February 2025 Monthly Developer Sales Report: Over 1,500 units Snapped Up Thanks to Blockbuster Projects in Tampines and Clementi

In the month of February 2025, we witnessed 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 an absence of new launches in the market. Some 2,658 new non-landed private homes (excluding EC) were sold in the first two months of the year, this totals up to 41.1% of 2024’s total of 6,469 new non-landed private homes (excluding EC) sold by developers.

Table 1: New Home Sales over the Last Six months

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

The robust sale 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.

Table 1: Top ten performing new launch projects (excluding EC) in Feb

Source: URA, ERA Research and Market Intelligence

Strong launch performance for Integrated Mega-Development Parktown Residences

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 Sells Two-Thirds of its Units

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.

Pinetree Hill and Nava Grove Provide RCR Value Propositions

The third and fourth best sellers this month were Pinetree Hill and Nava Grove, neighbouring projects located at Pine Grove in the RCR District 21. These projects sold units of various sizes, from smaller 2-bedroom units to larger 4- and 5- bedroom units.

Overall, Pinetree Hill and Nava Grove transacted at a median price of $2,613 psf and $2,574 psf respectively, which was below the RCR median of $2,618 psf. Following the launch hype of other RCR projects in recent months such as The Orie and Emerald of Katong which have set new benchmark prices for the region, Pinetree Hill and Nava Grove are now viewed as value-for-money projects in the RCR.

Muted Demand for EC Amidst No Launch, March to see New EC Launch

February clocked in 29 Executive Condo (EC) sales, a slight increase from the previous month, with no new EC launches. Overall, ECs this month were transacted at a median price of $1,616 psf, with almost 60% of transactions taking place at Novo Place, the most recent EC launch.

As of 17 March 2025, there remain only 119 unsold EC units and buyers are slowly snapping up the balance stock. We expect the EC market to be reinvigorated in March, following the launch of the Aurelle of Tampines. The EC project will be in the East’s largest residential town with a steady supply of ready upgraders from nearby HDB flats, leading us to expect a strong sales performance upon its launch.

Luxury Homes See Two High-Value Transactions by Foreigners

Chart 1: Buyer profile for homes transacted at $5mil and more

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

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.

Chart 2: Buyer profile for all new non-landed homes excluding ECs

Source: URA as at 17 March 2025, 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. February 2025 saw a total of 11 transactions made by foreign buyers, making up just 0.7% of the month’s total deals. Meanwhile, Singapore Permanent Resident (PR) buyers clocked 110 transactions in February, making up 6.9% of all new private home (excluding ECs) purchases in the month.

Lastly, Singaporeans continued to dominate the market in February, accounting for 1,479 transactions or 92.4% of total new private home sales (excluding ECs) for the month. This share exceeds the past 12-month average of 87.4%.

Closing Thoughts and Forecast

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 Central Residences.