Sept 2024: OCR Home Sales Surge – A 125% Sales Blast!
What’s hot in the property market? Keep your eyes on the Outside of Central Region (OCR) – that’s where the magic happened this month. New home sales jumped to 987 units (ECs excluded), a jaw‑dropping 125.3 % leap from August’s 438 units.
Developers Keep the Ball Rolling
- Developers pushed 913 units to market in September, a massive surge from the 134 units launched in August (the holi‑ol’ Hungry Ghost Month still keeping developers a bit tight‑a‑loose).
- Key launch highlights:
- Lentor Modern – 84 % of units snapped up in the first weekend.
- Sky Eden@Bedok – 75 % sold on the very first day.
The Numbers Behind the Boom
Christine Sun, Senior VP of Research & Analytics at OrangeTee & Tie, breaks it down: the OCR accounts for 69.5 % of last month’s sales. The rest comes from:
- Central Core Region (CCR) – 20.1 %
- Residential Core Region (RCR) – 10.4 %
Bottom line? The OCR is the star of the show – it’s why September’s sales look like a blockbuster hit. Developers should keep the momentum going; after all, a quick sale boost means more cash for future projects and a growing reputation as a go‑to developer.
Increased proportion of new non-landed homes breaching the $2,000 psf mark
New‑Home Hotspot: Prices Soaring, Buyers Staying Warm
Sun’s latest numbers show the heating up of the private‑home market like no one’s seen it before. The share of brand‑new non‑landed homes selling at 2,000 Singapore dollars per square foot (psf) jumped from a modest 45.7 % in January to a staggering 84.3 % last month.
OCR Projects Take the Lead
- AMO Residence, Sky Eden@Bedok and Lentor Modern have all launched right above the 2,000 psf mark.
- These projects alone drove the share of OCR homes priced over 2,000 psf from a mere 12.6 % in January to a whopping 80.3 % by September.
“The sales haul for Lentor Modern and Sky Eden@Bedok was just mind‑blowing,” Sun said. “Even with the price tags, the recent interest‑rate hikes, and a shaky macro‑economic outlook, the demand stayed hot. That’s because there’s still a shortage of homes in the suburbs, and those HDB upgraders who sold their flats lately are still hunting for a replacement.”
What the Numbers Really Mean
Lee Sze Teck, Senior Director (Research) at Huttons Asia, weighs in with a few more juicy tidbits. The two OCR launches pushed the share of new houses priced at up to 1.5 million SGD to a new record of 22.3 %, more than doubling the 10.6 % seen in August.
With 45.7 % of the units falling in the 1.5 to 2 million range, Lee stresses that this sweet spot will likely be the go‑to price band for OCR homes going forward.
Why HDB Upgraders Keep Going
- They’re riding the strong resale market to snag a private home.
- Buying a brand‑new home means a progressive payment schedule. The first loan draw usually comes a year later, which lets buyers weather the current high‑interest storm.
Bottom line? Even in an economy that’s feeling a little shaky, people are still eager to grab a new place—especially when the supply keeps being scarce. If you’re considering a jump into the private market, now’s a good time to check those OCR projects.
7 of the best-selling projects came from the CCR
September’s Top Sellers: Housing Hits the Market
From OCR to CCR, the streets are buzzing with new kicks on the block. The latest data, pulled straight from URA and Huttons Research (as of 17 Oct 2022), shows which projects stole the spotlight in September – and hey, they’re selling like hotcakes.
Why the Numbers Matter
In a city where every square foot counts, knowing which projects are flying off the shelves can help buyers spot trends, and developers just fine-tune their next drop. And the coolest part? While OCR units took the crown for overall sales, almost half the best‑selling projects belong to the CCR. That means community‑centric developments are still winning hearts.
The Hot List
- Lentor Modern — 512 units sold; median price $2,108 psf, ranged between $1,837 and $2,513 psf.
- Sky (Hey@) — 121 units; median $2,118 psf (low $1,854, high $2,286).
- Leedon Green — 31 units; $2,876 median, with a gamut from $2,512 to $3,074.
- Pullman Residences Newton — 27 units; median $3,039, dipping from $2,731 up to $3,144.
- Perfect Ten — 23 units; median $2,946 (low $2,649, high $3,585).
- Hyll on Holland — 21 units; median $2,770 (range $2,589–$2,977).
- Riviere — 18 units; $2,974 median (from $2,651 to $3,344).
- One Pearl Bank — 12 units; $2,689 median (between $2,415 and $2,869).
- Meyer Mansion — 10 units; $2,657 median, spot‑to‑spot from $2,481 to $3,115.
- One Bernam — 10 units; $2,589 median, ranging $2,321–$3,025.
- Pasir Ris 8 — 10 units; $1,777 median, low $1,701, high $2,051.
- The Avenir — 10 units; a bold $3,303 median (falls between $3,146 and $3,515).
Fast‑Forward to the Future
All in all, the September statistics tell a clear story: the market is vibrant, price ranges are competitive, and community‑oriented projects are making waves. Whether you’re eyeing a new home or scheming big (for developers), the numbers give you a feel for how hot the market feels right now.
Stay tuned for the next release – the market’s never still, and neither are we.
Outlook
Upcoming Development Launches & Market Forecast
Key Launches on the Horizon
- Copen Grand – Sales bookings open on Oct 22. Get ready to snag your chic city spot.
- Tenet, Hill House & Sophia Regency – All slated for November. A trio of new homes that’s sure to turn heads.
- Kovan Jewel – Rumor has it next month could see a launch, so keep your eyes peeled.
Cooling Measures Set to Chill the Market
On 30 September, a new set of cooling measures kicked in. Developers are pulling back a bit, deferring launches to the new year. It’s like they’re pressing the “pause” button on their ambitious timelines. Consequently, new home sale volume might dip in the coming months.
Electric Craft Demand Still Shining Bright
Despite the dampening policy, Sun Holdings predicts that the EC market will keep its sparkle. With supply still tight, demand remains strong. If fresh suburban condos keep climbing in price, many buyers are likely to head back to the EC scene. After all, ECs stay more affordable and deliver great value for money.
Note: This story first appeared on 99.co, a reliable source for property news.
