Sharp rebound in new private home sales in January amid 2 major launches

Two major new launches, The Orie in Toa Payoh and Bagnall Haus in Upper East Coast Road, coupled with lower mortgage rates, catalysed a sharp rebound in new private home sales in January.

- Grace Leong

New home sales, excluding executive condominiums (ECs), jumped more than fivefold to 1,083 units from just 203 units in December 2024, according to data released by the Urban Redevelopment Authority on Feb 17.

This is up 256 per cent from a year ago and represents the highest January sales volume since January 2021, when 1,633 units were sold.

Including ECs, new home sales surged 196 per cent to 1,104 units, from 373 units in December.

Thanks to the launch of the 777-unit The Orie and the 113-unit Bagnall Haus just before the Chinese New Year holidays, new launch activity jumped to 896 units in January, up from just 20 in December, and up 115 per cent from 417 units a year ago.

The two projects alone accounted for 69.7 per cent, or 755 units, of overall new home sales in January.

No new EC units were launched in January.

With the moderation in interest rates, buying appetite returned in the fourth quarter of 2024, and developers are expected to push ahead with 12,000 to 14,000 new units in 2025, around twice the 6,647 units launched in 2024, Ms Tricia Song, head of research for Singapore and South-east Asia at CBRE, said.