November 2024 proved to be an eventful month for the condo resale market. Although transaction volumes saw a modest decline, primarily due to the year’s largest wave of new project launches, resale prices made a strong comeback. This recovery was supported by a brighter economic outlook, signalling renewed confidence in the property market. Let’s delve into the key highlights and trends that defined the condo resale landscape this November.
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Decline in resale activities due to new launches
The number of condo resale transactions fell by 5.8% in November, coinciding with the introduction of six new projects in the month. This represented the highest volume of new launches in a single month for 2024. Among these projects, Emerald of Katong and Chuan Park achieved remarkable success. Emerald of Katong sold 99% of its units during the launch weekend, while Chuan Park saw 76% of its units taken up. These results highlight the strong demand for new developments that offer unique features and strategic locations.
Despite the overall decline, the resale market remained active, with an estimated 1,023 units changing hands. This figure, while lower than October’s 1,086 transactions, was 19.8% higher than November 2023 and 8.4% above the five-year average for the month. Resale activity continued to be robust across all regions, with the Outside Central Region (OCR) accounting for the majority of sales by 50.9%.
The sub-sale segment, however, struggled to maintain momentum. Transactions in this category fell by 2.2% compared to October. This downturn reflected a preference among buyers for completed units and the intense competition posed by newly launched projects. Sub-sale transactions made up only 6.6% of the total resale market, underscoring their limited appeal in November.
Condo resale prices increased 4.2% year-on-year
The SRX Price Index for Condo Resale showed a robust 1.2% month-on-month increase in overall prices, driving an impressive 4.2% year-on-year growth. Although there was a dip in activity, the condo resale market demonstrated resilience in November, with prices rising across all regions.
Resale prices in the Core Central Region (CCR) climbed by 0.6%, Rest of Central Region (RCR) by 0.5%, and OCR by 0.8%, marking a strong rebound from October’s decline. This recovery was fuelled by a more optimistic economic outlook. Compared to the previous year, CCR, RCR, and OCR recorded price gains of 1.6%, 4.3%, and 3.6%, respectively, underscoring sustained demand across the market.
Additional reading: Price dip on condo resale market sparks transaction surge in October 2024
Notable resale transactions in November 2024
CCR: S$13 million at Leedon Residence
A remarkable S$13,000,000 resale transaction at Leedon Residence showcased the epitome of luxury in the Core Central Region (CCR). Overlooking the Leedon Park Good Class Bungalow enclave, this freehold development epitomises exclusivity. It also offers sprawling green surroundings and opulent living spaces. Designed by acclaimed architect Chan Soo Khian of SCDA, Leedon Residence won the BCA Green Mark GoldPlus Award for its energy-efficient features.
This exceptional transaction highlights the enduring appeal of CCR properties, where prestige and convenience reign supreme. The development’s proximity to top-tier schools, including Nanyang Primary School and international institutions, combined with seamless access to Orchard Road and the Central Business District (CBD), solidifies its position as a top choice for affluent buyers seeking unparalleled luxury and connectivity.
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RCR: S$9.2 million at Silversea
In the Rest of Central Region (RCR), Silversea made waves with a S$9,200,000 resale transaction, reaffirming its status as one of the region’s most coveted addresses. Situated along the East Coast, Silversea offers a unique blend of luxury and leisure with its panoramic sea views, resort-style amenities, and proximity to East Coast Park.
This seafront development provides residents with direct access to recreational activities, scenic cycling paths, and waterfront dining options. Its strategic location also ensures excellent connectivity, bolstered by the Tanjong Katong MRT (TE25) station, which enhances access to the CBD. Silversea’s combination of lifestyle perks and strong investment potential makes it an irresistible choice for those seeking a luxurious coastal retreat.
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OCR: S$4.58 million at The Trilinq
In the Outside Central Region (OCR), a unit at The Trilinq in Clementi achieved a standout transaction at S$4,580,000, underscoring the rising appeal of suburban luxury. This 99-year leasehold development is renowned for its strategic location, offering easy access to Clementi MRT station and proximity to renowned educational institutions such as Nan Hua Primary School and Pei Tong Primary School.
The Trilinq boasts modern architectural design, lush landscaping, and an impressive range of amenities, including multiple pools, sky terraces, and recreational facilities. This high-value transaction highlights the growing demand for premium suburban properties, where families and investors prioritise spacious layouts, connectivity, and access to educational and urban conveniences.
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Capital gains and market returns
The overall median capital gain for resale condos rose to S$380,000 in November, up S$19,000 from the previous month. District 22 (Boon Lay/Jurong/Tuas) led the market with a median capital gain of S$660,000, reflecting the area’s growth potential and affordability compared to central districts. Conversely, District 1 (Boat Quay/Raffles Place/Marina) posted the lowest median gain of S$146,000.
Median unlevered returns for resale condos averaged 30.4%, with District 22 again taking the lead at 56.7%, highlighting its appeal to investors. District 1 recorded the lowest returns at 12.3%, reflecting higher entry prices and limited resale activity in the area.
Condo resale market outlook for 2025
As the year ends, the condo market shows resilience, supported by recovering resale prices and robust demand for new launches. The improving global economic outlook is expected to provide further support for price growth in the resale market. However, the sub-sale segment may continue to face challenges due to upcoming project completions and changing buyer preferences.
Have you read our year-end review and 2025 outlook for the Singapore property market? Check and download the full PDF file here!
About Ananda Bayu
Ananda has been wrangling Singapore's complex real estate trends into readable bites since 2020. She writes like she's explaining it to a friend over kopi — because who has time for jargon? When off the clock, she’s probably doom-scrolling through cat memes on X, convincing herself it's the highest tier of "creative inspiration".
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