TOP Selling Condo in Singapore Q1 2024
The following report provides an analysis of the top-selling private condominium projects in Q1 2024 based on key metrics such as tenure, district, average price per square foot (PSF), and sales volume. Understanding these trends can offer insights into the dynamics of the real estate market in Singapore during the first quarter of 2024.
Key Findings
* Lentor Mansion emerges as the top-selling project in Q1 2024 with 406 units sold. Located in District 26 with a 99-year tenure, it witnessed a significant increase in average PSF from the previous quarter, reaching $2278, indicating strong demand in this area.
* Hillhaven follows closely in second place with 362 units sold. Also situated in District 23 with a 99-year tenure, it experienced a rise in average PSF to $2065 in Q1 2024, suggesting sustained interest from buyers.
* Lentoria, another project in District 26, secured the third position with 59 units sold. Despite not having available data for the previous quarter, its Q1 2024 average PSF stands at $2129, reflecting positive market sentiment.
* The Arcady at Boon Keng, a freehold development in District 12, garnered attention with 49 units sold. With an average PSF of $2575, it indicates a preference for freehold properties despite the higher price point.
* The Botany at Dairy Farm experienced a slight decline in average PSF from Q4 2023 to Q1 2024, but still managed to sell 47 units. Located in District 23 with a 99-year tenure, it remains a popular choice among buyers.
Trends and Insights:
* District Preference: Districts 26 and 23 dominated the top-selling projects, showcasing the attractiveness of these locations to buyers. Proximity to amenities, transportation, and quality of life factors may be driving this demand.
* Tenure Influence: While freehold properties like The Arcady at Boon Keng and Watten House made it to the list, the majority of top-selling projects were on a 99-year tenure. This indicates that tenure type remains a significant factor influencing buyer decisions.
* Price Sensitivity: Projects with lower average PSF, such as Lentor Mansion and Hillhaven, witnessed higher sales volumes, suggesting that price sensitivity plays a crucial role in buyer decision-making.
* Market Resilience: Despite economic uncertainties, the real estate market in Singapore demonstrated resilience in Q1 2024, with several projects achieving notable sales figures. This could be attributed to factors such as low-interest rates and pent-up demand.
| No. | Project | Tenure | District | Avg. PSF (Q4 2023) | Avg. PSF (Q1 2024) | Volume |
|---|---|---|---|---|---|---|
| 1 | Lentor Mansion | 99 years | 26 | N/A | $2,278 | 406 |
| 2 | Hillhaven | 99 years | 23 | N/A | $1,515 | 362 |
| 3 | Lentoria | 99 years | 26 | N/A | $2,065 | 59 |
| 4 | The Arcady at Boon Keng | Freehold | 12 | N/A | $2,575 | 49 |
| 5 | The Botany at Dairy Farm | 99 years | 23 | $2,033 | $2,026 | 47 |
| 6 | Lentor Hills Residences | 99 years | 26 | $2,128 | $2,117 | 47 |
| 7 | Hillock Green | 99 years | 26 | $2,129 | $2,165 | 42 |
| 8 | The Myst | 99 years | 26 | $2,106 | $2,122 | 41 |
| 9 | Pinetree Hill | 99 years | 21 | $2,442 | $2,457 | 31 |
| 10 | Watten House | Freehold | 11 | $313 | $3,278 | 20 |
| 11 | 19 Nassim | 99 years | 10 | $3,318 | $3,311 | 20 |
| 12 | Grand Dunman | 99 years | 15 | $2,537 | $2,573 | 19 |
| 13 | The Continuum | Freehold | 15 | $2,769 | $2,811 | 18 |
| 14 | The Reserve Residences | 99 years | 21 | $2,452 | $2,521 | 15 |
| 15 | Lentor Modern | 99 years | 26 | $2,093 | $2,201 | 10 |
| 16 | The Lakegarden Residences | 99 years | 22 | $2,133 | $2,156 | 10 |
| 17 | Tembusu Grand | 99 years | 15 | $2,439 | $2,480 | 8 |
| 18 | J’Den | 99 years | 22 | $2,474 | $2,668 | 4 |
| 19 | Terra Hill | Freehold | 5 | $2,680 | $2,763 | 4 |
| 20 | Midtown Modern | 99 years | 7 | $3,077 | $3,434 | 2 |
Conclusion
The Q1 2024 report on top-selling private condominium projects highlights a mix of newly launched developments. Despite fluctuations in average PSF, projects such as Lentor Mansion and Hillhaven emerged as top performers in terms of sales volume. Additionally, the market witnessed strong demand for leasehold luxury condominiums, as evidenced by projects like Midtown Modern and 19 Nassim. Moving forward, continued market analysis and monitoring will be essential to understand evolving trends and consumer preferences in the private condominium sector.
The list of Top 20 Projects demonstrated resilience and attractiveness to buyers despite market fluctuations. The information presented here serves as valuable insights for stakeholders in the real estate industry to understand market trends and make informed decisions.
[Note: N/A indicates data not available for the previous quarter.]
