February 2025 Monthly Developer Sales: Commentary by ERA

SINGAPORE, 18 March 2025 – URA has released the February Developer Sales report. February saw 1,575 private new homes (excluding EC) sold in the month. This was a 45.4% increase month-on-month (m-o-m) following a promising opening to the year in January, which saw 1,083 private new homes transactions.

This is a stark 929% increase year-on-year, particularly due to the low base witnessed in February 2024, stemming from a lack of new launches in the market (only 153 units were sold back then). Some 2,658 new non-landed private homes (excluding EC) were sold in the first two months of 2025, this alone is equivalent to 41.1% of the 6,469 new non-landed private homes (excluding EC) sold by developers in 2024.

This also represents the largest number of new homes sold since November 2024, which saw the launch of blockbuster projects such as Chuan Park, Emerald of Katong, Nava Grove, Union Square Residences, and the Collective @ One Sophia after a year that saw an overall lack of launches.

Table 1: New Home Sales Over the Last 6 Months

Source: URA as at 17 March 2025, ERA Research and Market Intelligence

The robust sales can be largely attributed to the launch of Parktown Residences, an integrated mega-development of over 1,193 units at Tampines, and Elta, a 501-unit project at Clementi Ave 1.

Parktown residences and Elta sold 1,041 and 326 units respectively in the month, or 87.3% and 65.1% of their total stock respectively.

Parktown Residences draw many Tampines HDB upgraders as it offers unparalleled convenience with direct access to the future Tampines North MRT station, bus interchange, retail mall, hawker centre, and community club. Additionally, the project is a mega-development, boasting over 1,000 units, and have lots of facilities. The culmination of these factors positions Parktown Residences as a fantastic product for HDB upgraders, resulting in a stellar launch performance which saw over 87% of its units transacted in the month.

Moreover, the 2-bedroom and 3-bedroom units were sold out, at median prices of $1.66m and $2.43m respectively, positioning them well within the sweet spot range for HDB upgraders.

With around 2,500 MOP flats in Tampines reaching eligibility between 2024 and 2025, Parktown Residences was well-positioned to attract upgraders with its competitive price quantum.

Elta was the other project that launched in the month to a welcome response, selling around 65% of its units. Two-bedroom units were the most popular at this project, selling 179 units, or 98% of their available stock due to their attractive prices, transacting at a median price quantum of $1.71m.

Likewise, one-bedroom units were popular among investors, with approximately 78% sold at prices starting from $1.16M. Investors are confident of the sustained rental demand from international students studying at tertiary institutions in Clementi.

The luxury home market saw a jump in transaction activity, with 14 new home transactions priced at $5 million and above. This is seven-times more than the previous month which saw a mere 2 transactions. Notably, two $14m and above units were purchased at 32 Gilstead by (non-Singaporean PR) foreign buyers

March should see a continuation of the strong new home sales momentum with the launch of the CCR mixed-use development Aurea (formerly Golden Mile Complex), Aurelle of Tampines, an EC launch and the OCR project Lentor Hills Residences.

As of mid-March, these projects have collectively sold over 1,150 units, promising a strong closing to the quarter. Building on the recent momentum in new home sales, ERA has revised our earlier projection of 7,000 and 8,000 new home sales to 8,500–9,500 units for the whole of 2025.

For media enquiries, please contact:

Yue Kai Xin, Press Relations, ERA Singapore

Email: [email protected]