What to expect after Singapore’s August home sales surge

The lack of project launches during the ghost month will take its toll on September’s sales.

A spate of new launches in Singapore in August has powered developers’ sales to 2,142 units (ex. EC), the highest monthly sales since 2,560 units were transacted in November 2024, where the market similarly saw a deluge of new project launches, according to Wong Siew Ying, Head of Research & Content, PropNex Realty.

“In July and August 2025 alone, new home sales hit 3,082 units (ex. EC) – far surpassing the 1,212 units sold in Q2 2025 and on track to possibly beat the 3,375 units shifted in Q1 2025. All in, developers sold 7,669 new private homes (ex. EC) in the first eight months of 2025 – already besting the annual sales in each of the last three years (2022-2024). For the whole of 2025, PropNex expects 9,000 to 10,000 new private homes (ex. EC) may be transacted, up from our earlier sales forecast of 8,000 to 9,000 units,” Wong said.

Here’s more from PropNex:

Based on caveats lodged, around 79% of the units sold at the five new launches in August were priced at below $2.5 million, among them OCR projects Canberra Crescent Residences and Springleaf Residence saw 98% and 82% of sales done at under $2.5 million, respectively.

In the first eight months of 2025, the median transacted price of all non-landed new private homes (ex. EC) came in at about $2.01 million, slightly lower than $2.09 million in the whole of 2024. By and large, we expect developers’ pricing strategy for new launches to be driven by quantum play, as they seek to keep an ample portion of units within the pricing sweet-spot of between $1.5 million and $2.5 million.

Notably, CCR new home sales continued to recover in August, posting a second straight month of growth – with sales jumping from 14 units in June to 357 units in July, and then to 513 units in August on the back of several CCR launches. With 870 new units sold collectively in July and August, the CCR is on track to booking its strongest quarterly sales in Q3 2025 since 994 units were sold in Q4 2010. The CCR recovery can be attributed to the launch of attractive well-located projects, competitive pricing, and healthy demand from mostly Singaporean buyers, as the additional buyer’s stamp duty (ABSD) measure continues to keep foreign investment demand in check.

Additionally, we reckon many buyers likely found CCR launches to offer good value proposition in view of sensitive pricing by developers. According to URA Realis caveat data, the median transacted price of new non-landed private homes in August was $1.89 million in the CCR, compared with $2.22 million in the RCR, and $1.72 million (ex. EC) in the OCR.

In August, foreigners (non-PR) made up around 1.4% of the non-landed private new home sales, reflecting 30 transactions in absolute terms. These transactions are at Aurea, Canberra Crescent Residences, CanningHill Piers, Grange 1866, Promenade Peak, River Green, Springleaf Residence, The Continuum, The Robertson Opus, and UpperHouse at Orchard Boulevard. Meanwhile, Singaporeans and Singapore PRs accounted for 90.6% and 8.0% of the month’s sales, respectively.

Following August’s strong primary market sales, transactions are anticipated to slow in September owing to a lack of new project launches amid the Lunar seventh month (ghost month), where some buyers may refrain from purchasing properties and developers tend to hold back launches.

Among the potential upcoming projects in Q4 2025, three are located in the RCR, and one each in the CCR and OCR. The city-fringe projects are: 462-unit Penrith in Margaret Drive; 706-unit Zyon Grand; and 347-unit The Sen. Meanwhile, there are also the 666-unit Skye at Holland in the CCR, as well as 399-unit Faber Residence in the OCR. All in, they will offer over 2,500 new units across the three sub-markets which will appeal to prospective homebuyers, including HDB upgraders.”