, marking a change in market sentiment, which was attributed to the 50-basis point interest rate cut by the US Federal Reserve in September.In October, the 226-unit Meyer Blue saw more than 50% of its units sold in private sales, with prices reaching a new benchmark for the prime District 15 enclave. In Woodlands, the 348-unit Norwood Grand achieved a take-up rate of 84% during its launch weekend in October, making it the best-selling project in terms of percentage of sales as of October. The average price of units sold was $2,067 psf, setting a record for Woodlands as the first project to surpass the $2,000 psf threshold.In November, a record-breaking six new projects comprising 3,551 units were launched over 10 days. This surge in activity was driven by a year-end rush to launch projects, creating an unusually vibrant period for property launches. Despite speculation about further property cooling measures, they are unlikely unless there is sustained sales momentum into the first quarter of 2025 and a concurrent sharp increase in property prices outpacing GDP growth.
When it comes to investing in condos in Singapore, one must take into account the government’s property cooling measures. The government has implemented different measures throughout the years to prevent speculative buying and maintain a steady real estate market. One such measure is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on both foreign buyers and those purchasing multiple properties. While these measures may have an effect on the immediate profitability of investing in condos, they also contribute to the long-term stability of the market, ultimately creating a more secure investment environment. In light of the changing policies, it is important for investors to keep themselves updated on new condo launches at https://www.hornbyeagles.com/ in order to make informed decisions regarding their investments.