New home sales hit monthly high with over 2,100 units sold in August
Some 2,496 new private homes hit the market during the month as interest rates ease
[SINGAPORE] Developers in Singapore sold 2,142 new private homes in August, more than 10 times the 211 units moved in the same month last year, data released by the Urban Redevelopment Authority showed on Monday (Sep 15).
The latest August sales figure – which excludes executive condominiums (ECs) – is the highest level for the month since records began in 2007, said Realion chief researcher and strategist Christine Sun. It is also more than double the 940 units sold in July.
This brings primary home sales for the first eight months of 2025 to 7,669 units – the highest for that period since 2021, when 9,277 private homes changed hands, noted Mogul.sg chief research officer Nicholas Mak.
The tally for the eight months also surpasses the annual sales in each of the last three years, said Wong Siew Ying, PropNex head of research and content.
Huttons Asia senior director of data analytics Lee Sze Teck attributed the “exceptional” sales performance in August to attractive pricing at new launches.
Prices at Canberra Crescent Residences and Springleaf Residence – two of the five new projects in August – started at S$1,851 per square foot (psf). Both suburban projects sold more than 1,000 units in total, said Lee.
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River Green in the prime Core Central Region sold 451 units at a median price of S$3,111 psf in August, noted ERA Singapore chief executive Marcus Chu. This accounted for 86 per cent of its 524 units.
About 76 per cent of these transactions were under S$2.5 million.
The nearby Promenade Peak along Zion Road, located in the Rest of Central Region (RCR), sold 333 units – more than half of its 596 units – at a median price of S$2,919 psf. About 65 per cent of these units transacted at S$2.5 million, with prices skewing higher due to larger layouts, said Chu.
Meanwhile, Artisan 8 in the RCR sold 15 units at a median price of S$2,386 psf.
These five new projects accounted for the bulk of new private homes, with 2,471 units launched and 1,894 units sold.
The buying spurt follows an easing of interest rates and “better-than-expected” economic performance despite trade uncertainty and geopolitical tensions, added Tricia Song, CBRE head of research for South-east Asia.
Knight Frank research head Leonard Tay also noted a strong urgency to launch new projects ahead of the inauspicious Hungry Ghost Festival, when traditional beliefs have some buyers avoiding home purchases. Developers tend to steer clear of launching projects during that period too.
Including ECs, 2,338 units were sold in August with 2,496 units launched, versus the 247 units sold and 272 units marketed in August 2024. In comparison, some 1,311 units were sold and 2,275 units launched in July.
Housing demand
Tay noted that buying activity in the prime home market was largely supported by locals who were looking for homes or units to lease to foreign professionals working in Singapore, with foreign buyers still deterred by the additional buyer’s stamp duty of 60 per cent.
“New citizens and permanent residents (PRs) who favour high-rise living have also been acquiring homes in a stable Singapore, against the backdrop of a destabilising global environment,” he added. The latest available government data showed that there were 23,472 new citizens and 34,491 new PRs in 2023.
Overall, locals accounted for 90.6 per cent of the private homebuyers in August, slightly higher than the prior month due to the number of suburban launches, said Huttons Asia’s Lee.
PRs accounted for 8 per cent of buyers, added Wong, and foreigners just 1.4 per cent – reflecting 30 transactions in absolute terms.
August saw 22 new non-landed private luxury home transactions, that is, those sold for between S$5 million and S$10 million. This was higher than the monthly average of seven units in the first half of 2025, but down from the 28 units sold in July, said Sun of Realion.
Demand for ultra-luxury condominiums of at least S$10 million held steady with two of such transactions in August, similar to the previous month.
The priciest was a 10,452 sq ft unit at freehold condominium 21 Anderson for S$52.25 million or S$4,999 psf.
Looking ahead, Mak from Mogul.sg reckons that the private housing market may be on the verge of another round of rampant homebuying, driven by “cheap liquidity” and easing interest rates.
Song pointed out a few remaining “keenly watched” launches, including the 706-unit Zyon Grand, which includes long-stay serviced apartments.
Being adjacent to Promenade Peak, the upcoming condo could “ride on the success of the latter”, she added.
There is also the 462-unit Penrith in Margaret Drive, which could benefit from strong demand in the area, and the 666-unit Skye at Holland in the popular Holland Village enclave, she said.
Tay noted: “With August sales clearly showing that the appetite for new homes remains intact,... new home sales should fall at the higher end of the original forecast range (of 7,000 to 9,000 units), close to or perhaps even moderately surpassing the 9,000-mark.”
Private home prices, which rose 1.8 per cent in H1 2025, could see similar growth momentum in the second half-year, with a full-year increase of 3 to 4 per cent amid still-low inventory and strong household balance sheets, added Song.
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