Developer sales plummet 88.2% m-o-m in Sept due to lack of launches
Canberra Crescent Residences was the best-performing project in September. The 376-unit development sold 28 units last month at a median price of $2,001 psf. (Picture: Albert Chua/The Edge Singapore)
Ask Buddy
The absence of new project launches last month saw developer sales plumet 88.2% m-o-m to just 255 units sold, excluding Executive Condos (ECs). This is the lowest monthly new home sales volume so far this year.
The latest sales figure also represents a yearly decrease of 36.4% compared to the same period last year, when 401 units were sold.
Meanwhile, sales in the EC market recorded a contraction of 92.3% m-o-m with just 15 units sold by developers.
Search for the latest New Launches, to find out the transaction prices and available units
The market took a breather in September due to the Hungry Ghost Month, which started on Aug 23 and ended on Sept 21, as well as the week-long September school holiday from Sept 6 to 14.
During this seasonal lull, when developers generally hold back from launching new projects, buyers redirected their attention to existing developments, says Marcus Chu, CEO of ERA Singapore.
In terms of the number of units sold, Canberra Crescent Residences was the best-performing project in September. The 376-unit development sold 28 units last month at a median price of $2,001 psf. Jointly developed by Kheng Leong Co and Low Keng Huat, the 99-year leasehold development launched on Aug 2 and sold 150 units (40%). According to caveats, it has sold 239 units (63%).
Table: ERA Singapore, URA
The second best-selling new project last month is Grand Dunman, which sold 24 units at a median price of $2,508 psf. The 1,008-unit development launched for sale in July 2023 and has sold 867 units (86%) to date, setting an average price of $2,524 psf.
Grand Dunman remains a standout development in the Rest of Central Region (RCR). Its city fringe location, near to key schools and MRT access, continues to underpin buyer confidence, says Chu.
Other top-performing projects last month include River Green (16 units at $3,201 psf), Tembusu Grand (12 units at $2,393 psf), and Bloomsbury Residences (11 units at $2,548 psf).
Underlying strength in EC market
Meanwhile, the relatively weak performance of the EC market was also due to the absence of new EC projects. Half of the sales in this segment last month came from Otto Place, a 600-unit EC development in Tengah. The project moved eight units last month.
Otto Place launched for sale in July and moved 351 units (58%) at an average price of $1,700 psf. Sales increased to 548 units (90%) after the second round of balloting in August, and the development has 54 units unsold.
The sale of eight units at Otto Place last month accounted for half of the EC units sold in September 2025. (Picture: Hoi Hup/Sunway Developments)
A notable EC transaction was the sale of a 1,206 sq ft unit at Aurelle of Tampines, which fetched $2.12 million ($1,758 psf) on Sept 4.
According to data from Realion (OrangeTee & ETC) Group, there have been 287 EC units sold for over $2 million so far this year. This far exceeds the 65 transactions registered last year and leaps over the previous record of 90 transactions in 2023.
On a psf-price basis, there have been 291 EC units sold for at least $1,800 psf over the first nine months of this year, a record high for the EC segment. The record psf-price for an EC unit involved a 947-unit at Otto Place, which transacted for $1.8 million ($1,909 psf) on Aug 19.
“As private home prices continue to hold steady, many middle-income Singaporeans and HDB upgraders are buying new ECs, given the affordability as compared to other private homes,” says Christine Sun, chief researcher and strategist, Realion (OrangeTee & ETC) Group.
She adds that a surge in HDB resale prices and the growing number of million-dollar flat sales also provide more buyers with the financial capacity to upgrade to ECs.
The next new EC project is expected to be the upcoming development by a Qingjian-led consortium at Jalan Loyanf Besar in Pasir Ris. “This project will attract strong interest from HDB upgraders living in the East, although it may be at higher price points due to increased land and construction costs,” says Chu.
More launch-ready projects and lower borrowing rates
Over the first nine months of this year, developers have sold a total of 7,924 new private residential units, excluding ECs. This is more than the 6,626 units transacted throughout last year.
The improved performance of the new launch market this year is due to the strong pipeline of new launches in recent months, and the easing interest rate environment as the year draws to a close, says Chu.
Graph: PropNex Realty
Lower borrowing rates have bolstered market confidence, improved the affordability of new homes, and may nudge some fence-sitters to act, says Wong Siew Ying, head of research and content at PropNex Realty.
As of Oct 15, the three-month Compounded Sora (Singapore interbank offered rates), which banks use to price home loan packages, has eased to around 1.40% p.a., which is the lowest since around mid-August 2022.
“Although some prospective buyers may decide to wait for rates to fall further, we believe there are those who prefer to enter the market sooner, as they perceive that home prices may creep up in 2026, when projects with firmer land prices are launched,” says Wong.
Overall, Singapore’s private residential market remains resilient despite overarching global uncertainty, and buyer confidence is supported by low unemployment and healthy household balance sheets, says Leonard Tay, head of research at Knight Frank Singapore.
He adds that employment levels remain relatively high, and strong domestic savings provide households with financial flexibility and the confidence to enter the property market. “While most households are not under immediate financial pressure, some are motivated to act sooner rather than later, anticipating further price growth, especially with interest rates trending downwards,” he says.
Developer sales rebound in October
Looking ahead, the performance of the new launch condo market is expected to rebound sharply in October. The start of the month has already been characterised with the strong sales at Skye at Holland. The 666-unit development in Holland Village saw a near sellout launch on Oct 11, moving 658 units (99%) and setting an average price of $2,953 psf.
Upcoming new projects that are expected to launch before the end of the year include the 426-unit Penrith on Margaret Drive. Developed by Hong Leong Holdings, the project will launch on Oct 18. It will coincide with the launch of Faber Residence by GuocoLand, who is developing the 399-unit development in Faber Hills.
Zyon Grand, a 706-unit development jointly developed by City Developments (CDL) and Mitsui Fudosan (Asia), who will launch the project on Oct 25. Also in the pipeline is The Sen, a 347-unit development in Upper Bukit Timah which is jointly developed by sustained Land, Greatview Development, and H10 Holdings.
Chu opines that these upcoming projects will likely see relatively high take-up rates, supported by growing buyer interest heading into the year-end.
The unfolding global macroeconomic headwinds, direction of interest rates, and unemployment levels in Singapore will be key indicators to watch in the months ahead, says Tay. He expects new home sales in Singapore could exceed 9,000 unit sold for the whole of 2025.
Ask Buddy
Follow Us
Property updates, 24/7.
Subscribe to Newsletter
Market insights, delivered weekly.
Top Articles
Search