Singapore private home sales hit 5-month high in July

A total of 940 new private homes were sold during the month.

According to PropNex, Singapore developers’ sales climbed to a 5-month high in July, supercharged by the strong take-up of new units at three fresh project launches during the month.

New private home sales came in at 940 units (ex. executive condominiums) in July, marking a more than three-fold increase from the 272 units transacted in the previous month. When compared with July 2024, developers’ sales were up by 63% year-on-year from 576 units a year ago.

Here’s more from PropNex:

In all, four new projects hit the market in July, namely LyndenWoods in the Science Park in the city fringe, as well as The Robertson Opus, UpperHouse at Orchard Boulevard, and W Residence Marina View-Singapore in the city. Collectively, the new launches accounted for about 70% of the month’s sales, with LyndenWoods, UpperHouse at Orchard Boulevard and The Robertson Opus leading the charge. In July, a new EC project, the 600-unit Otto Place in Plantation Close was also launched and garnered healthy sales.

According to URA’s data, developers launched 1,675 new units (ex. EC) for sale in July, significantly higher than the 103 units launched in June.

New home sales were led by the Rest of Central Region (RCR), where developers sold 513 new units. The top-seller during the month was the 343-unit LyndenWoods which shifted 331 units at a median unit price of $2,463 psf – achieving a stellar take-up rate of about 97% since it was launched on 12 July. Meanwhile, several RCR projects continued to pare down on their unsold stock, including Grand Dunman and Bloomsbury Residences which sold 35 and 32 units respectively.

The Core Central Region (CCR) achieved a breakthrough in July, as two new launches sparked a dramatic recovery in this sub-market. Developers’ sales in the CCR hit 357 units in July, marking the highest monthly sale in this segment in more than four years, since 443 units were transacted in April 2021. Two projects – The Robertson Opus and UpperHouse at Orchard Boulevard – made up about 92% of the 357 CCR units sold in July.

Specifically, the 301-unit UpperHouse at Orchard Boulevard sold 178 units at a median price of $3,259 psf, while the 348-unit The Robertson Opus, a 999-year leasehold mixed-use development moved 149 units at a median price of $3,359 psf. Branded residences, W Residences Marina View-Singapore shifted two units at a median price of $3,344 psf. New private home sales in the CCR are expected to rise further in August, following the successful launch of River Green.

Meanwhile, sales were relatively muted in the Outside Central Region (OCR) given the lack of new private residential project launches in this sub-market. Developers sold 70 new units (ex. EC) in July, marginally higher than the 69 units shifted in the previous month. The most popular OCR project in July was Parktown Residence which sold 11 units at a median price of $2,321 psf. 

Mass market home sales will also pick up in August as the drought in OCR launches ends – the 376-unit Canberra Crescent Residences in Sembawang was launched on 2 August, while the 941-unit Springleaf Residence in Upper Thomson Road is also set to be rolled out over the coming weekend.

In the EC segment, developers moved 371 new EC units in July, up by more than 11 times from the 33 units transacted in June. The sharp increase can be attributed to the launch of the 600-unit Otto Place EC during the month, where 358 units were sold at a median price of $1,746 psf. As at the end of July, there were 253 unsold new EC units in the market, and this number is expected to decline significantly when the sales booking at Otto Place opens to more second-timer buyers later this month.