New home sales surge 256% on year in January, buoyed by new project launches
In a remarkable turnaround, Singapore’s property developers sold 1,083 new homes (excluding executive condominiums) in January 2025, marking a staggering 256.3% increase from the 304 units sold in January 2024. This surge also represents a 433.5% jump from the 203 units sold in December 2024, a typically slow month for property transactions.
This impressive growth is largely attributed to the successful launches of two major projects: the 113-unit Bagnall Haus in East Coast and the 777-unit The Orie in Toa Payoh. Together, these developments accounted for nearly 70% of January’s total sales. Bagnall Haus achieved approximately 65% sales at an average price of S$2,490 per square foot (psf) during its launch weekend, while The Orie sold about 86% of its units at an average price of S$2,704 psf.
In total, 896 units were launched in January, a significant increase from the 20 units in December and higher than the 417 units made available in January 2024. Excluding executive condominiums, January 2025’s new private home sales reached the highest volume for the month since 2021, when 1,633 units were sold.
Analysts are optimistic that this momentum will continue, especially with upcoming projects like the 501-unit Elta in Clementi and the 1,193-unit Parktown Residence in Tampines, both starting sales soon. These developments are expected to sustain buyer interest and further bolster the market.
Projections for 2025 suggest that new home sales could reach between 7,000 and 9,000 units. Additionally, new private home prices are anticipated to rise moderately by 2% to 4%, driven by healthy demand and a robust pipeline of new launches.
Including executive condominiums, 1,104 new units were sold in January, up from 373 units in December 2024 and higher than the 611 units sold in January 2024. With no new executive condominium launches last month, only 21 such units were transacted.
As of January, only 148 executive condominium units remain unsold, indicating a steady absorption rate as buyers continue to secure the remaining stock.
This surge in new home sales reflects a renewed confidence in Singapore’s property market, with strategic project launches meeting the evolving needs of homebuyers.
