2024 launches to yield up to 8,800 units

The 2024 figure will be 15.8% higher than units launched in 2023.

The number of units expected to be launched in 2024 will exceed 2023’s figure by 15.8%, data from OrangeTee showed.

According to the property expert, even if developers stagger their launches or delay projects due to unforeseen circumstances, Singapore will still see 23 launches yielding up to 8,800 units next year. 

In 2023, 7,600 units were launched.

Half of the expected launched units in 2024 will be in the OCR or the suburbs, whilst 30% will be in the Rest of Central Region (RCR) or city fringe, and close to 20% will be in the prime Core Central Region (CCR). 

Meanwhile, OrangeTee said sales for certain months next year may exceed 1,000, given that there will be six to nine large projects with more than 500 units in 2024.

The key project launches to watch include the 840-unit GLS site at Jalan Tembusu, the 775-unit GLS site at Lorong 1 Toa Payoh, the 533-unit GLS site at Lentor Gardens, the 512-unit Lumina Grand EC at Bukit Batok West Ave 5, the 475-unit GLS site at Lentor Central, the 440-unit SORA at Yuan Ching Road, and the 345-unit GLS site at Champions Way. 

“Since around half of the launch units are in the suburbs, where prices tend to be lower than other market segments, we estimate that the overall prices of new homes may rise at a modest pace of 2 to 4 per cent in 2024. Around 6,500 to 7,500 new homes, excluding EC, could be sold next year, which will be on par with or slightly higher than the total new sales transactions in 2023,” OrangeTee said.