The real estate market in Singapore saw a renewed vitality in March 2024, especially in the private residential sector. The resurgence was primarily fueled by the launch of four projects: Ardor Residence, Koon Seng House, Lentor Mansion, and Lentoria. These four projects collectively offered 877 units, representing a month-on-month increase of 1848.9% and a year-on-year increase of 53.1%.

Among them, the successful launch of Lentor Mansion emerged as the primary driver of this resurgence. The project sold 409 units in March 2024, accounting for 57.0% of the total sales by developers for that month. By the end of March, Lentor Mansion had sold 76.7% of its units at a median price of SGD 2,269 per square foot. The success of this project lies not only in its sales volume but also in the fact that most of its units are priced below SGD 2 million, attracting numerous buyers, especially first-time buyers and HDB upgraders.

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On the other hand, the second phase of sales for Lumina Grand also achieved commendable results. In March, a total of 114 units of executive condominiums were sold, with an additional 61 units sold through balloting, resulting in 72.3% of units sold by the end of March. Compared to some resale executive condominiums, new executive condominiums performed well, demonstrating strong price competitiveness and attracting buyer interest.

Additionally, data from March 2024 showed that Singaporeans and permanent residents accounted for over 98% of purchases. One Singaporean purchased a 3,412 square foot unit at Watten House for SGD 11.795 million. The proportion of units sold below SGD 2 million increased significantly to 58.6%, up nearly 27 percentage points from the previous month, mainly due to the launches of Lentor Mansion and Lentoria.

While the proportion of foreign buyers remains relatively low, their numbers have seen a significant increase, rising from 4 units in February to 13 units in March. This could be attributed to increased market activity during the Lunar New Year period translating into sales growth in March.

Looking ahead, it is projected that up to 4 non-landed projects, totaling 238 units, will be launched in April and May 2024. The Hill @one-north and The Hillshore are set to begin booking sales in April, with developers expecting to sell between 300 and 400 units in that month. Overall, developers maintain an optimistic outlook on future sales, expecting to sell a maximum of 7,000 new units within the year, with prices expected to remain stable, with a maximum increase of up to 5%.