Fresh launches drive surge in new private home sales in July
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Lyndenwoods sold 96.5 per cent of its 343 units in July at a median price of $2,463 per sq ft (psf).
PHOTO: CAPITALAND DEVELOPMENT
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- Singapore new private home sales rebounded in July, rising to 940 units (excluding ECs) due to increased condominium launches, up from 272 in June.
- Lyndenwoods drove sales, selling 96.5% of its units at a median price of $2,463 psf, while other prime district projects saw strong buyer interest.
- Analysts expect robust sales to continue in August with five new condo projects launching, yielding 2,472 units.
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SINGAPORE – Sales of new private residences rebounded in July after four straight months of decline, spurred by a pickup in new condominium launches.
Excluding executive condominiums (ECs), 940 new private homes were sold in July, up from 272 units in June, according to Urban Redevelopment Authority data. Developers launched 1,675 units in four projects in July, a significant increase from the 187 units over two launches in the month before.
July’s sales were 63.2 per cent higher than the 576 units sold in the same month in 2024. Including ECs, new private home sales surged to 1,311 units in July from 305 units in the previous month.
Mr Marcus Chu, chief executive of real estate agency ERA Singapore, said the uptick in sales was led by the launch of Lyndenwoods in the Science Park district, which sold 96.5 per cent of its 343 units in July at a median price of $2,463 per sq ft (psf).
“Investors may have been attracted by the opportunity to be first movers in the Singapore Science Park area, a city fringe location,” he said, noting that two-bedroom units were popular among buyers.
In the prime district, two of the three new projects led to more home sales in central Singapore in July.
The Robertson Opus, a 348-unit development in Unity Street, and the 301-unit Upperhouse in Orchard Boulevard were launched at median prices of around $3,300 psf. Buyers snapped up 53 per cent of the units at Upperhouse, while 41 per cent of The Robertson Opus units were also sold during their launch weekend on July 19 and 20.
Mr Leonard Tay, research head of real estate consultancy Knight Frank Singapore, said local home buyers are expected to support sales in the prime home market segment – largely for their own stay – as the additional buyer’s stamp duty rate of 60 per cent for foreigners continues to deter non-residents.
“With these launches in the core central region, there is an observable shift in buyer sentiment from previous positions of muted interest to a growing willingness to consider a reasonable premium for new products,” he said.
The third project launch in the prime district, W Residences Marina View Singapore, sold only two of its 683 units in July at a median price of $3,344 psf.
Mr Nicholas Mak, chief research officer at property search portal Mogul.sg, said the poor sales could be due to foreign buyers giving the Singapore property market a miss, and local buyers becoming more price-sensitive due to economic headwinds.
In the EC segment, 371 units were sold, led by the launch of Otto Place, a 600-unit development in Tengah. The project sold 358 units at a median price of $1,746 psf in July. There were 253 unsold new EC units as at July 31.
Ms Wong Siew Ying, head of research and content at property agency PropNex Realty, said this number is expected to decline significantly when the sales booking at Otto Place opens to more second-time buyers in August.
Buyer interest in the luxury condominium market surged in July, said Ms Christine Sun, chief researcher and strategist at Realion Group. A total of 29 condo units were sold at between $5 million and $10 million in July, an increase from the 11 units moved in June, she noted.
But sales of ultra-luxury condos were more subdued, with two units transacted at above $10 million each, compared with four in the previous month. “More high-net-worth individuals may park their funds in real estate moving forward as macroeconomic uncertainties stemming from the US tariff policies persist,” she added.
The most expensive non-landed home was a 10,452 sq ft unit at 21 Anderson, near Orchard Road, which transacted at $52.3 million.
Property analysts expect private home sales to remain robust in August as more new projects are launched. Five condo projects are expected to be launched in August, yielding 2,472 units, said Mr Lee Sze Teck, senior director of data analytics at real estate firm Huttons Asia.
Three condo projects – River Green and Promenade Peak in River Valley, and Canberra Crescent Residences – have sold a total of 930 units to date, he noted.
The other two developments are the 941-unit Springleaf Residence in Upper Thomson and Artisan 8, a freehold mixed-use development in Sin Ming with 34 units.
