February Developers%E2%80%99 Sales Surge 13 Year High 1575 Units Sold
February saw new private home sales maintaining their strong momentum with fresh launches driving the surge. According to data released by URA on March 17, developers sold 1,575 units (excluding ECs) last month, a 45.4% jump from the 1,083 units sold in January.
Compared to the same period last year, February’s new home sales were over 10 times higher than the 153 units sold in February 2024. This is also the highest February sales figure since 2008, when 2,417 units were sold.
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The top-selling project in February was ParkTown Residence, a 1,193-unit development in Tampines North, which moved 1,041 units at a median price of $2,363 psf. This was followed by Elta, a 501-unit project on Clementi Avenue 1, which sold 326 units at a median price of $2,538 psf. Both projects are located in suburban areas that have not seen new supply in the past five years, contributing to their strong performance.
In total, developers have sold 2,658 units (excluding ECs) since the start of the year. This is a significant increase from the same period last year, when developers took eight months to reach a similar figure.
The strong showing in February was primarily driven by two major launches in the Outside Central Region (OCR): ParkTown Residence and Elta. These projects combined for a total of 1,694 units launched for sale in February, a significant increase from the 896 units launched the month before. Developers’ sales in the OCR totaled 1,452 units, accounting for a staggering 92% of total new private homes sold in February.
Sales in the Rest of Central Region (RCR) made up just 6.2% of new homes sold in February, while the Core Central Region (CCR) only accounted for 1.6% of sales. The top-selling RCR project was Pinetree Hill, which moved 22 units at a median price of $2,613 psf. In the CCR, the best-selling project was 19 Nassim, which sold five units at a median price of $3,372 psf.
The majority of new private home buyers in February were Singapore citizens (92.4%), followed by permanent residents (6.9%), and foreigners (11). The two most expensive transactions in February were both made by foreigners, with units at 32 Gilstead selling for $14.47 million and $14.61 million.
A record number of suburban homes were sold for over $2 million in February, with 603 new private homes (including ECs) in the OCR selling at this price range. This was the highest number of new suburban homes sold at this price level in a single month since data started being collected in 1995.
The strong performance of recent OCR launches has led to a convergence of prices between different regions. While property prices typically follow a hierarchy, with the CCR commanding the highest prices, followed by the RCR and then the OCR, recent launches have challenged this trend. For example, The Collective at One Sophia, a CCR project launched in November 2024, sold 73 units at an average price of $2,743 psf. This is lower than the average transacted price at RCR projects like Union Square Residences ($3,175 psf) and The Orie ($2,734 psf). Similarly, recent OCR launches like Chuan Park, Elta, and Bagnall Haus have all registered higher average prices than RCR project Nava Grove.
With launches like One Marina Gardens and future developments on Zion Road residential sites coming to market in the coming months, prices are expected to continue to converge between regions.
With strong sales expected to continue into March, ERA has revised its new private home sales projection for the whole of 2025 to between 8,500 and 9,000 units, up from the previous estimate of 7,000 to 8,000 units. Huttons is predicting first-quarter sales (excluding ECs) to exceed 3,200 units, which would be the highest first-quarter sales since 2021. However, not all projects launched in the coming months are expected to perform equally well, as homebuyer demand will be dependent on the location and specific attributes of each project.