October surge could push developers’ new home sales for 2025 to 4-year peak

SINGAPORE – New project launches in October recorded strong sales amid renewed home-buying momentum, potentially pushing developer sales for the whole of 2025 to their highest in four years.

Excluding executive condominiums (ECs), developers racked up 2,424 units in new home sales for October, about nine times higher than the month before and 224 per cent higher year on year, based on data released by the Urban Redevelopment Authority on Nov 17.

Analysts reckon that the strong sales momentum, boosted by October’s new launches, could lead to total new home sales of 11,000 for the year, excluding ECs.

Citing caveats lodged as at Nov 17, real estate agency Knight Frank Singapore’s head of research Leonard Tay noted that including ECs, 11,818 new units have been transacted in total – surpassing the firm’s earlier estimate of 7,000 units to 9,000 units for 2025.

“It is now almost certain that new sales (including ECs) will reach 12,000 units in 2025, beyond any expectations set a year ago,” he added.

“Who (could) have predicted that demand for new private homes will cross the 10,000-unit mark, surpassing the annual totals each year from 2022 to 2024, to land close to the 13,027 new sale units transacted in 2021?”

While sales in the final two months of 2025 are unlikely to match the levels seen in recent months – with only one launch slated for November – property firm PropNex’s chief executive Kelvin Fong expects buying interest to rebound quickly in the first quarter of 2026 as more launches hit the market.

According to real estate firm Huttons Asia, the 748-unit Coastal Cabana EC in Pasir Ris, the 540-unit Narra Residences in Dairy Farm Walk, and City Developments’ 246-unit project Newport Residences are expected to come on stream in January. Sim Lian’s Rivelle Tampines EC is slated to be launched in February or March.

Mr Tay said the private housing boom in 2025 has been fuelled by low unemployment, steady household income and lower financing costs.

The prevailing low interest rate environment will continue to play a pivotal role in Singapore’s property market, said Ms Christine Sun, chief researcher and strategist of property group Realion (OrangeTee & ETC).

She added: “The downward rate adjustments will make private home upgrading more affordable and accessible for individuals, thereby heightening buying interest and fostering a more vibrant real estate market.”

October’s figure of 2,424 units sold marks the highest monthly primary private housing sales since November 2024, when developers sold 2,560 units.

Momentum picks up after lull

Analysts said the surge in sales came as new condo launches flooded the market after the seasonal lull. Over 2,000 units were sold across the four new condominium launches in October – Faber Residence, Penrith, Skye at Holland, and Zyon Grand – which achieved take-up rates of between 84 per cent and 99 per cent during their launch weekends.

Mr Fong said: “We have not seen four back-to-back launches achieve take-up rates above 80 per cent in recent memory.” He noted that in the first 10 months of 2025, 10 new launches – excluding ECs – sold at least 80 per cent of their units at launch, compared with just two such projects in 2024.

He added: “The strong showing underscores buyers’ continued confidence in well-located and thoughtfully priced developments, as well as the resilient demand for private homes.”

Among the three segments, the rest of central region (RCR) led in condo and private apartment sales, accounting for 50.5 per cent of sales.

The core central region (CCR) followed, with 29.9 per cent of sales, and the outside central region logged a share of 19.6 per cent.

With 724 units sold in the CCR in October, the segment registered its strongest monthly performance since URA began tracking developers’ sales, analysts noted.

Skye at Holland accounted for 91 per cent of CCR sales, with 99 per cent, or 662, of its 666 units sold.

Property firm ERA Singapore’s chief executive Marcus Chu said: “With a balance of attractive pricing, family-friendly layouts and a strong location that also promises a steady exit strategy, Skye at Holland is not only the month’s top performer, but also the strongest launch of 2025.”

The median unit price gap between new non-landed homes in the CCR and the RCR narrowed to 2.2 per cent in October, from nearly 27 per cent in September – making new launches in the CCR relatively more attractive to some buyers, said PropNex’s Mr Fong.

Ms Tricia Song, real estate company CBRE’s head of research for Singapore and South-east Asia, said most new private homes sold in October were priced between $2 million and $2.5 million – the “sweet spot” for two-bedroom units at top-performing projects Skye at Holland and Zyon Grand.

Units in the $1.5 million to $2 million range, as well as the $3 million to $5 million range, were also popular, she added.

Mr Fong expects developers to continue adopting a “calibrated pricing approach” to drive sales momentum and attract prospective buyers, including Housing Board flat upgraders.

Singaporeans formed 86.7 per cent of buyers in October, while permanent residents (PRs) accounted for 12 per cent, noted Huttons Asia’s chief executive Mark Yip.

He also noted that four units sold for above $10 million each. One PR paid a record $6,501 per sq ft for a unit at the Aman-branded residence at The Skywaters in Shenton Way, while Singaporeans bought the other three units.

THE BUSINESS TIMES