OUTLOOK
Looking ahead, sales are likely to dip in February “due to the absence of sales from major launches and the Chinese New Year period”, Mr Lee said.
With several project launches coming up in the next two months, sales are then likely to surge again.
“Sales in March 2024 will rebound to around 400 to 600 units,” Mr Lee said.
Among the projects slated to be launched in March and April are Ardor Residence, Arina East Residences, Koon Seng House, Lentoria, Lentor Mansion, The Hillshore and The Hill @ One-North.
“Barring unforeseen circumstances, developers may sell up to 7,000 new homes while prices are expected to be stable, increasing up to 5 per cent in 2024,” Mr Lee added.
Despite the slow start to the year, “guarded optimism prevails for 2024, with expectations of a relatively resilient private home sales market”, said Ms Chia.
“Buyer caution will persist into (the first half of 2024) due to market cooling measures, economic uncertainties, high interest rates and lofty prices,” she said.
“Yet, while the stricter additional buyer’s stamp duty measures will continue to deter foreign buyers and investors, the current market continues to exhibit traction, where buying momentum remains driven by genuine local buyers who are looking to buy a home for owner occupancy.”
Ms Chia projected new private home sales volume for 2024 to be in the region of 7,000 to 8,000 units, with a 3 per cent to 5 per cent increase in prices.
“The favourable combination of low unemployment, ample market liquidity and anticipated improvements in the economic and interest rate environment in (the second half of 2024) are expected to bolster buyers’ confidence,” she said.
“Past trends also suggest that market slowdowns can swiftly rebound, leading to a resurgence in home sales and price growth when the external environment improves.”