About Strong Start to 2025: Developers Sell 1,083 New Homes in January. Developers sold 1083 new private condo units, excluding executive condominiums, in January 2025. This is according to the URA data released on February 17. This marks a 433.5% increase from December 2024, with 203 units sold. Including executive condominiums, total new private home sales increased 196% month-on-month to 1104 units.
Lee Sze Teck, of Huttons Asia, says January’s performance as a strong start to year 2025. The momentum carried forward from the past 3 months when developers sold 2560 new condominium units in November 2024. Since March 2013, this was the first time new private home sales sold more than 2,000 units in one single month.
Key New Launches Drive Sales (Strong Start to 2025)
Higher number of units sold in January were driven by two new launches. The Orie in Toa Payoh which consists of 777 units and Bagnall Haus along Upper East Coast Road with 113 units. These projects accounted for 69.7% of the total sales, according to Mohan Sandrasegeran, of Singapore Realtors Inc (SRI).
Huttons’ Lee adds that these two launches contributed to 896 new units entering the market in January, compared to just 20 units in December 2024.
Read Also: High Demand for Elta and ParkTown Residence
The Orie, a 99-year leasehold development in the Rest of Central Region (RCR). Was the top-performing project with 680 units sold at a median price of SGD 2,731 psf. Its success lifted RCR sales to 771 units, making up 71.2% of the total. In comparison, 191 units were sold in the Outside Central Region (OCR), while the Core Central Region (CCR) recorded 121 transactions.
Meanwhile, EC sales dropped sharply from 170 units in December 2024 to just 21 in January. PropNex’s Wong Siew Ying attributes this decline to a lack of new EC launches and limited supply. URA data shows only 148 unsold EC units remained as of January.
One Bernam Leads in CCR Sales
The CCR saw a boost in sales thanks to One Bernam. This development sold 99 units, at a median price of SGD2521psf in January. This was a dramatic rise from the 3 units sold in December 2024. Making it the second best-selling development of the month.
Park Nova, a luxury freehold condominium on Tomlinson Road, also made headlines with two high-value transactions. A 5899 sqft penthouse sold for SGD38.9 million (SGD 6593psf). While a 2906 sqft four-bedroom unit fetched SGD34.4 million (SGD 5838psf). The penthouse sale marked the highest psf price for a condo unit since 2011 when a unit at The Marq on Paterson Hill sold for SGD6650psf.
According to Lee of Huttons, the Park Nova penthouse was purchased by a Singapore PR. And the 4 bedroom unit was purchased by a foreigner, data from URA shows.
Upcoming Launches to Boost February 2025 Sales
Lee expects February to see strong developer sales, supported by the launch of two major projects. These include Elta, on Clementi Avenue 1 which consists of 591 units, by MCL Land and CSC Land. As well as ParkTown Residence, which consists of 1193 units, an integrated development in Tampines North. This development is by Singapore Land, UOL and CapitaLand.
“These two projects should perform well on their launch weekend,” says Lee. PropNex’s Wong agrees, noting that Clementi as well as Tampines are mature areas with strong demand because of their amenities and connectivity. Sales bookings for these 2 developments will start on 22nd February 2025.
Looking ahead to March, new projects including the Aurea with 188 units, the Lentor Central Residences with 477 units, also the EC project Aurelle of Tampines with 760 units will be launched.
Positive Outlook for 2025 (Strong Start to 2025)
Leonard Tay, of Knight Frank Singapore, expects new home sales to gain momentum throughout 2025. He believes lower interest rates could encourage more homebuyers to enter the market.
With the strong start to the year, Wong of PropNex, predicts developer sales in 1st Quarter of 2025 will surpass the 1st quarter sales of the past 3 years. Where less than 2,000 units (excluding executive condominiums) were sold.
For the full year, Wong forecasts that developer sales (excluding executive condominiums) will be between 8000 and 9000 units. This would mark the highest yearly volume in 4 years, surpassing the 7099 units sold in year 2022, 6421 units in year 2023, and 6469 units in year 2024.
Read Also: Upcoming launches ~ Bloomsbury Residences at Media Circle, One Marina Gardens at Marina Gardens Lane and River Green at River Valley Green.
