Singapore’s private home market closes 2024 on a high; will late-year burst fizzle out?

SINGAPORE’S private residential market seemed to spring back to life during the fourth quarter, in a year when new home sales earlier collapsed to record lows and buyers stayed on the sidelines with market-cooling measures in place.

It was also an unprecedented year for state land sales, with three sites not awarded and one tender closing with no bids as developers shied away from risky projects.

Sentiment appears to be improving after new home sales jumped in November, although analysts are not betting that the recent surge will be sustained, and prices are not expected to climb much higher next year.