PENT-UP DEMAND, IMPROVED BUYER SENTIMENT, FIVE Launch
According to Ms. Christine Sun, senior vice president of study and analytics at the OrangeTee Group, pent-up desire and improved consumer sentiment as mortgages became more affordable , following the US Federal Reserve’s significant interest rate cut in September, November’s rise in private house sales may be attributed to pent-up need and improved buyer sentiment.
There were also five , exclusive private initiative launch, excluding ECs, last quarter, which is the highest number since November 2019 when six projects were launched, she added.
” Therefore, many consumers were eager to take advantage of interesting deals as many important tasks were launched simultaneously”, said Ms Sun.
The launch were carefully coordinated with growing interest from buyers eager to purchase a house before the year-end vacation season, according to Mr. Mohan Sandrasegeran, the head of research and information insights at Singapore Realtors Inc.
” Favourable borrowing problems, supported by the recent lowering of interest charges,  , more reignited consumer trust, especially among those who had previously adopted a wait-and-see , view earlier in the year”, said Mr , Sandrasegeran.
Emerald of Katong, Chuan Park, and Nava Grove are just a few of the projects that were announced in November.  ,
Emerald of Katong, in particular, proved popular with buyers, selling 840 , – , or 99.3 per cent , – , of its 846 units last month at a median price of S$ 2, 627 ( US$ 1, 948 ) psf.
” Buyers were drawn to the project’s excellent design and offerings, particularly those wishing to live near the East Coast”, said Ms Sun.  ,
Meanwhile, Chuan Park, a project located on Lorong Chuan, sold 721 of its 916 units at a median price of S$ 2, 586 psf, making it the next-best-performing project.
Its appeal lay in its “family-friendly environment, competitive pricing and proximity to established connectivity and amenities”, said , Mr Sandrasegeran.
Chuan Park and Emerald of Katong’s outstanding performances “underline the enduring appeal of large-scale projects that provide comprehensive facilities and cater to diverse buyer profiles,” he continued.
These developments “attracted buyers, upgraders and investors looking for long-term value,” according to the report.” With their combination of attractive locations, thoughtfully designed layouts, and competitive pricing, these developments captured the attention of buyers.”
Additionally, according to Mr. Sandrasegeran, the 2, 557 units sold this month exceeded the total units sold for any quarter since the sale of 3, 018 units in the fourth quarter of 2021.
” This highlights the sheer , scale of November’s success, underscoring the pent-up demand and market resilience that fuelled the… sales”, he said.