Private new home sales to start slow as buyers remain selective and price-conscious

The Arcady and Hillhaven sold more than 50 units each on launch day.

Private new home sales in 2024 will likely start slow as most buyers remain conscious and very selective about the property they want to buy, PropNex stated.

The Arcady at Boon Keng and Hillhaven, which kicked off private home launches in 2024, sold 51 and 56 units, respectively.

PropNex said the sales of the two developments “have been encouraging.”

Huttons echoed this, saying: “The market got off to a good start to the year with Hillhaven and The Arcady at Boon Keng, each selling more than 50 units on launch day.”

Given the performance of the two developments, PropNex expects “take-up to continue to improve as buyers gradually return to the market.”

“Following the seasonal lull in December, and a weaker year of developers’ sales in 2023, it is not surprising that the market may take some time to kick on and shake off the festive hangover,” PropNex said.

“Generally, we think that buying sentiment is still intact, but prospective buyers may be taking their time to assess the market and review their options. We could see a slower start to private new home sales in 2024 before the momentum starts to pick up as buyers gain more clarity about the market conditions,” PropNex added.