Singapore Home Sales Jump Tenfold as Suburban Project Launches Drive Demand

New private home sales in Singapore rose by more than 10 times in February compared with year-earlier levels, propelled by strong turnover at two freshly launched suburban projects, according to data released Monday by the Urban Redevelopment Authority.

Excluding the public-private hybrid executive condo segment, developer sales totalled 1,575 units last month, up from 1,083 in January and 153 in February of last year, the URA said.

The Outside Central Region made up 92 percent of February’s transactions, with 1,452 units sold at mass-market projects in the suburbs, PropNex Realty said in a release. A pair of new launches, Parktown Residence in Tampines and ELTA in Clementi, together accounted for 87 percent of new home sales during the month.

“Brisk sales at Parktown Residence and ELTA have supercharged new home sales in February, extending the trend of healthy take-up rates at many new launches since November 2024,” said Wong Siew Ying, head of research and content at PropNex.

Heating Up Tampines

A joint venture of CapitaLand and a UOL-SingLand consortium, Parktown Residence at Tampines Avenue 11 led all projects in February sales, moving 1,041 of its 1,193 units at a median price of S$2,363 ($1,775) per square foot. ELTA, a JV of MCL Land and CSC Land and the first project launched in Clementi in four years, sold 326 of its 501 units at a median S$2,538 per square foot.

Sales in the Core Central Region, a proxy for luxury homebuyers, totalled 25 units, down from 121 in January. Keppel Land’s 19 Nassim shifted five units at a median price of S$3,372 per square foot, followed by MCC Land and Hao Yuan Realty’s One Bernam in Tanjong Pagar, as that project’s final four units sold at a median S$2,651 per square foot.

The city-fringe Rest of Central Region saw 98 new units transact, down from 771 in January, when The Orie’s launch in Toa Payoh had boosted sales, PropNex said. UOL-SingLand’s Pinetree Hill in Bukit Timah led the RCR with 22 units sold at a median price of S$2,613 per square foot, while MCL and Sinarmas Land’s Nava Grove moved 18 units at a median S$2,574 per square foot.

“The primary market started the year brightly, continuing the positive sentiment from end-2024,” Wong said. “We remain cautiously optimistic about developers’ sales in 2025. There is still a long stretch to go and it is not without downside risks, including uncertainties in the global economy in view of geopolitical tensions and trade fictions which may be disruptive to growth.”

Interest Rate Bottom Seen

Sales at new launches continue to be sustained largely by Singaporean buyers, new citizens and permanent residents, said Leonard Tay, head of research at Knight Frank Singapore. With interest rates less than what they were a year ago and unlikely to fall further, homebuyers are picking up new homes at show flats, Tay said.

Knight Frank forecasts non-landed new sales volume to range from 7,000 and 9,000 for the full year, with overall non-landed transactions of 19,000 to 23,000, but the estimates depend on the government refraining from further punitive measures to curb homebuyer demand.

“Imbued with cautious optimism, 2025 is on track to be a more active year for the private home market despite the prevailing uncertainties on the global stage,” Tay said. “Prices are likely to grow between 3 percent and 5 percent, with the growth supported by moderate-to-healthy take-up rates at new launches throughout the year.”