New private home sales more than quadruple in March
Analysts attributed the jump in sales compared with February to pent-up demand and buyers being drawn to launches in the Lentor area.

Private properties and HDB blocks in Singapore (File photo: CNA/Jeremy Long)
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SINGAPORE: New private home sales in Singapore soared in March, mainly spurred by the launch of two major private residential projects Lentor Mansion and Lentoria.
Excluding executive condominiums (ECs), developers sold 718 units last month, according to data released by the Urban Redevelopment Authority (URA) on Monday (Apr 15).
This was 4.7 times the 153 units sold in February, or a 369.3 per cent increase month-on-month, data by various property agencies showed.
Of the 718 units sold last month, 47 were in the prime location or Core Central Region (CCR), 66 were in the city fringe or Rest of Central Region (RCR) and 605 were in the suburbs or Outside Central Region (OCR).
PENT-UP DEMAND
Senior vice president of research and analytics at OrangeTee and Tie Christine Sun said that last month’s surge in private home sales could be attributed to pent-up demand due to the lack of major new launches during the Chinese New Year period in February.
There were four private residential project launches last month, including Ardor Residence and Koon Seng House.
They pushed up the number of launched units in March to 877, a sharp increase from the 45 units launched in February. Last month also marked the highest number of units launched for sale since November 2023, which had 970.
Lentor Mansion, in particular, proved popular with buyers, selling 409 of its 533 units to become the best-selling project in 2024 in terms of number of units sold and in percentage terms, said Huttons Asia senior director of data analytics Lee Sze Teck.
“It made up 57 per cent of developers’ sales in March 2024. The project is 76.7 per cent as of end-March 2024 with a median price of S$2,269 psf,” he said.
“Based on caveats, almost 75 per cent of the units sold in Lentor Mansion were priced below S$2 million. This is a sweet spot price for many first-time buyers and HDB upgraders.”
Singapore Realtors Inc (SRI) head of research and data analytics Mohan Sandrasegeran said Lentor Mansion is the first launch under new guidelines on the on the harmonisation of strata and gross floor areas, where units are sold based on livable space.
“This change seems to be well-received by buyers, as evidenced by the remarkable sales figures during its launch, indicating a positive acceptance of this new approach,” he said, adding that preliminary figures indicate it is the best-selling launch so far this year.
Meanwhile Lentoria, another project launched in the Lentor area, sold 60 out of 267 units at a median price of S$2,129 psf and making it the next best-performing project.
“This further indicates a healthy appetite for new launches in the area, reinforcing the trend that there is a diverse range of projects in Lentor Hills estate catering to different needs and preferences of buyers and investors,” said Mr Sandrasegeran.
Ms Sun also noted how Lentor Mansion's strong sales has mirrored previous launched projects in the area like Lentor Modern and Lentor Hills Residences.
“Buyers today are considering more than just location and price,” said ERA Singapore key executive officer Eugene Lim. “They also scrutinise the functionality of the projects’ design and layouts and how these align with their lifestyles and legacy planning.”
Singaporeans made up nearly 92 per cent of new home buyers in March, up from 83 per cent in February, according to PropNex head of research and content Wong Siew Ying. She also cited the number of OCR launches as a likely pull factor.
OUTLOOK
Three new projects hit the market in April - the 142-unit The Hill @ One-North, and two boutique developments The Hillshore (59 units), and 32 Gilstead (14 units).
“With April’s new launches offering fewer units, we anticipate that developers’ sales could likely underperform March’s new home sales volume,” said Ms Wong.
Nevertheless, Mr Sandrasegeran from SRI said there is still an appetite for new launches and that buyers are strategically seeking out opportunities to invest in quality projects.
“The demand for new homes in the market is still present, and the overwhelming success of new launches such as Lentor Mansion is a positive sign for developers and stakeholders in the property market,” he said.
“We expect the momentum of new property launches to continue positively, as more developments enter the market."