January 2025 Developer Sales Report: 2025 Kick-Starts with Over 1,000 New Home Sales

Compared to the lukewarm performance in December, which saw only 203 new private homes (excluding ECs) sold, January saw new home sales pick up again following the launches of projects such as The Orie and Bagnall Haus. In total, 1,083 new homes (excluding ECs) were sold in January. Month-on-month (m-o-m), we witnessed more than a four-fold increase in new homes sold.

With a 256% increase year-on-year (y-o-y), new home sales outperformed the start of the previous year (January 2024), despite having more new launches (The Arcady at Boon Keng, Hillhaven, and the Executive Condo (EC) project Lumina Grand).

Buyer activity in the month was largely driven by the newly launched projects The Orie and Bagnall Haus, as well as the movement of units at One Bernam, which presented itself as a value buy, being priced close to its launch price from 2021. Buyers were quick and decisive in their property purchases before the Chinese New Year took place in the last week of the month.

Best-Performing New Launches

Table 1: Top five performing new launch projects (excluding EC) in January 2025

Source: URA, ERA Research and Market Intelligence

The three top performing projects, as mentioned were The Orie (RCR, 680 units sold), One Bernam (CCR, 99 units sold), and Bagnall Haus (OCR, 75 units sold) – one for each market segment.

Additionally, we also noted Hillock Green and Chuan Park selling over 20 units in the month.

The Orie, being the first Toa Payoh launch since 2016, sold 680, or 87.5% of its units in the month, for a median price of $2,731 psf, with some high floor 1 and 2-bedroom units breaking through the $3,000 psf price point. Majority of the buyers were Singaporeans who grew up in this area and were looking for their next home.

The strong performance was expected due to pent-up demand in Toa Payoh, coupled with the limited availability of plots in the area.

One Bernam took the number two spot for new home sales in the month with 99 units sold. The median sale price of $2,521 psf was lower than when the project first launched in May 2021 ($2,650 psf). With the rest of the market growing at a fast rate, buyers could have found One Bernam to be undervalued, as it had a more affordable price as a CCR project when compared to newer RCR projects which are setting benchmark prices, transacting at a median price of $2,725 psf. This made buyers flock to One Bernam, which presented itself as an attractive CCR value buy as the CCR-RCR price gap shrinks further.

Bagnall Haus is a small freehold D16 condo, which sold 75 of its 113 units within its launch month. The FH development neto MRT checked many boxes for homebuyers. Selling at a median price of $2,494 psf, it plugged a 15-year supply gap in the Upper East Coast area. Its 2- and 3-bedroom units were within the $2-2.5m sweet spot, making it an enticing product for both

Continuing the trend from December, Hillock Green also performed well, transacting 21 units at $2,253 psf. It has consistently performed as a best-seller in 2024, with its attractive pricing compared to the benchmark prices being set islandwide by recent new launches, and its family friendly layouts. Lentor’s supply of new home has been dwindling but the launch of is set to inject fresh options into the market.

Buyers Find Sweet-Spot Pricing in New Private Homes Priced Between $1.5M to $2.5M

We noted that over 57% of new home sales fell within the $1.5m to $2.5m price range.

We can further narrow this down to about 21% of new homes sold in the $1.5m – $2m price range, mainly consisting of 2-bedroom units – and the remaining 36% of new homes sold in the $2m – $2.5m price range, consisting mainly of 3-bedroom units.

This is a trend that we have prior witnessed in 2024, suggesting that affordability remains paramount for buyers, who are willing to wait out and spend when units with the size and layout they desire meet their pricing expectations. This trend is likely to persist in 2025 as higher-for-longer interest rates and geopolitical concerns weigh on market sentiment.

Executive Condominium (EC)

January clocked in just 21 Executive Condo (EC) sales, falling 87.4% m-o-m and 92.1% y-o-y. With the newest EC, Novo Place selling out 88% of its units to close out 2024, EC buyers are slowly snapping up the balance stock in the market. EC projects which sold multiple units in the market consisted of Novo Place, Lumina Grand, and North Gaia.

Buyer Profile

Chart 1: Buyer profile for all new non-landed homes excluding ECs 

Source: URA, ERA Research and Market Intelligence

With the punitive Additional Buyer’s Stamp Duty still in effect, foreigner demand for new private homes continued to stay flat. January 2025 saw a total of 13 transactions made by foreign buyers, making up just 1.2% of the month’s total deals. Meanwhile, Singapore Permanent Resident (PR) buyers clocked 92 transactions in January, making up 8.5% of all new private home (excluding ECs) purchases in the month.

Lastly, Singaporeans continued to dominate the market in January, accounting for 972 transactions or 90.3% of total new private home sales (excluding ECs) for the month. This share aligns closely with the past 12-month average of 87.3%.

Luxury Properties (Non-Landed Homes $5 Mil and Above)

Interestingly, the luxury property market saw two standout transactions in January 2025, both surpassing the $15 million mark. These high-value deals occurred at Park Nova, an ultra-luxury freehold development on Orchard Boulevard.

According to URA caveat data, one transaction involved a 2,906 sqft four-bedroom unit that sold for $16.6 million ($5,708 psf). The other was a penthouse sale, which saw the 5,898 sq ft property changing hands for a remarkable $38.9 million ($6,593 psf).

Both buyers in these transactions were non-Singaporean, with the four-bedroom unit acquired by a foreigner and the penthouse purchased by a PR. Hence, based on the prevailing ABSD rates of 60% for foreigners and 5% for PRs on their first property purchase, this translates to roughly $9.95 million paid in taxes by the four-bedder’s buyer and approximately $1.94 million for the penthouse’s buyer.

Chart 2: Buyer profile for homes transacted at $5mil and more

Source: URA, ERA Research and Market Intelligence 

What Lies Ahead for the New Private Home Market in the Coming Months?

Though recent interest rate cuts and a more positive economic outlook have breathed new life into the new launch market, challenges remain with the possibility of higher-for-longer interest rates, an impending Trump presidency, as well as ongoing trade tensions that could impede Singapore’s economic growth.

Nonetheless, ERA remains cautiously optimistic about Singapore’s residential market in 2025. Supported by strong macroeconomic fundamentals, Singapore is likely to strengthen its position as a ‘safe harbour’ amid potentially stormy conditions. This could, in turn, boost buyer confidence and bolster demand for new private homes even in the face of a challenging global economy. 

In the next two months of 1Q2025, we are likely to see the launch of more highly anticipated projects such as ELTA, Parktown Residences, and Lentor Central residences. These projects will continue to drive the momentum of the primary market following the sizable start witnessed in January.

The same applies for the three upcoming EC projects of 2025, two of which are in the East (Aurelle of Tampines and Jalan Loyang Besar) and one in the West (Plantation Close).  

As such, barring any unforeseen circumstances, the new private residential market could see growth, with sales possibly reaching between 7,000 and 8,000 units in 2025.

Table 2: Upcoming launches in 2025

Source: ERA Project Marketing

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