Developers’ Sales Stay Muted June 272 Units Sold Down 128 M O M
June saw another uneventful month for private home sales as the absence of major project launches continued to dampen the market. According to data released by URA on July 15, developers only managed to sell 272 units excluding ECs last month, a decrease of 12.8% from the 312 units sold in May. Compared to the same month last year, however, there was a 19.3% increase in new home sales, with 228 units sold in June 2024.
Marcus Chu, CEO of ERA Singapore, commented that sales were lackluster due to developers holding back new launches during the June school holidays when many potential buyers were traveling overseas.
The only new projects launched in June were the 105-unit Amber House in the East Coast and the 107-unit Arina East Residences in Tanjong Rhu, with a limited number of units being released for sale by invitation only. This resulted in a total of 187 new homes being launched, a significant increase compared to the 20 units launched in May.
The top two selling projects for the third consecutive month were One Marina Gardens and Bloomsbury Residences. One Marina Gardens, a 937-unit development in Marina South, sold 49 units at a median price of $2,962 psf. Meanwhile, the 358-unit Bloomsbury Residences at Media Circle sold 30 units at a median price of $2,516 psf. Both projects were launched in April.
In terms of location, the Rest of Central Region (RCR) dominated sales, accounting for 189 or about 70% of total new home sales. This was on par with the 191 RCR units sold in May. Outside the Central Region (OCR) saw a decrease in sales with only 69 units sold in June, compared to 106 units in May. The top-selling OCR project was Hillock Green, which saw 12 units being transacted at a median price of $2,311 psf. Meanwhile, the Core Central Region (CCR) sold only 14 units, a slight decrease from 16 units in May.
In the executive condominium (EC) segment, there was a 37.5% increase in sales from 24 units in May to 33 units in June. The sales were mainly from existing projects such as Aurelle of Tampines, a 760-unit development that sold 15 units at a median price of $1,813 psf.
Despite June being the fourth consecutive month with declining new home sales, the first half of 2025 has seen a marked improvement in 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 145% increase from 1,889 units sold in the same period in 2024. This is also higher than the 3,383 and 4,222 units sold in the first half of 2023 and 2022 respectively. Sun attributes this trend to the resilience of the private market and the improving mortgage environment.
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There has also been a gradual return in demand from non-citizen buyers, with Permanent Residents (PRs) accounting for 396 new home sales 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. Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc. believes that this can be attributed to attractive project launches and Singapore’s appeal as a safe and stable property market. However, Singapore citizens still make up a majority of new home buyers, accounting for about 90% of sales in the first half of 2025.
In the luxury home market, there was a slight pickup in sales in June with 16 units sold for over $5 million, compared to 13 units in May. According to ERA’s Chu, PR buyers accounted for 9 of these sales, including the three largest transactions: a 5,285 sq ft unit at Skywater Residences for $30.8 million and two 4,200 sq ft units at 32 Gilstead for $15 million each.
July is expected to see an increase in sales due to several new project launches, including LydenWoods, a 343-unit condo in Singapore Science Park developed by CapitaLand Development. The project, which launched last weekend, has already exceeded June’s new home sales with 324 units sold at an average price of $2,450 psf. According to Wong Siew Ying, head of research and content at PropNex Realty, this launch is expected to generate buzz in the market and pave the way for more upcoming launches. Two other projects, The Robertson Opus and Upperhouse at Orchard Boulevard, will also be launching on July 19 and 20, with a total of nearly 1,000 new homes.
Siew Ying also notes that there is a rebound in the Core Central Region (CCR) market after months of muted activity due to the lack of new launches. Both The Robertson Opus and Upperhouse are located in the CCR, and another project, W Residences Marina View – Singapore, will be conducting a private preview in July. Siew Ying comments that new home sales in the CCR have averaged at 53 units monthly since the Additional Buyer’s Stamp Duty rates were tightened in April 2023.
According to Mark Yip, CEO of Huttons Asia, more launches can be expected in the near future as developers aim to capitalize on the period before the seventh lunar month, starting from August 23 to mid-September. Some of the upcoming launches include the 524-unit River Green by Wing Tai Holdings and the 596-unit Promenade Peak, both located in River Valley and commencing sales bookings on August 2. Yip predicts that July’s new home sales could range from 600 to 700 units, with a full-year sales projection of 7,500 to 8,500 units.
The executive condominium market is also expected to receive a boost from the launch of Otto Place, a 600-unit EC developed by Hoi Hup Realty and Sunway Developments in Tengah, which will begin bookings on July 19. ERA’s Chu believes that this project will see strong demand due to the limited stock of ECs, with only 18 units available as of end-June. He also adds that the future supply of ECs will be boosted by an upcoming project at Jalan Loyang Besar, expected to debut in the fourth quarter of 2025.