Singapore’s New Home Sales Surge in February: Record S$2M+ Suburban Transactions
Developers Sell 1,575 Units—10 Times More Than a Year Ago
Singapore’s new home market saw an exceptional surge in February 2025, with 1,575 private residential units sold—a staggering 10-fold increase from the same period last year, according to Urban Redevelopment Authority (URA) data released on March 17.
This record-breaking sales volume, which excludes executive condominiums (ECs), also reflects a 45.4% jump from January 2025, marking the highest number of February sales since 2012, when 2,417 units were sold.
Notably, the market witnessed an all-time high of 603 suburban private homes sold for at least S$2 million, shattering the previous record of 512 transactions in November 2024, according to Christine Sun, OrangeTee Group’s chief researcher and strategist.
Why Are Home Sales Booming?
Experts point to several key factors driving this surge in demand:
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Favorable market conditions: Lower mortgage rates and an overall improvement in buyer sentiment.
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Increased affluence: Strong household balance sheets, low unemployment, and generational wealth transfer from past asset appreciation.
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Limited supply in key locations: Pent-up demand in suburban areas where new launches have been scarce in recent years.
Leonard Tay, research head at Knight Frank Singapore, noted,
“It’s only two months into 2025, and we’ve already seen 2,658 new sales (excluding ECs). To put that into perspective, it took eight months in 2024 to reach a similar figure of 2,714 units.”
The momentum carried over from Q4 2024, which saw 6,469 new home sales, slightly exceeding 2023’s 6,421 units—the lowest annual tally in 15 years since the 2008 financial crisis, said CBRE research head for Southeast Asia Tricia Song.
Top Performers: Parktown Residence & Elta Dominate Sales
Two major suburban launches fueled this market rally in February:
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Parktown Residence (Tampines): 1,041 units sold (87% of total units) at a median price of S$2,363 psf.
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Elta (Clementi): 326 units sold (65% of total units) at a median price of S$2,538 psf.
Both projects drew strong demand due to their prime suburban locations, which had seen no new supply for over five years, said Song.
Among the 603 units transacted above S$2 million, about 400 sales came from Parktown Residence, including 57 luxury units priced between S$3 million and S$5 million, as well as two landed homes and five ECs, Sun observed.
Despite the surge in million-dollar transactions, PropNex research head Wong Siew Ying highlighted that:
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82% of Parktown Residence buyers paid below S$2.5 million.
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77% of Elta buyers also purchased below S$2.5 million.
This suggests that homebuyers remain most comfortable in the S$1.5 million to S$2.5 million range.
Who’s Buying? Singaporeans Dominate New Home Sales
According to Huttons Asia head of research Lee Sze Teck:
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92.4% of buyers in February were Singaporeans.
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6.9% were permanent residents (PRs).
The two most expensive new homes sold in February were at 32 Gilstead, both purchased by foreign buyers.
Upcoming Launches to Keep the Momentum Going
With three major launches in March 2025, including:
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Aurelle of Tampines EC
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Aurea at Golden Mile
The market is expected to remain hot, as these projects already saw a combined 1,150 units sold on launch weekend alone.
Notably, Lentor Central Residences (477 units) recorded 445 units sold at an average price of S$2,200 psf.
Looking ahead, the second quarter of 2025 will see even more high-profile launches, including:
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Arina East Residence (Tanjong Rhu)
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Artisan 8 (Bishan)
According to Mohan Sandrasegeran, head of research at Singapore Realtors Inc., these upcoming projects could further energize the market.
Will Property Prices Keep Climbing?
With strong sales momentum, ERA CEO Marcus Chu has raised his forecast for 2025’s new home sales to 9,500 units, up from 7,000 to 8,000 units initially projected.
However, Nicholas Mak, chief research officer at Mogul.sg, warns that rising property prices may lead to new government cooling measures:
“Growing concerns over declining housing affordability could prompt authorities to intervene, especially with the rising cost of living.”
Luxury Homes in Prime Locations Also Gaining Traction
While suburban homes dominate sales, interest in luxury developments like Upper House, The Robertson Opus, and River Green remains strong. These high-end residences cater to a niche market of affluent buyers, further driving Singapore’s overall real estate momentum.
With a strong lineup of launches and sustained demand, Singapore’s property market looks set for an exciting 2025. Stay tuned for more updates!
