The cityscape of Singapore is defined by its towering skyscrapers and state-of-the-art infrastructure. Condominiums, strategically situated in sought-after locations, offer a harmonious blend of opulence and convenience that appeals to both locals and foreigners alike. These modern residential complexes boast a plethora of amenities, including swimming pools, fitness centers, and top-notch security services, elevating the overall standard of living and making them a desirable choice for potential tenants and buyers. As an investment opportunity, these features translate into attractive rental returns and appreciating property values over time. Additionally, with the emergence of Singapore Projects, these condos offer even more promising prospects for investors.
New private home sales remained robust in February, thanks to the strong performance of recent launches. According to data released by the Urban Redevelopment Authority (URA) on March 17, developers sold 1,575 units, excluding executive condos (ECs), last month, marking a 45.4% increase from January’s sales of 1,083 units.
On a year-on-year basis, February’s new home sales were over 10 times higher than the 153 units sold in the same month in 2024. This is also the highest February sales figure in 13 years, since 2,417 units were sold in February 2012, says Tricia Song, head of research for Singapore and Southeast Asia at CBRE. Including ECs, new home sales totaled 1,604 units last month, a 45.3% jump from January.
Developers have sold a total of 2,658 units (excluding ECs) since the start of the year. In comparison, last year it took developers eight months to reach a similar figure, observes Leonard Tay, head of research at Knight Frank Singapore.
The impressive performance in February was driven by two major launches in the Outside Central Region (OCR): The 1,193-unit ParkTown Residence in Tampines North and the 501-unit Elta on Clementi Avenue 1. ParkTown Residence sold 1,041 units in February at a median price of $2,363 psf, making it the top-selling project for the month. The units sold translate to an 87% take-up rate at the integrated project, which is jointly developed by UOL Group and CapitaLand Development. Elta was the second best-performing project, with developers MCL Land and CSC Land Group selling 65.1% or 326 units at a median price of $2,538 psf. CBRE’s Song points out that both ParkTown Residence and Elta are located in suburban neighborhoods which have not seen any new supply in at least the past five years, contributing to the projects’ strong performances.
Including the two projects, developers launched a total of 1,694 units for sale in February, a significant increase of 89% from the 896 units launched the month before. Furthermore, developers’ sales in the OCR accounted for a staggering 92% of total new private homes sold in February, with 1,452 units sold. This reflects the best monthly showing for the OCR in over nine years, since 1,523 units were sold in July 2015, says Wong Siew Ying, head of research and content at PropNex Realty.
The Rest of Central Region (RCR) accounted for 98 or 6.2% of units sold in February. The best-selling RCR project was existing launch Pinetree Hill, which sold 22 units at a median price of $2,613 psf. In the Core Central Region (CCR), only 25 units were sold, accounting for 1.6% of developers’ sales last month. The best-selling CCR project was 19 Nassim, which sold five units at a median price of $3,372 psf. Additionally, four units were sold at One Bernam at a median price of $2,651 psf. The 351-unit One Bernam, which launched for sale in May 2021, is now fully sold.
In terms of buyer profile, Singapore citizens accounted for the majority of new private home buyers at 92.4%, followed by permanent residents at 6.9%, notes Lee Sze Teck, senior director of data analytics at Huttons Asia. Foreigners accounted for 11 new home purchases, including the two most expensive transactions in February – the sale of two units at 32 Gilstead for $14.47 million and $14.61 million.
A record number of suburban homes were sold for over $2 million in February, with 603 new private homes (including ECs) in the OCR selling at this price range. This marks the highest number of new suburban homes sold at this price range in a single month since URA data first became available in 1995. “The previous record was in November 2024, with 512 new homes in the OCR sold for at least $2 million,” adds Christine Sun, chief researcher and strategist at OrangeTee Group. Of the 603 OCR homes that transacted for at least $2 million, 596 were non-landed homes, consisting largely of units from ParkTown Residence (397 units), Elta (145 units) and Hillock Green (16 units).
Enterprising investors have decoupled the average unit prices of recent launches from the sub-market where these projects are located. While property prices generally follow a pecking order led by the CCR, followed by the RCR and then the OCR, recent launches indicate that may no longer always be the case. For example, The Collective at One Sophia, a CCR project launched last November, has sold 73 units at an average unit price of $2,743 psf, based on URA data up until the end of February. “This is lower than the average transacted price of units sold at Union Square Residences ($3,175 psf) in the RCR, and only slightly higher than that of The Orie ($2,734 psf), also in the RCR,” notes Wong. Recent OCR launches such as Chuan Park, Elta and Bagnall Haus have registered average unit prices of $2,589 psf, $2,544 psf and $2,489 psf, respectively, surpassing RCR project Nava Grove, which logged an average unit price of $2,460 psf. The narrowing price gaps between regions could be due to various factors, including site-specific attributes of projects, amenity-driven pricing, demand by HDB upgraders, and the location of certain projects on the cusp of the CCR.
The strong momentum in developers’ sales is expected to continue in March, bolstered by recent launches such as the 477-unit Lentor Central Residences, the 188-unit Aurea, and the 760-unit Aurelle of Tampines EC. “As of mid-March, these projects have collectively sold over 1,150 units, promising a strong closing to the quarter,” comments Marchus Chu, CEO of ERA Singapore. Considering the robust first-quarter sales, ERA has revised its new private home sales projection for the whole of 2025 to between 8,500 and 9,000 units, up from its previous range of 7,000 to 8,000. Huttons’ Lee forecasts that developers’ sales (excluding ECs) will exceed 3,200 units in the first quarter of the year, making it the highest first-quarter sales since 2021. Looking ahead to the second quarter, new launches potentially include the 358-unit Bloomsbury Residences, the 937-unit One Marina Gardens, the 638-unit W Residences Singapore – Marina View, and the 107-unit Arina East Residences. However, despite the strong momentum established at the start of the year, not all projects launched in the coming months may perform equally well, notes Tay. “Homebuyer demand will largely depend on the specific location and property attributes of each specific new project launch, with some projects doing better than others,” he says.…