Huttons Asia CEO Mark Yip says the first half of 2024 was sluggish in the property market, with the lowest number of units launched for sale since 1H1996. Sales volume mirrored this trend, with just 1,889 units sold — the lowest since 1996. However, the tides began to turn in the second half of the year, with strong sales momentum following the Lunar Seventh Month. Projects like Kassia on Flora Drive and 8@BT at Bukit Timah Link saw high take-up rates, and the 348-unit Norwood Grand in Woodlands even set a new benchmark for the area by surpassing the $2,000 psf threshold. November saw a record-breaking six new projects launched, bringing developer sales for the year to over 6,300 units, surpassing the sales in 2023. Some speculate on the possibility of further cooling measures, but Chia Siew Chuin, head of residential research at JLL, believes this is unlikely unless there is sustained sales momentum and a sharp increase in property prices. Overall, the property market in 2024 has proven to be strong and resilient, showing the enduring appeal of property as an asset for wealth creation and preservation.
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