Singapore Home Sales Jump 67% to Four-Year High as Price Growth Slows to 3.3%

Developer sales of new homes in Singapore surged 67 percent last year to 10,815 units, the highest annual total since 2021, but private home price growth eased to 3.3 percent, according to data released Friday by the Urban Redevelopment Authority.

The price rise was just under the flash estimate of 3.4 percent released by the URA at the start of this month, and it represented a further slowdown from 6.7 percent growth in 2023 and 3.9 percent in 2024, as well as the weakest annual increase since 2.2 percent in 2020. The moderating trend comes amid a multi-year ramp-up of supply from Singapore’s Government Land Sales scheme, following home price spikes of 10.6 percent in 2021 and 8.6 percent in 2022.

Sales volume in 2025 was 23 percent higher than the 10-year average of 8,768 units, with the figures excluding the public-private hybrid executive condo segment. The surge was mainly due to lower interest rates, improved buyer sentiment and the launch of more new projects into the market, said Wong Siew Ying, head of research and content at local broker PropNex.

“Further, the strong sales in 2025 suggest that pricing was compelling enough to attract buyers — about 66 percent of the new non-landed private homes (ex EC) sold in 2025 were priced at below S$2.5 million ($2 million), according to caveats lodged,” Wong said.

Quiet December

A shortage of project launches and a seasonal lull dropped developer home sales to a near two-year low in December, with a mere 197 units sold, according to PropNex.

Last month’s sales were driven by the city-fringe Rest of Central Region, where 110 units transacted. The top RCR project, Hoi Hup and Sunway’s The Continuum in Geylang, moved 31 units at a median price of S$2,498 per square foot.

In the suburban Outside Central Region, developers sold 67 units led by December’s sole project launch, Pollen Collection II in Serangoon. The landed home development by Bukit Sembawang Estates sold 17 terrace houses at a median price of S$2,599 per square foot.

The Core Central Region saw sales dip to 20 homes last month from 30 in November, with UOL Group’s UpperHouse at Orchard Boulevard selling seven units at a median price of S$3,410 per square foot. The most expensive new home sold in December was a 4,489 square foot (417 square metre) unit at Kheng Leong’s 21 Anderson that fetched S$23.3 million, PropNex said.

For the full year, Singapore’s three best-selling projects were Parktown Residence, Springleaf Residence and The Orie.

Parktown, a joint venture of CapitaLand and a UOL-SingLand consortium in eastern Singapore’s Tampines area, sold 1,116 of its 1,193 units in 2025, while GuocoLand and Hong Leong Holdings’ high-rise project in the northern Springleaf estate shifted 904 of its 941 units.

The Orie, the first project launched in Toa Payoh in eight years, sold 735 of its 777 units. The JV of City Developments Ltd, Frasers Property and Sekisui House attracted both investors and owner-occupiers with its central location and proximity to schools, according to Huttons Asia.

Crowded Dairy Farm

The URA on Thursday announced the closing of a tender for a residential plot at Dairy Farm Walk in western Singapore’s Bukit Panjang area, with a Roxy-Pacific-led consortium having placed the top bid of S$427 million ($333.9 million) for the 99-year leasehold site that can yield 480 homes.

The consortium’s offer translates to S$962 per square foot of accommodation, eclipsing four other bids including a runner-up S$959 per square foot by a GuocoLand-Hong Leong venture. 

A decision on the award of the tender will be made at a later date. The highest bid is 5.7 percent lower than the winning bid of S$1,020 per square foot for another Dairy Farm Walk site secured by a consortium led by Santarli Realty and Apex Asia Development one year ago.

The lower bid could signal caution about demand prospects for the area, which has a limited pool of upgraders and is set to see new supply when Santarli and Apex’s Narra Residences launches with 540 units in the next two weeks, said Tricia Song, head of research for Singapore and Southeast Asia at CBRE.

Narra lies five minutes by foot from Sim Lian Group’s under-construction The Botany at Dairy Farm, a 386-unit development. Sim Lian won the site in March 2022 for S$980 per square foot at a tender that drew seven bids.

“There are also more attractive upcoming sites in the H2 2025 and H1 2026 GLS programmes,” Song said.