Developers’ Sales Surge 2142 Units August New Launches
in November 2024
According to the latest data released by the Urban Redevelopment Authority (URA) on September 15, a total of 2,142 new private homes (excluding executive condos or ECs) were sold by developers last month. This marks a significant 128% increase from the 940 units that were sold in July, and it also marks the second consecutive month of growth in new home sales.
The figure recorded in August is not only the highest monthly sales recorded so far in 2025, but it is also the strongest August sales since 2007, when monthly developer sales data was first made available. According to Christine Sun, chief researcher and strategist at OrangeTee-Realion, this surge in sales is driven by the launch of new projects and a positive sales momentum. She also notes that on a year-on-year basis, developers’ sales have increased by over ten times compared to August 2024, when only 211 units were sold.
The increase in August sales can be attributed to the launch of five new projects in the first half of the month. Keen to ride on the positive sales momentum and avoid the Lunar Seventh Month, which started on August 23, developers pushed out these five projects for sale, says Lee Sze Teck, senior director of data analytics at Huttons Asia.
The five projects launched in August include Spingleaf Residence, River Green, Promenade Peak, Canberra Crescent Residences, and Artisan 8. These projects accounted for a total of 2,496 units launched for sale, representing a 49% increase from the previous month, according to Lee.
Mohan Sandrasegeran, head of research and data analytics at Singapore Realtons Inc (SRI), points out that this is the first time since November 2024 that the monthly new home sales figure has crossed the 2,000-unit mark. He also adds that the last time new home sales surpassed 2,000 units was in March 2013.
In the EC market, developers sold 196 units in August, mainly driven by the second balloting at Otto Place, a 600-unit development in Tengah. The project sold 191 units at a median price of $1,760 per square foot (psf).
In terms of location, the Outside Central Region (OCR) saw the highest number of new homes sold in August at 1,153 units, followed by the Core Central Region (CCR) with 513 units and the Rest of Central Region (RCR) with 476 units sold.
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The highest-selling project in August was the 941-unit Springleaf Residence, located in the OCR. The development recorded a total of 884 units sold at a median price of $2,166 psf. The CCR saw a surge in sales, thanks to the launch of River Green, a luxury development in River Valley which sold 451 units at a median price of $3,111 psf. This marks the highest number of new homes sold in the CCR since March 2021, says Marcus Chu, CEO of ERA Singapore.
Wong Siew Ying, head of research and content at PropNex Realty, also notes the increasing demand for luxury properties in the CCR, driven by recent launches such as River Green, Upperhouse at Orchard Boulevard, and The Robertson Opus. She predicts that the CCR is on track to record its strongest quarterly sales in 3Q2025 since 994 units were sold in 4Q2010.
In terms of pricing, she also adds that buyers viewed the pricing for recent launches in the CCR as a good value proposition, with the median transacted price for new non-landed private homes in August at $1.89 million in the CCR, compared to $2.22 million in the RCR, and $1.72 million (excluding ECs) in the OCR, based on URA Realis caveat data.
In the luxury market, a total of 22 new non-landed homes were sold at prices ranging from $5 million to $10 million in August, slightly down from 28 units sold in July. Two units were also sold for over $10 million each, both from 21 Anderson, an ultra-luxury condo on Anderson Road. The most expensive unit sold was the remaining 10,452 sq ft, duplex penthouse for $52.25 million ($4,999 psf), while the other was a 4,489 sq ft, four-bedroom unit that sold for $21.06 million ($4,692 psf), according to OrangeTee-Realion’s Sun.
The majority of buyers for new homes in August were Singaporeans at 90.6%, followed by permanent residents at 8%. Foreign buyers accounted for 30 units sold (1.4%), an increase from 16 units in July. Lee also notes that 11 foreign buyers purchased units at River Green, while Promenade Peak and Springleaf Residence each sold four units to foreign buyers.
With the August figures included, developers have now sold a total of 7,669 new homes (excluding ECs) in the first eight months of 2025. This has already surpassed the annual sales figures for the past three years, including the 6,469 units sold in 2024, says Wong. She also predicts that the full-year sales in 2025 are likely to beat initial forecasts of 8,000 to 9,000 units, with an estimated 9,000 to 10,000 units to be sold.
Looking ahead, Wong expects developers’ pricing strategy for new launches to focus on quantum play, with the aim of keeping a significant portion of units within the pricing “sweet spot” of $1.5 million to $2.5 million. She also predicts that sales in September may be muted due to the Lunar Seventh Month, but activity is expected to pick up in the fourth quarter, with new launches in October and November. These projects may include Penrith, Zyon Grand, and Skye at Holland, which will offer a total of over 2,500 new units in the RCR, CCR, and OCR.