Archive for category: Misc

June witnessed another lackluster month for new private home sales as developers refrained from launching major projects. According to data from URA published on July 15, only 272 homes excluding executive condominiums (ECs) were sold last month, a 12.8% decline compared to the 312 units sold in May. However, there was a 19.3% increase in sales from June last year when 228 units were sold.

Marcus Chu, CEO of ERA Singapore, noted that sales were dampened as developers chose to hold back on new launches during the June school holidays when many potential buyers were away on vacation. The only new launches in June were the 105-unit Amber House in the East Coast and the 107-unit Arina East Residences in Tanjong Rhu, which saw a limited release of units available for sale through invitation only. Overall, the total number of new homes launched last month was only 187, but this was still a significant increase compared to the 20 units launched in May.

Top-selling projects in June were once again One Marina Gardens and Bloomsbury Residences, both of which have maintained their positions for the third consecutive month. One Marina Gardens, a 937-unit development in Marina South, sold 49 units at a median price of $2,962 psf, while Bloomsbury Residences, a 358-unit development at Media Circle, sold 30 units at a median price of $2,516 psf. These projects were both launched in April.

The majority of new home sales came from the Rest of Central Region (RCR) with 189 units sold, making up nearly 70% of total sales. This was consistent with the 191 RCR homes sold in May. Outside Central Region (OCR) projects shifted 69 units, a decrease from the 106 units sold in May, and accounted for a quarter of total sales. The best-selling OCR project was Hillock Green, where 12 units were sold at a median price of $2,311 psf. Meanwhile, Core Central Region (CCR) projects saw 14 units sold, a slight decrease from the 16 units sold in May.

In the EC segment, there was a 37.5% increase in sales in June with 33 units sold, up from 24 units in May. The sales came from existing EC projects, specifically Aurelle of Tampines and Sim Lian Group’s EC on Tampines Street 62. The 760-unit development sold 15 units at a median price of $1,813 psf.

Despite the fourth consecutive month of declining sales, the first half of 2025 showed an improvement in developers’ sales compared to previous years, according to Christine Sun, chief researcher and strategist at Realion Group. Between January and June, developers sold 4,634 units excluding ECs, a significant increase from the 1,889 units sold in the same period last year. It was also higher than the 3,383 units sold in 2023 and 4,222 units sold in 2022. Sun attributed this trend to the resilience of the private market and an improved mortgage environment.

In addition, there has been a gradual return in demand from non-citizen buyers, with permanent residents (PRs) accounting for 396 of the new homes sold in the first half of 2025, more than double the 189 units sold in the same period last year. Similarly, foreigners purchased 56 units, a 40% increase from the 40 units bought in the first half of 2024. Sandrasegeran, head of research and data analytics at Singapore Realtors Inc, believes that the attractive project launches and Singapore’s stable property market have lured more non-citizen buyers back. However, the majority of property demand still comes from domestic buyers, with Singapore citizens accounting for 90% of new non-landed private home sales in the first half of 2025.

Although PR buyers have boosted the luxury home market, which saw a modest increase in June, there has been a muted activity in the Core Central Region (CCR) due to the absence of new launches. However, with the launch of the 524-unit River Green by Wing Tai Holdings and the 596-unit Promenade Peak, and a private preview of the 683-unit W Residences Marina View – Singapore, in July, this is expected to change. These projects are located in the CCR, and according to Wong Siew Ying, head of research and content at PropNex Realty, new homes sold in the CCR have averaged at 53 units monthly since Additional Buyer’s Stamp Duty rates were tightened in April 2023.

Sales are expected to pick up in July with the launch of several new projects. The 343-unit LydenWoods by CapitaLand Development in Singapore Science Park, which was launched last weekend, has already exceeded June’s new home sales. The developer sold 324 units at an average price of $2,450 psf. Wong believes that this will create a buzz in the market, and two other projects – the 348-unit The Robertson Opus on Robertson Walk and the 301-unit Upperhouse at Orchard Boulevard – are set to launch on the weekend of July 19 and 20, with a total of nearly 1,000 units up for sale.

With more launches expected in the near future, Mark Yip, CEO of Huttons Asia, anticipates a rebound in July’s sales, which could reach between 600 and 700 units. He also expects the full-year sales to range from 7,500 to 8,500 units. Additionally, the EC market will see a boost with the launch of Otto Place, a 600-unit EC in Tengah, by Hoi Hup Realty and Sunway Developments on July 19. Chu, from ERA Singapore, predicts high demand for this project as the current stock of ECs is limited to just 18 units. He also mentions a future project at Jalan Loyang Besar, which could launch in the fourth quarter of 2025.

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