Singapore’s New Home Sales Soar 256% in January, Driven by Major Condo Launches
Singapore’s property market kicked off 2025 with a bang as new private home sales surged by an astonishing 256.3% year-on-year in January. The robust sales performance was fueled by the successful launch of Bagnall Haus in East Coast and The Orie in Toa Payoh, which accounted for nearly 70% of total transactions, according to the Urban Redevelopment Authority (URA) data released on Feb 17.
January Home Sales Hit a 4-Year High
Developers sold 1,083 new private homes (excluding executive condominiums) last month, marking the highest January sales volume since 2021, when 1,633 units were transacted. This represents an impressive 433.5% increase from December 2024, when only 203 units were sold, a traditionally slow period due to year-end festivities.
Key Highlights:
- Bagnall Haus moved 65% of its units at an average price of S$2,490 per square foot (psf).
- The Orie achieved an 86% take-up rate, with units selling at an average of S$2,704 psf.
- 896 new units were launched in January, significantly higher than the 20 units in December and the 417 units launched in January 2024.
Market Analysts Weigh In
Industry experts highlight that the strong demand reflects buyers’ confidence in Singapore’s property market despite economic uncertainties.
Mohan Sandrasegeran, Head of Research and Data Analytics at SRI, noted: “If this momentum continues, it could pave the way for sustained demand, particularly as developers time their launches strategically.”
Marcus Chu, CEO of ERA Singapore, emphasized: “Singapore’s firm economic fundamentals reassure buyers of the resilience of the residential market, helping it withstand global headwinds.”
What’s Next for the Market?
Momentum is expected to carry into February, with two highly anticipated launches:
- Elta (501 units) in Clementi
- Parktown Residence (1,193 units) in Tampines
Both projects are set to start booking sales this weekend, and analysts anticipate strong buyer turnout post-Chinese New Year.
Huttons Asia’s Lee Sze Teck predicts that February sales might even surpass January’s figures, driven by pent-up demand.
Upcoming Launches to Watch
Beyond February, more major developments are slated for launch, including:
- Aurelle of Tampines (760-unit EC project)
- Lentor Central Residences (477 units)
- Aurea (188-unit luxury development)
Price Outlook and Market Forecast
According to OrangeTee’s Chief Researcher Christine Sun, new private home prices are projected to rise by 2% to 4% in 2025, backed by healthy demand and a steady pipeline of launches. Analysts also estimate that new home sales could reach between 7,000 and 9,000 units this year.
Executive Condominium (EC) Market Update
Including ECs, a total of 1,104 new units were sold in January, up from 373 units in December and significantly higher than the 611 units transacted in January 2024.
As there were no new EC launches last month, only 21 EC units were sold. However, demand remains strong, with only 148 unsold EC units left on the market, according to ERA’s Chu, who noted that buyers are “gradually snapping up the remaining stock.”
With a flurry of new launches and buyer confidence holding strong, Singapore’s property market is poised for an exciting year ahead. As developers roll out more projects and homebuyers adjust to the evolving landscape, industry players will be watching closely to see how the market unfolds in the coming months.
