Launches and Sales
The property market had a strong start in 2025, building on the momentum in 4Q 2024.
Developers sold 1,083 units in Jan 2025, 433.5% higher month-on-month and 256.3% higher year-on-year.
896 units were launched for sale, 44.8 times more than Dec 2024 and 2.1 times more than Jan 2024.
Buyers reacted enthusiastically to the two major launches in Jan 2025, Bagnall Haus and The Orie.
These two major launches made up nearly 70% of total sales in Jan 2025.
Bagnall Haus sold more than 65% or 75 units at a median price of $2,494 psf. Buyers were drawn to the freehold project at the doorstep of a MRT interchange station.
680 out of 777 units at The Orie were snapped up by buyers at a median price of $2,731 psf. There was considerable pent-up demand for new homes in the mature estate of Toa Payoh after an 8-year hiatus.
Purchases by Market Segments and Price Range
The top selling projects in Jan 2025 are predominantly in the RCR and OCR due to the launch of Bagnall Haus in the OCR and The Orie in the RCR.
Sales in the OCR made up 17.6% while the RCR proportion was 71.2%.
One Bernam was the best-selling project in the CCR with 99 units sold as buyers make the most of the promotions offered by the developer to snag a unit as an investment.
Top Projects by Sales in Jan 2025
| Project Name | Region | Units Sold in the Month | Median Price ($psf) | Lowest Price ($psf) | Highest Price ($psf) |
|---|---|---|---|---|---|
| THE ORIE | RCR | 680 | 2,731 | 2,399 | 3,064 |
| ONE BERNAM | CCR | 99 | 2,521 | 2,305 | 2,984 |
| BAGNALL HAUS | OCR | 75 | 2,494 | 2,325 | 2,634 |
| HILLOCK GREEN | OCR | 21 | 2,253 | 1,911 | 2,516 |
| CHUAN PARK | OCR | 20 | 2,654 | 2,364 | 2,728 |
| PINETREE HILL | RCR | 19 | 2,559 | 2,272 | 2,678 |
| THE CONTINUUM | RCR | 13 | 3,001 | 2,811 | 3,121 |
| HILLHAVEN | OCR | 11 | 2,145 | 2,096 | 2,365 |
| NAVA GROVE | RCR | 11 | 2,555 | 2,383 | 2,729 |
| UNION SQUARE RESIDENCES | RCR | 11 | 3,333 | 2,971 | 3,400 |
Source: URA, Huttons Data Analytics as of 17 Feb 2025
One Bernam was not the only CCR project attracting buyers.
Park Nova, an ultra-luxury project sold 2 units in Jan 2025 at benchmark prices. One of the penthouses was sold for $38.9 million or $6,593 psf to a Singapore PR while the other unit priced at $16.6 million or $5,708 psf was bought by a foreigner. The UHNWIs are searching for big floor plate units but such units are in limited supply.
Aurum Land sold a detached house at Kheam Hock Road for almost $20 million.
There is more wealth created and more high-income households in the past 5 years. Huttons Data Analytics estimate that from 2019 to 2024, the number of households earning $20,000 and more grew the most among all income groups by 39.3%
Singaporeans made up 90.3% of buyers in Jan 2025 while PRs accounted for 8.5%.
Purchases by Residential Status and Price Range in Jan 2025
| <$1.5 million | $1.5 to <$2 million | $2 to <$2.5 million | $2.5 to <$5 million | $5 to <$10 million | $10 million and above | Total | |
|---|---|---|---|---|---|---|---|
| Singaporeans | 77 | 359 | 200 | 341 | 2 | 1 | 980 |
| Permanent Residents | 5 | 32 | 23 | 31 | 0 | 1 | 92 |
| Foreigners | 1 | 5 | 2 | 4 | 0 | 1 | 13 |
| Singaporeans | 0 | 0 | |||||
| Total | 83 | 396 | 225 | 376 | 2 | 3 | 1,085 |
Source: URA, Huttons Data Analytics as of 17 Feb 2025
Purchases by Foreigners
There were 13 purchases by foreigners in Jan 2025 out of which 6 bought properties in the CCR. Another 3 bought in the RCR and the rest in the OCR.
Proportion of Purchase by Foreigners
Source: URA, Huttons Data Analytics as of 17 Feb 2025M
Executive Condominiums
In the absence of EC launch, sales of ECs eased to 21 units in Jan 2025.
The median prices of ECs sold in Jan 2025 ranged from $1,401 to $1,634 psf.
In comparison, a resale 958 sq ft EC unit in Hundred Palms was sold for a record $1,900 psf in Dec 2024.
New ECs are priced more attractively than resale ECs.
