Developers’ Sales Surge 2142 Units August New Launches
to 1,147 units soldDeveloper sales up 148.2% m-o-m in May; crosses 1,000-unit mark for the first time since Sept 2024
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According to data released by URA on September 15, developers managed to sell 2,142 new private homes in August, excluding executive condos (ECs). This reflects a 128% surge from the 940 units sold in July and marks the highest monthly sales recorded so far in 2025. This also marks the strongest August sales since 2007, when monthly developer sales data was first made available. Christine Sun, chief researcher and strategist at OrangeTee-Realion, notes that compared to August 2024, developers’ sales were over ten times higher than the 211 units sold.
The spike in sales can be attributed to the launch of five new projects in the first two weeks of August. As the Lunar Seventh Month was set to begin on August 23, developers were eager to capitalize on the positive sales momentum. Lee Sze Teck, senior director of data analytics at Huttons Asia, adds that the five projects launched were Spingleaf Residence, River Green, Promenade Peak, Canberra Crescent Residences, and Artisan 8. This resulted in a total of 2,496 units launched for sale in August, a 49% increase from the previous month.
Mohan Sandrasegeran, head of research and data analytics at Singapore Realtons Inc (SRI), highlights that this has been the first time since November 2024 where monthly sales have surpassed the 2,000-unit mark. Before that, the last time sales crossed 2,000 units was in March 2013. The five new launches in August accounted for over 88% of developers’ sales last month.
In the EC market, developers sold 196 units in August, predominantly driven by the second balloting at Otto Place, a 600-unit development in Plantation Close in Tengah. The development recorded a median price of $1,760 psf, with a total of 191 units sold last month. This was the top-selling project for the month.
The largest project launched in August was Spingleaf Residence, with a total of 884 units sold at a median price of $2,166 psf in the Outside Central Region (OCR). Together with Canberra Crescent Residences, which sold 211 units at a median price of $1,991 psf, the OCR recorded the highest number of new homes sold in August at 1,153 units. The Core Central Region (CCR), on the other hand, saw 513 new homes sold, with River Green selling 451 units at a median price of $3,111 psf.
Marcus Chu, CEO of ERA Singapore, notes that this is the highest number of new homes sold in the CCR since March 2021, when 546 units were sold. He credits the launch of two new projects in the River Valley-Zion Road precinct for the renewed interest in the area. The other project, Promenade Peak, falls under District 3 in the Rest of Central Region (RCR), and saw 333 units sold at a median price of $2,919 psf. This was the best-selling project in the RCR, with a total of 476 units sold in August.
Wong Siew Ying, head of research and content at PropNex Realty, notes that the ongoing recovery in CCR demand, coupled with attractive new launches, helped drive sales in the region. She predicts that the CCR is on track to record its strongest quarterly sales in 3Q2025 since 994 units were sold in 4Q2010.
In terms of pricing, Wong remarks that buyers viewed the recent launches in the region as a good value proposition. Data from URA Realis caveat shows that the median transacted price of new non-landed private homes in August was $1.89 million in the CCR, compared to $2.22 million in the RCR, and $1.72 million (excluding ECs) in the OCR.
A total of 22 new non-landed homes were sold between $5 million and $10 million in August, according to OrangeTee-Realion’s Sun. This is a slight dip from the 28 units sold in July, but still significantly higher than the monthly average of seven units in the first half of 2025. Two units were also sold for over $10 million, both from 21 Anderson, an ultra-luxury condo on Anderson Road. The priciest unit sold was the remaining 10,452 sq ft, duplex penthouse, which fetched $52.25 million ($4,999 psf), while the other was a 4,489 sq ft, four-bedroom unit that sold for $21.06 million ($4,692 psf). The buyers were a permanent resident and a Singaporean, respectively.
Overall, Singaporeans made up 90.6% of private new home buyers in August, followed by permanent residents at 8%. Foreign buyers contributed 30 new home sales (1.4%) in August, nearly doubling from the 16 recorded in July. Lee adds that 11 of the foreign purchases were from River Green, while Promenade Peak and Spingleaf Residence each sold four units to foreign buyers.
With the August figures, developers have already sold 7,669 new homes excluding ECs in the first eight months of 2025. This surpasses annual sales over the last three years, including the 6,469 new homes transacted in 2024. Wong predicts that annual sales for 2025 could reach 9,000 to 10,000 new private homes (excluding ECs), up from the previous forecast of 8,000 to 9,000 units.
Wong also notes that developers have found a “sweet spot” for pricing private condos ranging from $1.5 million to $2.5 million. Based on caveat data, she observes that 79% of the units sold at the five new launches in August were priced below $2.5 million. The median transacted price for all non-landed new private homes, excluding ECs, in the first eight months of the year was $2.01 million, marginally lower than the $2.09 million for the whole of 2025.
Looking ahead, Wong expects developers to continue on a quantum play strategy for new launches, keeping a significant portion of units within the pricing “sweet spot”. She also predicts that the upcoming launches in 4Q2025, such as Penrith, Zyon Grand, and Skye at Holland, will offer over 2,500 new units across the three sub-markets and appeal to prospective homebuyers, including HDB upgraders.
Despite an expected muted September due to the Lunar Seventh Month, activity is expected to pick up in the fourth quarter with the launch of new projects in October and November. Leonard Tay, head of research at Knight Frank Singapore, notes that these launches include a mix of RCR, CCR, and OCR developments. Wong adds that these projects will offer over 2,500 new units across the three sub-markets, expected to attract prospective homebuyers, such as HDB upgraders.
