Lyndenwoods, the first residential project in Singapore Science Park, sold 331 units, or 96.5% at a median price of $2,463 psf. (Photo: CapitaLand Development)
New private home sales saw an uptick in July amid an influx of major project launches. According to data published by URA on Aug 15, property developers sold 940 homes excluding executive condos (ECs) last month, up by 245.6% from the 272 units shifted in June. On a y-o-y basis, July’s new home sales were up 63.2%.
“It was launch season for developers after the June school holidays,” says Lee Sze Teck, senior director of data analytics at Huttons Asia.
He adds that buyers continued to view properties as mid- to long-term investments and remained unfazed by the cooling measures, including the increased holding period and seller’s stamp duty (SSD) rates, which were announced on July 4.
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The month saw a total of four new private non-landed projects, which include the 343-unit LydenWoods, the 348-unit The Robertson Opus, the 301-unit UpperHouse at Orchard Boulevard, and the 683-unit W Residences Marina View-Singapore. In total, developers launched 1,675 units in July, which was 16.3 times more than the 187 new homes launched in June.
Projects in the Rest of Central Region (RCR) dominated developers’ sales, making up 513 (54.6%) of new homes sold, up from the 189 RCR homes sold in June. The Core Central Region (CCR), on the other hand, saw 357 units (38%) sold, a stark increase from the 14 new homes sold in June.
Meanwhile, the Outside Central Region (OCR) saw just 70 new homes (7.4%) sold, a marginal increase from the 69 units moved in June.
The EC segment saw a huge uptick in sales led by the launch of the 600-unit Otto Place. The 600-unit development shifted 358 units at a median price of $1,746 psf.
The sales momentum last month was largely driven by Lyndenwoods, the first residential project in Singapore Science Park, which sold 331 units, or 96.5% at a median price of $2,463 psf.
According to research by ERA, sales at the development were driven by its two-bedroom units, accounting for around 67% of all new homes sold at Lydenwoods since its launch.
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Marcus Chu, CEO of ERA Singapore, notes that nearby owner-occupiers are likely drawn to the area’s proximity to workplaces, alongside its modern amenities and green spaces. He adds: “Investors may have been attracted by several factors, including the opportunity to be first-movers in the Singapore Science Park area, its city-fringe location, and the future transformation of the region in accordance with the Master Plan 2025.”
In the CCR, The Roberson Opus and UpperHouse at Orchard Boulevard saw strong demand, with launch weekend take-up rates of 53% and 41%, respectively.
According to ERA’s Chu, both July launches marked the largest new private home supply injection within the region since the tightening of additional buyer's stamp duty (ABSD) measures in 2023. He attributes the strong take-up rates at both projects to pent-up demand as 2024 saw only 660 private homes launched within the CCR.
Hutton Asia’s Lee adds that demand for CCR homes has increased on the back of the narrowing gap between new home psf-prices in the CCR and RCR, which has narrowed from 56.5% in 2018 to around 1.9% in 1H2025.
Demand for luxury homes continues to recover in July, which saw 29 transactions for homes priced between $5 million and $10 million, notes Christine Sun, chief research and strategist at Realion Group.
ERA’s Chu adds that local buyers and Singapore Permanent Residents (PRs) made up the majority of the sales, accounting for five and 20 transactions, respectively.
Read also: February developer sales plummet 84.6% y-o-y; units launched lowest since 2007
Ultra-luxury condo 21 Anderson saw two standout deals last month, recording the sale of a 10,452 sq ft, five-bedroom duplex penthouse for $52.25 million and a 4,489 sq ft, four-bedroom unit for $21 million. Both units were purchased by PRs.
Developers’ sales are expected to remain active in August, supported by several new launches. River Green, Promenade Peak and Canberra Crescent Residences launched in the first half of the month.
Seven new launches are slated for the remainder of 2025, which could add around 3,553 units to the market. These include Skye At Holland, The Sen and Zyon Grand.
Realion Group’s Sun says: “The increased marketing activity and buying confidence of affluent investors will create a positive ripple effect in the broader market, motivating hesitant buyers or those waiting on the sidelines to invest.”
Huttons Asia’s Lee adds that the ongoing sales momentum in the CCR and the newly revised 2025 GDP forecasts by MTI could further boost buyer confidence for the rest of the year.
Lee expects August developers’ sales to be between 1,800 and 2,000 units, while full-year sales could range from 7,500 to 8,500 units.
Check out the latest listings for 21 Anderson, Otto Place, The Robertson Opus, Upperhouse At Orchard Boulevard properties