Outlook
The US Federal Reserve is taking a pause on interest rate cuts to see the impact of tariffs on inflation. SORA rates are easing at a much slower pace. Borrowing rates have largely stabilised and are at its lowest in a year.
2 major projects will book sales in Feb 2025.
ELTA, the first project launch in Clementi in 4 years saw more than 4,500 visitors over three days. Located in a mature estate, there are limited land parcels for housing projects. ELTA is the last plot of land for condo developments along Clementi Ave 1.
ParkTown Residence is the largest fully integrated development in Singapore with MRT, Bus-interchange, Retail Mall, Hawker Centre, Community Club, Covered Plaza and Park. It attracted over 10,000 visitors over three days.
Both projects should sell well on the first weekend.
Sales in Feb 2025 might exceed Jan 2025’s sales of 1,084 units.
Projects that will likely book sales in Mar 2025 are Arina East Residences, Aurea, Aurelle of Tampines (EC), Bloomsbury Residences, Lentor Central Residences and W Residences Singapore – Marina View.
Developers are estimated to sell between 7,000 and 8,000 units in 2025.
Barring unforeseen circumstances, prices in the property market are estimated to grow between 4% and 7% in 2025.
Upcoming Projects in 2025
| No. | Project Name | Developer | Location | District | Tenure | Est Units | Est Launch Period |
|---|---|---|---|---|---|---|---|
| 1 | Aurea | Perennial Holdings, Sino Land and Far East Organization | Beach Road | 7 | 99 | 186 | Feb 2025 |
| 2 | Aurelle of Tampines (EC) | Sim Lian Land Pte Ltd and Sim Lian Development Pte Ltd | Tampines St 62 | 18 | 99 | 760 | Feb 2025 |
| 3 | Lentor Central Residences | Intrepid Investments Pte. Ltd., GuocoLand (Singapore) Pte. Ltd. and CSC Land Group | Lentor Central | 26 | 99 | 477 | Feb 2025 |
| 4 | Arina East Residences | ZACD Group | Tanjong Rhu Road | 15 | FH | 107 | 1Q 2025 |
| 5 | W Residences Singapore – Marina View | IOI Properties | Marina View | 1 | 99 | 683 | 1Q 2025 |
| 6 | Bloomsbury Residences | Qingjian Realty and Forsea Residence | Media Circle | 5 | 99 | 358 | Mar/Apr 2025 |
| 7 | Lyndenwoods | CapitaLand Development Singapore | Science Park Drive | 5 | 99 | 345 | 2Q 2025 |
| 8 | One Marina Gardens | Kingsford Huray Development, Obsidian Development and Polaris Cultural & Science Park Investment | Marina Gardens Lane | TBC | 99 | 937 | 2Q 2025 |
| 9 | Orchard Boulevard | UOL Group and Singapore Land Group | Orchard Boulevard | 9 | 99 | 301 | 2Q 2025 |
| 10 | The Robertson Opus | River Valley Tower Pte Ltd | Robertson Walk | 9 | 999 | 414 | 2Q 2025 |
| 11 | Upper Thomson Road (Parcel B) | GuocoLand (Singapore) Pte. Ltd. and Intrepid Investments Pte. Ltd. | Upper Thomson Road | 26 | 99 | 941 | 2Q 2025 |
| 12 | Zion Road (Parcel A) | CDL-MFA Vega Property Pte. Ltd. and CDL-MFA Altair Property Pte. Ltd. | Zion Road | 3 | 99 | 706 | 2Q 2025 |
| 13 | Plantation Close (EC) | Hoi Hup Realty and Sunway Developments | Plantation Close | 24 | 99 | 608 | 2Q/3Q 2025 |
| 14 | Canberra Crescent | Peak Nature Pte Ltd and Huatland Development Pte. Ltd. | Canberra Crescent | 27 | 99 | 376 | 3Q 2025 |
| 15 | De Souza Avenue | SL Capital (8) Pte Ltd | De Souza Avenue | 21 | 99 | 347 | 3Q 2025 |
| 16 | Holland Drive | Holly Development Pte. Ltd. | Holland Drive | 10 | 99 | 666 | 3Q 2025 |
| 17 | RiverGreen | Wingcharm Investment Pte. Ltd. | River Valley Green | 9 | 99 | 525 | 3Q 2025 |
| 18 | Margaret Drive | Intrepid Investments Pte. Ltd., Hong Realty (Private) Limited and GuocoLand (Singapore) Pte. Ltd. | Margaret Drive | 3 | 99 | 462 | 4Q 2025 |
| 19 | Zion Road (Parcel B) | Valerian Residential Pte. Ltd. | Zion Road | 3 | 99 | 610 | 4Q 2025 |
| Total | 9,809 | ||||||
* in alphabetical order followed by chronological order
Source: URA, Huttons Data Analytics as of 17 Feb 2025
