Singapore new private home sales slump 54.4% to 729 units in March

Blame it on the dearth of large condo launches.

According to PropNex, Singapore developers’ sales fell by 54.4% in March from February, with new home sales coming in at 729 units (ex. executive condos) compared with 1,597 units in February.

The transaction volume in March is a substantial slowdown from the previous two months, where sales topped 1,000 units each. On a year-on-year basis, new private home sales in March were up marginally by 1.5% from the 718 units shifted in March 2024.

Here’s more from PropNex:

During the month, developers sold more new EC units than new private homes, helped by the stellar performance of Aurelle of Tampines EC, which moved 705 out of its 760 units in March. Aurelle of Tampines was one of the three new projects launched in March, with the other two being Lentor Central Residences and Aurea. In particular, Lentor Central Residences accounted for 63% of the total developers’ sales in March, reflecting the resilient demand for mass market homes.  

Developers launched 555 new units (ex. EC) for sale in March, marking a 67% decline from 1,694 units launched in February. Meanwhile, 760 new EC units at Aurelle of Tampines were put on the market in March.

The Outside Central Region (OCR) led monthly new home sales for the second month running, with 596 new units (ex. EC) transacted in March. Still, the sales volume is a sharp drop from the 1,469 units sold in February, where the launch of Parktown Residence had propelled sales. The best-performing OCR project in March was Lentor Central Residences which moved 460 units at a median price of $2,213 psf. This was followed by Hillock Green – also in the Lentor Hills estate - which sold 21 units at a median price of $2,181 psf. As at the end of March, around 94% of the 2,954 new private homes across six new projects in the Lentor area have been sold.

Meanwhile, in the Rest of Central Region (RCR), developers sold 87 new units in March - the lowest monthly sales in three months, and down from the 100 units sold in February as there were no new launches in this sub-market during the month. The most popular RCR project in March was Pinetree Hill which sold 27 units at a median price of $2,581 psf. This is followed by The Continuum, and The Orie which transacted 12 and 10 units in March, respectively. 

Private new home sales in the RCR will pick up in April with the launch of two projects, Bloomsbury Residences in Media Circle and One Marina Gardens in Marina South. Over their launch weekend, the 358-unit Bloomsbury Residences transacted 90 units, while the 937-unit One Marina Gardens saw 353 units being sold.

Over in the Core Central Region (CCR), new private home sales rose by 64% to 46 units in March from 28 units in the previous month. The increase was driven by Aurea where 24 units were sold at a median price of $2,924 psf. It appears that the CCR new home sales market continues to be slow-going, and the market uncertainties brought about by the US tariffs and rising trade tensions between the US and China may potentially weigh on property investment interest in luxury homes. 

That being said, there is also a chance that the market activity in the CCR could shed some sluggishness, with more new launches lined up in attractive locations – near to the MRT station and close to more amenities and/or schools – that may come on later in the year. These include projects in Orchard Boulevard, Marina View, River Valley, and Holland Drive.

In the EC segment, developers sold a total of 781 new units, with Aurelle of Tampines accounting for the vast majority of the sales. The 760-unit Aurelle of Tampines shifted 705 EC units at a median price of $1,769 psf in March, and it is now fully sold after sales booking was opened to more second-timer buyers recently. The number of unsold new ECs in the market remains tight at around 70 units following the 100% take-up at Aurelle of Tampines.