Singapore new home sales to reach up to 9,000 units this year

Sales could outperform 2023 and 2024 levels.

Wong Siew Ying, Head of Research & Content, at PropNex Realty, noted that July marked a bright start to the second half of 2025 for developers’ sales and in particular, may signal a broader recovery in the CCR sub-market. All in, developers have transacted 5,527 new units (ex. EC) in the first seven months of this year, which is already 85% of the full-year sales in 2024 (6,469 units).

“Factoring the transactions from new launches in August, we fully expect the new home sales volume in the first eight months of 2025 to exceed the annual developers’ sales in each of 2024 and 2023. In fact, it is possible that the new home sales volume may even outperform the 7,099 units shifted in 2022 by the end of August. For the whole of 2025, we project that developers’ sales could hit 8,000 to 9,000 units (ex. EC), with more projects slated to be launched later in the year,” Wong added.

Here’s more from PropNex:

The healthy sales in July reflects the steady underlying demand for new private homes, and it is driven by a favourable mix of easing home loan rates, ample liquidity in the market, low unemployment, and well-priced new launches. For instance, we note that 73% of the units sold at LyndenWoods in July were transacted at below $2.5 million, as per caveats lodged. This meant that a sizable number of units in the project is well within the budget range of many homebuyers today.

Similarly, buyers were also drawn to two CCR launches in July. About 38% of the sales at The Robertson Opus – a 999-year leasehold project in District 9 – were done at below $2.5 million. Meanwhile, at UpperHouse at Orchard Boulevard in District 10, around 57% of the transactions in July were priced at under $2.5 million, based on URA Realis caveat data. These may be considered to be accessible pricing for new luxury homes in prime Districts 9 and 10, particularly so for UpperHouse at Orchard Boulevard which is located on the doorstep of an MRT station.

To this end, we note that the 357 new private homes sold in the CCR in July alone has already trumped each of the quarterly sales figure in this sub-market from Q3 2023. With River Green’s robust sales in August, it may be clear skies again for the CCR market, after the tightening of the additional buyer’s stamp duty (ABSD) measure in April 2023 had cast a pall on the high-end homes segment. Furthermore, much of the CCR non-landed new home sales in July were driven by local buyers. We think the aforementioned competitive pricing strategies adopted by developers have also encouraged more Singaporean buyers to explore buying opportunities in CCR projects.   

According to caveats lodged, foreigners (non-PR) made up around 2% of the new non-landed private home sales in the CCR in July. In absolute terms, this reflects seven transactions, namely two at The Robertson Opus, three at UpperHouse at Orchard Boulevard, and one each at Hill House and Orchard Sophia. Meanwhile, Singaporean buyers and Singapore PRs made up 82% and 16% of the CCR non-landed new home sales, respectively in the month.

Overall, we expect quantum play to continue to drive pricing strategy for developers, with a view to hitting the pricing sweet-spot range of $2.5 million or below to generate sales momentum. However, we note that land prices have climbed recently and developers may potentially have less wiggle room to price projects competitively further down the road, particularly if construction cost remains elevated.

Developers’ sales activity will remain active in August, with three projects (River Green, Promenade Peak, and Canberra Crescent Residences) already launched, a couple of upcoming ones in the OCR - Springleaf Residence, and landed residential project Springleaf Collection - as well as freehold boutique development, Artisan 8 in the RCR. According to URA Realis caveat data (till 3 August), some 919 new private homes have been transacted in the first few days of August, and new home sales look certain to cross the 1,000-unit mark this month. Moving ahead, the pace of new launches should taper towards end-August in view of the lunar 7th month (Ghost month) starting from 23 August.