Strong Start 2025 Developers Selling 1083 New Homes January
on preview weekend, 600 units already balloted
In a promising start to 2025, developers have sold a total of 1,083 new private homes excluding executive condominiums (ECs) in January, as reported by URA data released on Feb 17. This marks a 433.5% increase from the 203 units sold in December 2024. When ECs are included, the overall new home sales surged by 196% month-on-month to 1,104 units in January.
Lee Sze Teck, senior director of data analytics at Huttons Asia, describes the January performance as a “strong start” that follows the momentum from the previous quarter. In November last year, developers sold a record-breaking 2,560 new private homes – the first time sales have crossed the 2,000 mark in a single month since March 2013, according to URA data.
According to Christine Sun, chief researcher and strategist for OrangeTee Group, this is also the highest sales volume achieved by developers for the first month of the year since January 2021, when 1,633 units were sold. On a year-on-year basis, new home sales have increased by 256% from the 304 units sold in January 2024, according to URA’s data.
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The head of research and content at PropNex Realty, Wong Siew Ying, adds that the January figure marks only the second time in the last 18 months that developers have achieved four-digit sales figures. She further explains that prior to January’s sales and the 2,560 units sold in November 2024, sales have not exceeded 1,000 units since July 2023 when 1,413 units were sold.
Developers’ sales volume and launches
The significant increase in sales in January can be attributed to the launch of two notable projects – the 777-unit The Orie in Toa Payoh and the 113-unit Bagnall House on Upper East Coast Road. These two projects accounted for 69.7% of the total 1,083 new home sales, according to Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI).
Lee Sze Teck from Huttons adds that the launch of these two projects also contributed to the increase in the number of new homes launched in January, which stood at 896 units compared to just 20 units launched in December last year.
The Orie, a 99-year leasehold development situated in the Rest of Central Region (RCR), was the top-selling project in January by the number of units sold. A total of 680 units were sold at a median price of $2,731 psf. This boosted sales in the RCR, which accounted for 71.2% of January’s new private home sales. Sales in the Outside Central Region (OCR) and Core Central Region (CCR) stood at 191 units (17.6% of total sales) and 121 units (11.2% of total sales) respectively.
Meanwhile, sales of ECs dropped significantly from 170 units in December last year to only 21 units in January. Wong Siew Ying from PropNex attributes the decline to the limited supply of new EC launches in the market. She also notes that based on URA data, there were only 148 unsold new EC units as of the end of January.
One Bernam boosts sales in the CCR
Although sales in the CCR continue to lag behind the RCR and OCR regions, the CCR received a boost with the sales of 99 units at One Bernam in January. The median price stood at $2,521 psf, which is a significant increase from the three units sold in December 2024. This makes One Bernam the second best-selling project by units sold in January.
OrangeTee’s Sun attributes the surge in sales at One Bernam to the developers’ discounts in January, as well as the project’s approaching completion. This 351-unit, 99-year leasehold development by MCC Land and Hao Yuan Investment in Tanjong Pagar is expected to be completed next year.
Another CCR project that stood out in January is Park Nova, which recorded two transactions – the sale of a 5,899 sq ft penthouse for $38.9 million ($6,593 psf) and a 2,906 sq ft four-bedroom apartment for $34.4 million ($5,838 psf). The penthouse sale represents the highest psf-price recorded for a condo unit since 2011 when a four-bedroom unit at The Marq on Paterson Hill was sold for $20.54 million ($6,650 psf), based on URA data. According to Lee Sze Teck from Huttons, the penthouse at Park Nova was sold to a Singapore Permanent Resident, while the four-bedroom apartment was bought by a foreigner.
Two major launches to support February sales
Lee Sze Teck predicts that developers’ sales will remain strong in February, supported by the launch of two major projects – Elta, a 501-unit condo on Clementi Avenue 1 by MCL Land and CSC Land Group, and ParkTown Residence, an integrated development by UOL, Singapore Land Group, and CapitaLand Development with 1,193 units. Both projects are expected to perform well in the first weekend of sales. Booking for Elta and ParkTown Residence will commence on Feb 22.
Looking ahead to March, Wong Siew Ying from PropNex notes potential new project launches, including Aurea (188 units), Lentor Central Residences (477 units), and Aurale of Tampines (760 units). She also anticipates the momentum to continue throughout the year, with Leonard Tay from Knight Frank Singapore adding that developers’ sales in 2025 are expected to pick up pace as interest rates remain relatively low, motivating buyers to make a purchase. Based on the strong performance in January and upcoming launches in February and March, Wong Siew Ying forecasts developers’ sales (excluding ECs) in the first quarter of this year to surpass the sales in each of the last three years, where sales did not exceed 2,000 units.
She further predicts that for the full year, developers’ sales (excluding ECs) are expected to reach between 8,000 to 9,000 units, which would surpass the sales in the last four years (2022: 7,099 units, 2023: 6,421 units, and 2024: 6,469 units).
Meanwhile, OrangeTee’s Sun is confident that fresh launches, coupled with strong demand for new private homes, will support developers’ sales of around 7,000 to 9,000 units (excluding ECs) in 2025. She also expects new home prices to increase by 2% to 4% this year. Interested buyers can check out the latest listings for The Orie, Bagnall Haus, and other condominium properties.