Singapore new home sales surge to 1,575 units in February

This is 10 times more than the 153 units sold during the same period last year.

Singapore developers achieved another strong month of new home sales in February, with 1,575 new units (ex. executive condo) sold in the month, thanks to the stellar performance at a couple of new launches.

According to PropNex, this marks a 45% jump from the 1,083 units shifted in January; year-on-year, sales were up by more than 10 times from the 153 units transacted in February 2024.

Here’s more from PropNex:

February’s sales were single-handedly propped up by the Outside Central Region (OCR) or mass market, which made up a whopping 92% of the month’s transactions, at 1,452 units (ex. EC) – reflecting the best monthly showing for this sub-market in more than 9 years, since 1,523 units were sold in July 2015. The two new OCR launches in February, Parktown Residence and ELTA collectively accounted for 87% of new home sales in the month.

Developers placed 1,694 new units (ex. EC) for sale in February, up sharply by 89% from 896 units launched in January. All the units launched in February are in the OCR, namely from Parktown Residence and ELTA.

There were 1,452 new units (ex. EC) sold in the OCR in February, marking a sharp spike from the 191 units moved in the previous month. Integrated development Parktown Residence in Tampines was the top-selling project in February, shifting 1,041 units at a median price of $2,363 psf. Meanwhile, ELTA in Clementi – also launched in February – sold 326 units at a median price of $2,538 psf. In March, developers’ sales in the OCR look set to be lower, as there was only one new OCR project (ex. EC) launched during the month, being Lentor Central Residences, which transacted 93% of its 477 units over its launch weekend.

The Rest of Central Region (RCR) saw 98 new units sold in February, down by 87% from the 771 units transacted in the previous month, where The Orie had boosted sales. The popular RCR projects during the month included Pinetree Hill which sold 22 units at a median price of $2,613 psf, Nava Grove which moved 18 units at a median price of $2,574 psf, and The Continuum that transacted 10 units at a median price of $2,906 psf. Looking ahead, new home sales in the RCR are expected to remain relatively muted in March amid a dearth of new launches in this sub-market.

Over in the Core Central Region (CCR), developers sold 25 new private homes during the month, falling from the 121 units transacted in January. The project that garnered the most transactions was 19 Nassim which sold five units at a median price of $3,372 psf, followed by One Bernam which sold four units at a median price of $2,651 psf in February. The 351-unit One Bernam is now fully sold, since it was launched for sale in May 2021.

Generally, developers’ sales in the CCR may remain muted relative to the other sub-markets, owing partly to the additional buyer’s stamp duty (ABSD) measure. Earlier in March, a new project launch, the 188-unit Aurea in Beach Road sold 23 out of the 78 units released for sale.

Meanwhile, there were 29 EC transactions in February compared with the 21 units sold in the previous month. The top-selling EC project was Novo Place in Tengah which shifted 17 units at a median price of $1,676 psf. Sales of new ECs will jump sharply in March with the strong take-up at Aurelle of Tampines EC earlier this month, where 682 out of 760 EC units were sold when it was put on the market. In view of the robust sales at Aurelle of Tampines, the overall stock of unsold new ECs in the market remains relatively tight, and will continue to give developers the impetus to bid for new EC sites under the government land sales programme.