The crowd at the Skye at Holland sales gallery during the preview (Picture: UOL Group and Capitaland Development)
New private home sales rebounded last month on the back of strong new launches. According to data published by URA on Nov 17, developers sold 2,424 new homes, excluding executive condos (ECs), in October. This is 9.5 times higher than the 255 units moved in September, and 224% higher y-o-y.
The figure is the highest monthly sales recorded in 2025 and the highest October sales since URA data was made available in 2007, observes Mark Yip, CEO of Huttons Asia. He adds that the strong performance was aided by “a steady pipeline of attractively-priced launches, pent-up demand, lower interest rates, better economic growth and ample liquidity”.
Leonard Tay, Knight Frank Singapore’s head of research, notes that the robust October new home sales come on the back of the lowest monthly total for the year, set in September. “Developers resumed launching projects in October with some urgency as there is a limited window after the Lunar Seventh Month (Hungry Ghost Festival) and before the year-end holidays start,” he remarks.
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There were four major launches in October: The 666-unit Skye at Holland in Holland Village; the 399-unit Faber Residence at Faber Walk; the 462-unit Penrith on Margaret Drive; and the 706-unit Zyon Grand on Zion Road. The projects, which achieved strong take-up rates ranging from 84% to 99% during their respective launch weekends, accounted for 84.6% of October developers’ sales, says Mohan Sandrasegeran, head of research and data analytics at SRI.
Including the four projects, developers launched a total of 2,233 new homes for sale last month, nearly 112 times the 20 units launched in September, and 318% more than the units launched in October of last year.
The top-selling project for October was Skye at Holland. Developed by UOL Group and CapitaLand Development, the 99-year leasehold project in the Core Central Region (CCR) shifted 662 units at a median price of $2,949 psf last month.
The “exceptionally strong” response to Skye at Holland is particularly significant for a CCR project, notes Marcus Chu, CEO of ERA Singapore. “The project recorded the highest number of CCR units sold in a single project during its launch month since Duo Residences,” he adds. The 660-unit Duo Residences, part of the Duo integrated development on Beach Road, had launched in November 2013. It had seen 468 units, or 71%, taken up within the first three days of launch.
Zyon Grand, in the Rest of Central Region (RCR), was the second best-selling project for October. Jointly developed by City Developments and Mitsui Fudosan (Asia), the 99-year leasehold project moved 595 units at a median of $3,038 psf.
Penrith, also in the RCR, ranked third. The development by Hong Leong Holdings, Hong Realty and GuocoLand sold 446 units at a median price of $2,791 psf. Meanwhile, GuocoLand and Hong Leong Holdings’ Faber Residence, located in the Outside Central Region (OCR), was the fourth top-selling development, moving 348 units in October at a median of $2,149 psf.
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In the EC market, developers sold 22 units last month, nearly all of which came from Otto Place, the 600-unit EC at Plantation Close that launched in July.
Bolstered by Skye at Holland’s launch, developer sales in the CCR totalled 724 units for October, setting a new record for the region since the data series was first made available, says Knight Frank’s Tay. “The last time monthly developer sales in the CCR breached 700 units was in March (717 units) and January (702 units) 2010, more than 15 years ago and way before the Additional Buyer’s Stamp Duty (ABSD) was at a rate of 60% for foreign buyers,” he continues.
Overall, CCR new home sales accounted for nearly 30% of developers’ sales in October. The bulk of last month's sales occurred in the RCR with 1,225 units (50.5%) sold, underpinned by Zyon Grand and Penrith. In the OCR, units sold accounted for 475 units, or 19.6% of total sales.
The uptick in CCR transactions coincides with a rise in activity in the luxury residential market. “Last month, 51 non-landed homes or condos were sold for at least $5 million, the highest monthly sales since November 2023, when 60 transactions were recorded,” highlights Christine Sun, chief researcher and strategist at Realion (OrangeeTee & ETC) Group.
ERA’s Chu adds that of the 51 luxury property deals, 44 transacted in the $5 million to $6 million range, of which 29 were for four-bedroom units at Skye at Holland.
Four new private homes were sold for more than $10 million in October. These include the sale of an Aman-branded residence at The Skywaters to a Singapore permanent resident for $11.69 million, or $6,501 psf. “This was the second 99-year leasehold non-landed home sold above $6,000 psf and the highest unit price for a 99-year leasehold non-landed home,” says Huttons’ Yip.
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Purchases by foreigners also rose in October, doubling from 15 transactions in September to 31 transactions last month. According to Yip, foreigners mostly purchased from new launches, with 11 sales booked at Zyon Grand and nine at Skye at Holland.
Including October’s sales, developers have now sold a total of 10,299 new homes in the first 10 months of 2025. This is the first time that developers’ sales have crossed the 10,000-unit mark in nearly four years, highlights Kelvin Fong, CEO of PropNex.
Source: PropNex Research, URA
However, with only one major launch – the 347-unit The Sen on De Souza Avenue – closing out the year in November, developers’ sales are expected to ease in the final two months of 2025 before picking back up in 1Q2026 with fresh launches, Fong says. The Sen, developed by Sustained Land, Ho Lee Group and Greatview Development, launched over the weekend of Nov 15–16 via placement of units. About 80 units at the 99-year leasehold project have been sold at an average price of $2,358 psf.
CBRE Research predicts developers' full-year sales will reach about 10,500 to 11,000 units. “We expect that full year price increase will likely be at the higher end of our 3 – 4% forecast, matching or exceeding 2024’s 3.9% full year growth,” the firm adds.