March didn’t just bounce back — it snapped sharply higher, with 718 new private homes sold excluding ECs, up about 369% from February’s thin 153, as buyers piled into Lentor Mansion and, to a lesser extent, Lentoria. Add executive condominiums and the broader tally reached about 1,301 units in March, a six-month high that finally gave the market a sense of shared momentum after a subdued start to 2024. Even so, March sales still came in 13.6% below the 5-year March average, showing the recovery was strong but not yet broad-based.
March snapped sharply higher, with 718 private homes sold excluding ECs and market momentum finally returning in force.
I’ve covered enough launches to know when one precinct starts pulling the whole market forward. That happened in Lentor Hills. Lentor Mansion moved 409 of 533 units at a median roughly S$2,269 psf, while Lentoria sold 60 units from 267 launched at about S$2,129 psf. Between them, they made up the bulk of March’s activity. Developers also launched 877 units excluding ECs, the biggest monthly injection of new supply since late 2023. The broader Lentor Hills Estate programme spans about 10 additional residential plots, signalling that this precinct’s supply story is far from over.
The Outside Central Region did the heavy lifting, with about 605 units sold, or 84% of March’s new-home sales excluding ECs. That pushed OCR median pricing up about 9.2% month on month. By contrast, the Rest of Central Region lagged at 66 units, below its five-year March norm, while the Core Central Region saw 47 units, helped by luxury names such as Watten House and 19 Nassim at around S$3,200 to S$3,300 psf. Singaporeans also accounted for nearly 92% of March purchases, underscoring a local buyer tilt.
Here’s the contrarian read: this wasn’t simply a story of buyers chasing cheap stock. Yes, the share of homes sold below S$2 million jumped to about 58.6%, and that tells me owner-occupiers were back in force. But Lentor Mansion’s take-up also shows buyers will still stretch for the right new product, transport links and neighbourhood story. Belonging matters. People want a place that feels anchored, not just affordable.
