SINGAPORE: Private home sales in Singapore soared to a 13-year high in February 2025, with 1,575 units sold, marking the highest February performance since 2012.
According to the Urban Redevelopment Authority (URA) report featured in a Channel News Asia article, this robust surge reflects a combination of pent-up demand and a successful launch of two suburban condominium projects. Compared to just 153 units sold in February 2024, the February 2025 sales figure represents a staggering 10-fold increase year-on-year. It also shows a 45.4% rise from the previous month’s 1,083 units, making it the strongest monthly performance since November 2024.
Suburban launches drive strong sales performance
The impressive sales were primarily fueled by two new condominium launches — Parktown Residence in Tampines and Elta in Clementi. Both projects attracted significant buyer interest, largely due to their locations in suburban neighbourhoods that had not seen new developments in at least five years. Ms Tricia Song, head of research for CBRE Singapore, highlighted the “strong pent-up demand” and “robust take-up” as key factors contributing to the successful launches.
Parktown Residence, an integrated mega-project with direct access to a retail mall, an MRT station, and a bus interchange, sold 1,041 units, or 87% of its total units, at a median price of S$2,363 per square foot. The project’s prime location in Tampines, offering unparalleled convenience, made it particularly attractive to upgraders from nearby HDB flats. Elta, located near schools and the Clementi town centre, also garnered attention, with two-bedroom units making up 98% of its sales.
Optimistic outlook amid potential risks
Despite the strong start to the year, experts caution that potential risks lie ahead. Ms Wong Siew Ying, head of research at PropNex, noted that uncertainties in the global economy, such as geopolitical tensions and trade frictions, could disrupt growth. Nevertheless, the outlook for the remainder of 2025 remains positive, with a strong pipeline of upcoming launches, including Lentor Central Residences, Aurelle @ Tampines, and Aurea along Beach Road.
Developers and buyers alike are likely to continue responding to attractive pricing and strategic launches throughout the year. While private home prices rose by 3.9% in 2024, a moderation from the previous year’s sharp 6.8% increase, prices are expected to continue climbing in 2025, supported by strong household balance sheets, lower interest rates, and the upcoming new projects that will offer fresh opportunities for both homebuyers and investors.
As Singapore’s property market enters a new phase, analysts remain optimistic that sales will continue to thrive, albeit with buyers becoming more selective as the volume of new launches increases. The key to success will be how well developers can balance pricing and supply to meet growing demand while keeping the market healthy and sustainable.