Singapore new private home sales to reach up to 9,000 units in 2025

And the overall private home prices may climb by 3% to 4% this year.

According to Ismail Gafoor, CEO of PropNex Realty, helped by the strong buyer sentiment in Q1 2025, the number of new private homes sold crossed 3,300 units (ex. EC), marking back-to-back quarters where sales pushed past the 3,000-unit level. The last time developers’ sales exceeded 3,000 units for two straight quarters was in Q3 and Q4 2021.

“In the executive condo (EC) segment, there was overwhelming interest, with the 760-unit Aurelle of Tampines selling out within a month since it was launched in March. The increase in the supply of EC sites under the government land sales programme will cater to the healthy demand for such homes and help to keep EC prices stable,” Gafoor added.

Here’s more from PropNex:

Meanwhile, the private resale market saw slightly softer QOQ sales in Q1 2025, perhaps due to some buyers being drawn to the new launches. Based on caveats lodged, we note that the median unit price gap between non-landed new private homes (ex. EC) and resale properties narrowed to 41.1% in Q1 2025, from 52.5% in Q4 2024.

This is mainly due to more OCR homes being transacted during the quarter from new launches. With mostly CCR and RCR projects anticipated to be launched in the coming months, we expect that the median $PSF price gap between new sale and resale private homes may widen slightly.

Comparing the median $PSF price of new non-landed home sales (ex. EC) across sub-markets, the price gap between CCR and RCR narrowed to 1.0% in Q1 2025 - the slimmest since Q1 2013 (price gap was -7.3% then). Meanwhile, the median unit price gap between CCR and the OCR remained relatively tight at 16.3% in Q1 2025 compared with 15.2% in the previous quarter. In a two-speed market where prices in the RCR and OCR have been firm and with the price gap having narrowed, we expect that there are potential buying opportunities in the CCR.

In the private home leasing market, we continue to see stabilsation. In the near-term, with leases already locked in previously, we expect the rental market to be fairly stable. However, the tariffs-related impact bears watching, as home leasing demand could be affected should businesses refrain from expanding their operations, increase headcount or if they cut accommodation benefits for expatriate staff. In Q1 2025, 1,988 private homes (ex. EC) were completed, and another 3,932 units are expected to come on in the rest of the year – bringing the total estimated completion in 2025 to 5,920 units, lower than the 8,460 units completed in 2024. The lower supply of new completions in 2025 may help to support rentals.

Overall, the private residential property market posted a commendable performance in Q1 2025 and we expect that it could remain fairly resilient this year, although the tariffs uncertainty and rising US-China trade tensions may potentially cloud market sentiment. Having said that, we note that the Singapore residential property market has a good track record of weathering various crises over the decades, emerging stronger following the Asian Financial Crisis, SARS, Global Financial Crisis, and the Covid-19 pandemic. 

We believe Singapore’s sound economic fundamentals, stable political landscape, transparent legal system, and strong infrastructure will continue to reinforce the country’s safe-haven appeal, and will be supportive of the property market in turbulent times.

PropNex projects that new private home sales could hover at around 8,000 to 9,000 units (ex. EC) in 2025, while the resale segment may see 14,000 to 15,000 transactions. Meanwhile, the overall private home prices may climb by 3% to 4% this year, in view of more city centre and city fringe launches lined up. Developers are also likely to hold prices relatively steady given the high-cost environment and firm land prices that have been committed to.