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. The number of condo resale transactions fell by 5.8 per cent 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 per cent of its units during the launch weekend, while Chuan Park saw 76 per cent 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 per cent higher than November 2023 and 8.4 per cent 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 per cent. The sub-sale segment, however, struggled to maintain momentum. Transactions in this category fell by 2.2 per cent 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 per cent of the total resale market, underscoring their limited appeal in November.The SRX Price Index for Condo Resale showed a robust 1.2 per cent month-on-month increase in overall prices, driving an impressive
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