SINGAPORE – The private home market in Singapore saw a dramatic surge in March, largely driven by the successful launches of two major residential projects, Lentor Mansion and Lentoria. According to data from the Urban Redevelopment Authority (URA) released on April 15, developers sold a total of 718 private residential units in March, excluding executive condominiums (ECs). This marks a significant increase, with sales up by 369.3% compared to February’s 153 units, as reported by various property agencies.
Of the 718 units sold, 47 were located in the Core Central Region (CCR), 66 in the Rest of Central Region (RCR), and 605 in the Outside Central Region (OCR). This distribution highlights the growing demand across different regions of Singapore.
Pent-Up Demand and Market Recovery
Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, attributes the surge in sales to pent-up demand following the Chinese New Year period in February, which saw few new launches. In March, developers launched four private residential projects, including Ardor Residence and Koon Seng House. This increased the total number of units launched to 877, a sharp rise from the 45 units launched in February, making it the highest number of launches since November 2023, which saw 970 units.
Lentor Mansion, in particular, stood out as the best-selling project, with 409 of its 533 units sold. The project accounted for 57% of developers’ sales in March 2024. It has proven to be especially popular with first-time buyers and HDB upgraders, with nearly 75% of units sold priced below S$2 million. The median price of units in Lentor Mansion was S$2,269 per square foot.
Lentoria, another project in the Lentor area, also performed well, selling 60 out of 267 units at a median price of S$2,129 per square foot. The success of both projects reflects strong demand for new launches in the Lentor Hills estate, which offers a variety of properties to meet different buyer preferences.
Market Trends and Buyer Preferences
Mohan Sandrasegeran, Head of Research and Data Analytics at Singapore Realtors Inc. (SRI), noted that Lentor Mansion was the first project launched under new guidelines that harmonize strata and gross floor areas. The positive reception to this new approach suggests that buyers are embracing changes in how units are priced and sold based on livable space. Early sales figures indicate that Lentor Mansion is the best-selling launch of the year so far.
ERA Singapore’s Key Executive Officer, Eugene Lim, emphasized that buyers today are considering more than just location and price. They are also scrutinizing the functionality of project designs and layouts to ensure they align with their lifestyles and long-term plans.
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The market has seen a rise in local buyers, with Singaporeans accounting for nearly 92% of new home buyers in March, up from 83% in February. According to PropNex’s Head of Research and Content, Wong Siew Ying, the increase in OCR launches has likely attracted local buyers looking for more affordable options.
Outlook for the Property Market
Looking ahead, three new projects were launched in April: The Hill @ One-North (142 units), The Hillshore (59 units), and 32 Gilstead (14 units). Despite fewer units being available compared to March, Wong predicts that April’s sales may not match March’s volume. However, SRI’s Sandrasegeran believes that there is still strong demand for quality new launches, and the success of Lentor Mansion is a positive indicator for developers.
