Springleaf Residence was the best-selling project in August, moving 884 units at a median price of $2,166 psf (Picture: GuocoLand)
According to data published by URA on Sept 15, developers sold 2,142 new private homes, excluding executive condos (ECs), last month, recording a 128% surge from the 940 units sold in July and charting a second consecutive increase in monthly new home sales.
The figure marks the highest monthly sales recorded so far in 2025 and the strongest August sales since 2007, when monthly developer sales data first became available, observes Christine Sun, chief researcher and strategist at OrangeTee-Realion. On a y-o-y basis, developers’ sales were over ten times higher than the 211 units sold in August 2024.
The spike in August sales follows a bumper crop of new launches that took place in the first half of the month. “Keen to ride on the positive sales momentum and to avoid the Lunar Seventh Month, which starts from Aug 23, developers pushed out five projects for sale in August 2025,” says Lee Sze Teck, senior director of data analytics at Huttons Asia.
Read also: Developers’ sales rebound in July with 940 units sold, up 245.6% m-o-m
The five projects launched were the 941-unit Spingleaf Residence on Upper Thomson Road, the 524-unit River Green in River Valley, the 596-unit Promenade Peak on Zion Road, the 376-unit Canberra Crescent Residences, and the 34-unit Artisan 8 on Sin Ming Road. The projects helped propel the number of units launched for sale in August to 2,496 units, 49% higher m-o-m, says Lee.
Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc (SRI), notes that developers’ monthly sales have not crossed the 2,000-unit mark since November 2024, which also saw five projects launched during the month. Before that, the last time developers’ sales crossed 2,000 units was in March 2013.
Sandrasegeran adds that 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, the 600-unit development in Plantation Close in Tengah. Otto Place shifted 191 units last month at a median price of $1,760 psf.
The largest project to launch last month, the 941-unit Springleaf Residence, was also the top-selling project for August. A total of 884 units were moved at the Outside Central Region (OCR) development with a median price of $2,166 psf.
Together with Canberra Crescent Residences, which shifted 211 units at a median price of $1,991 psf), the two projects resulted in the OCR logging the highest number of new homes sold in August, at 1,153 units.
Read also: Developers' sales fall 9.1% m-o-m in April with 663 units moved
Top 10 performing new launch projects (excluding ECs) in August
Source: URA, ERA Research and Market Intelligence
The Core Central Region (CCR) saw 513 new homes sold in August, bolstered by the launch of River Green, which moved 451 units at a median price of $3,111 psf. This is the highest number of new homes sold in the CCR since March 2021, when 546 units were sold on the back of the launch of Midtown Modern, remarks Marcus Chu, CEO of ERA Singapore. “August saw the launch of two projects within the River Valley-Zion Road precinct, which offered more options to homebuyers and drove renewed interest in the area,” he adds.
The other project, Promenade Peak, falls under District 3 in the Rest of Central Region (RCR). Promenade Peak shifted 333 units at a median price of $2,919 psf last month. It was the best-selling project in the RCR, which saw 476 units sold in August.
Wong Siew Ying, head of research and content at PropNex Realty, points out the ongoing recovery in CCR demand amid new launches in the last two months, including River Green, Upperhouse at Orchard Boulevard and The Robertson Opus. “With 870 new units sold collectively in July and August, the CCR is on track to booking its strongest quarterly sales in 3Q2025 since 994 units were sold in 4Q2010,” she predicts.
While attractive new launches and resilient demand helped drive sales in the CCR, Wong reckons that buyers also viewed the pricing for the recent launches in the region as a good value proposition. “According to URA Realis caveat data, the median transacted price of new non-landed private homes in August was $1.89 million in the CCR, compared with $2.22 million in the RCR, and $1.72 million (excluding EC) in the OCR,” she observes.
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 represents a slight dip from 28 such units sold in July, though the number remains well above the monthly average of seven units registered in the first six months of 2025, she adds.
Two new private non-landed homes transacted for over $10 million in August, on par with July. Similar to the previous month, both units sold were from 21 Anderson, Kheng Leong Co’s ultra-luxury condo on Anderson Road. The priciest unit sold was the condo's remaining 10,452 sq ft, duplex penthouse that 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). According to Huttons’ Lee, the units were purchased by a permanent resident and a Singaporean, respectively.
Read also: Developers’ sales dip 54% m-o-m in March with 729 units sold
Overall, Singaporeans made up 90.6% of private new home buyers in August, followed by permanent residents at 8%. Foreigners contributed to 30 new home sales (1.4%) in August, nearly doubling from the 16 recorded in July. “River Green saw 11 purchases by foreigners, while Promenade Peak and Springleaf Residence sold four units each to foreign buyers,” Lee adds.
Taking into account the August figures, developers have now sold 7,669 new homes excluding ECs in the first eight months of 2025. This already surpasses annual sales over the last three years, including the 6,469 new homes transacted in 2024, comments PropNex’s Wong. “For the whole of 2025, PropNex expects 9,000 to 10,000 new private homes (excluding ECs) may be transacted, up from our earlier sales forecast of 8,000 to 9,000 units,” she continues.
Wong notes that developers’ sales indicate a pricing “sweet spot” for private condos ranging between $1.5 million and $2.5 million. Based on caveat data, 79% of the units sold at the five new launches in August were priced at below $2.5 million, while the median transacted price of all non-landed new private homes, excluding ECs, in the first eight months of the year clocked in at $2.01 million, marginally lower than the $2.09 million for the whole of 2024, she says.
Proportion of units sold by transacted price range at new launches in August
Looking ahead, Wong expects developers' pricing strategy for new launches “to be driven by quantum play, as they seek to keep an ample portion of units within the pricing sweet spot”.
In any case, new home sales in September are expected to be muted, given the Lunar Seventh Month, which ends on Sept 21. “Sales in September are likely to be in the range of 200 to 250 units due a a lack of project launches,” estimates Huttons’ Lee.
Nonetheless, activity should pick up going into the fourth quarter, with developers likely to launch new projects in October and November, ahead of the December year-end holidays, says Leonard Tay, head of research at Knight Frank Singapore.
Projects that may launch in 4Q2025 include a mix of RCR, CCR and OCR developments, notes Wong. They include the 462-unit Penrith on Margaret Drive, the 706-unit Zyon Grand on Zion Road, and the 666-unit Skye at Holland on Holland Drive. “All in, they will offer over 2,500 new units across the three sub-markets, which will appeal to prospective homebuyers, including HDB upgraders,” Wong says.
Upcoming launches in 2025