Singapore Home Sales Jump to Nine-Month High on Strong Demand at New Projects

New private home sales in Singapore hit their highest level in nine months in August, according to data released Monday by the Urban Redevelopment Authority.

Excluding the public-private hybrid executive condo segment, developer sales totalled 2,142 units last month, more than doubling from 940 units sold in July and jumping 10 times from 211 units sold in August 2024, the URA said. The reading marked the highest monthly sales since 2,560 units were sold last November.

Sales from five new project launches accounted for 88 percent of August transactions, led by GuocoLand and Hong Leong Holdings’ Springleaf Residence, said Wong Siew Ying, head of research and content at local broker PropNex.

“All in, developers sold 7,669 new private homes in the first eight months of 2025 — already besting the annual sales in each of the last three years (2022-2024),” Wong said in a release.

Suburban Surge

The suburban Outside Central Region led sales last month as developers shifted 1,153 new homes, up from just 70 in July. Topping the table in the OCR and islandwide was Springleaf Residence, which moved 884 of its 941 units at a median price of S$2,166 ($1,690) per square foot.

In July 2024, GuocoLand and Hong Leong Holdings agreed to commit S$298.1 million to develop Springleaf Residence in northern Singapore’s Upper Thomson Road after their joint venture won the site earlier that year. Malaysia’s GuocoLand, part of the Hong Kong-listed Guoco Group controlled by billionaire Quek Leng Chan, holds a 60 percent interest in the JV, with the rest owned by Singapore-based Hong Leong Holdings, the private holding company of Quek’s cousin, City Developments Ltd chairman Kwek Leng Beng.

The Core Central Region saw developer sales reach 513 units in August, representing the highest monthly total for the segment in over four years, according to PropNex. The top-selling CCR project was Wing Tai Holdings’ River Green near Orchard Road, with 451 of its 524 units changing hands at a median price of S$3,111 per square foot.

In the city-fringe Rest of Central Region, sales eased to 476 units from 513 in July. The bulk of activity was contributed by Promenade Peak, a development of Robert Kuok’s Allgreen Properties, as the 63-storey project along Zion Road in posh District 3 sold 333 of its 596 units at a median price of S$2,919 per square foot.

All told, developers launched 2,496 new units (excluding ECs) for sale in August, up sharply from the 1,675 units made available in July, according to URA data. Springleaf Residence, River Green, Promenade Peak and two other fresh launches, Canberra Crescent Residences and Artisan 8, collectively sold 1,894 units last month.

Developers Unspooked

While August is traditionally quiet for property sales because of the Hungry Ghost Festival, developers took a proactive approach by launching projects earlier to capture demand before the onset of the festival, according to local property agency SRI.

“This strategic timing enabled them to ride on the wave of buyer enthusiasm, ensuring that momentum in the market was not lost during what is usually a subdued phase,” said Mohan Sandrasegeran, head of research and data analytics at SRI.

The agency drew a link between the Singapore residential market’s momentum and the US central bank’s rate cuts in 2024, reckoning that the policy helped improve liquidity conditions and boost overall sentiment. With the Federal Reserve now signalling openness to another potential rate cut, the outlook could turn even more supportive, according to SRI.

Projects expected to enter the market in the coming weeks include CapitaLand and UOL Group’s Skye at Holland, GuocoLand’s Faber Residence, GuocoLand and Hong Leong Holdings’ Penrith, CDL and Mitsui Fudosan’s Zyon Grand and Sustained Land’s The Sen.

“Based on current trends, we expect new private home sales to cross between 9,000 and 10,000 units for the full year of 2025,” Sandrasegeran said.