February New Private Home Sales Hit Record High: Over 600 Units Transacted Above $2 Million

New Private Home Sales Surge as Mass Market Booms: Over 600 Units Transacted Above $2 Million

In February 2025, Singapore's non-landed private residential market rebounded swiftly after Chinese New Year, driving sales momentum to new heights. Spurred by multiple mega-project launches, developers sold 1,575 units, marking the highest February sales tally in 13 years.

According to data released by the Urban Redevelopment Authority (URA) (excluding Executive Condominiums, or ECs):

Units launched: 1,694 (up 89% month-on-month)

Units sold: 1,575 (up 45.4% month-on-month)

This marks the second-highest February sales figure since February 2012 (2,417 units)

Two Mega Launches Drive Volume; Mass-Market Homes Account for 92% of Sales

This sales surge was primarily propelled by two major developments:

Parktown Residence: 1,041 out of 1,193 units sold

Elta: 326 out of 501 units sold

Both situated in the Outside Central Region (OCR), they contributed a combined 1,452 units, accounting for 92% of total developer sales.

In February, 603 new OCR private homes were sold at prices of at least $2 million, setting a new monthly record for the number of units transacted above the $2 million threshold.

Among these:

Parktown Residence sold 397 units

Elta sold 145 units

Units priced between $3 million and $5 million accounted for 57 units and 23 units, respectively.

Analysts: Robust Private Home Sales to Fuel Demand for OCR Land Parcels

The stellar performance of the mass-market private home segment will encourage developers to focus on Government Land Sales (GLS) sites in the Outside Central Region, especially those near MRT stations and regional centres. Strong buyer demand could also embolden developers to price more aggressively, nudging new launch prices higher.

However, persistently climbing private home prices could exacerbate affordability concerns, potentially prompting the government to consider another round of cooling measures.

Are Regional Price Boundaries Blurring? OCR Projects Nearly Match Prime District Pricing

Traditional regional pricing tiers are being disrupted. Taking several recent developments as examples:

The Collective at One Sophia (Orchard / CCR): Average price of $2,743 psf

Union Square Residences (Rest of Central Region / RCR): Average price of $3,175 psf

The Orie (OCR): Average price of $2,734 psf

This illustrates that pricing for certain OCR developments is drawing level with, or even outpacing, select prime region projects. This trend may stem from unique site attributes, comprehensive amenities, or shifting market preferences for specific locales, effectively blurring conventional regional price tags.

EC Market Remains Resilient as Price Gap with Mass-Market Private Homes Widens

In the Executive Condominium (EC) segment, 29 units were sold in February, with median prices ranging between $1,324 and $1,676 psf.

The widening price gap between new private condominiums and new ECs further underscores the compelling value proposition of ECs. ECs remain highly attractive, with market demand expected to stay resilient.

Q1 Sales Likely to Match Q4 2024 Levels

In the first two months of 2025, 2,658 new private residential units were sold. Factoring in Lentor Central Residences' stellar launch in March—moving 445 units (93%) over its launch weekend—total sales for Q1 2025 are well on track to match Q4 2024's tally of 3,420 units.