Which submarket drove Singapore residential sales in July?

Nearly 80% of the sales came from suburban projects.

Developers sold 571 new private homes (excluding ECs) in July 2024, a 150.4% increase from the 228 units sold in June 2024.

According to JLL, the sales take-up in July was led by projects in the suburbs or Outside Central Region (OCR) with 444 units sold, representing 77.8% of islandwide new private home sales. This was followed by the city fringes i.e. Rest of Region (RCR) with 106 units sold (18.6%). Projects in the prime Core Central Region (CCR) sold just 21 units (3.7%).

Here’s more from JLL:

New home sales in the OCR, which more than tripled m-o-m, were driven by the new launches of the 440-unit Sora (103 units of the 320 units released were sold) as well as the 276-unit Kassia (154 units were sold). Sales from these projects collectively accounted for 57.9% of the total new sales in the OCR and 45.0% of overall new private home sales in July. However, compared to a year prior, developers’ sales in the market segment were 9.2% lower given that there were fewer (-17.8% y-o-y) number of new units launched correspondingly.

New sales in the RCR increased by 49.3% m-o-m to 106 units in July. However, this is 87.3% lower than the total chalked up in July 2023, when Grand Dunman and Pinetree Hill were newly launched. New sales in the RCR remained subdued due to the absence of major fresh project launches. Sales at ongoing projects like Grand Dunman, Tembusu Grand, The Continuum and Pinetree Hill contributed to July’s sales.

New sales in the CCR fell by 16.0% m-o-m and 76.1% y-o-y to just 21 units in July. The prime market remains weighed down by the April 2023 market cooling measures. The popular CCR projects in the month were Hill House, which sold seven units at a median price of $3,066 psf, and One Bernam, which sold four units at a median price of $2,757 psf.