How will the new sale residential market perform in 2024?

There may be 38 launches next year.

Real estate expert Huttons is “ cautiously optimistic “ that the new sale residential market will perform better in 2024 than in 2023.

“With a rosier economic outlook projected in 2024, developers are estimated to sell between 7,000 and 8,000 units,” Huttons said.

“Developers are growing in confidence as indicated by their willingness to pay more to secure good sites in the past few Government Land Sales tenders,” Huttons added.

In 2024, there may be 38 launches with an estimated 11,636 units, including the 512-unit EC project, Lumina Grand at Bukit Batok West Ave 5.

In the Core Central Region, which was heavily impacted by the ABSD rate hike in 2023, there may be up to 2,968 units launched in 2024.

“Some of the potential major launches include Aurea, the former Peace Centre/Peace Mansion, Marina View Residences, Newport Residences, and Skywaters Residences,” Huttons said.

The Rest of Central Region (OCR), meanwhile, may see potential major launches at Bukit Timah Link, former Meyer Park, Jalan Tembusu, Marina Gardens Lane, The Arcady at Boon Keng, and The Hill @one-north in 2024.

“There may be up to 3,085 units, which is about 27% less than 2023’s launch of more than 4,200 units in the RCR,” reported Huttons.

Of the 38 expected launches, 12 will happen in 1Q24, including Haig Road, Hillhaven, Lentoria, Lumina Grand (EC), The Arcady at Boon Keng and The Hillshore,  Jansen House, Koon Seng House, Lentor Mansion, Marina View Residences, SORA and The Hill @one-north