January New Private Home Sales Surge, Marking Largest MoM Jump in 16 Years!

Robust demand at new private residential launches in January propelled total new private home sales to 1,083 units—a roughly fourfold increase month-on-month (MoM), marking the largest MoM surge in 16 years. Market analysts believe that with several prime new launches lined up over the coming months, this sales momentum is set to continue.

Substantial Surge in Sales Figures

According to figures released by the Urban Redevelopment Authority (URA) on 17 February, new private home sales (excluding Executive Condominiums, or ECs) in January surged by 433.5% from December and jumped 256.3% year-on-year (YoY).

Among the market segments, the Rest of Central Region (RCR) emerged as the top performer with 771 units sold, while the Outside Central Region (OCR) recorded 191 units and the Core Central Region (CCR) logged 121 units.

Hot Launches Drive Sales Momentum

The primary driver behind this sharp spike in sales was the stellar take-up at two new launches—The Orie and Bagnall Haus. Sales from these two projects accounted for nearly 70% of total transactions in January.

The Orie, which comprises 777 units, moved 680 units at a median price of $2,731 psf, emerging as the best-selling project of the month. Bagnall Haus sold 75 units at a median price of $2,494 psf, representing 65% of its total units.

In addition, prime project One Bernam transacted 99 units at a median price of $2,521 psf to secure second place in monthly sales, buoyed by promotional discounts rolled out in mid-January that drew strong buyer interest.

Super-Luxury Home Transaction Hits New High

The most expensive new private home transaction in January was a penthouse unit at Park Nova, which fetched an eye-watering $38.9 million, or $6,593 psf—setting a new 14-year high. This transaction once again underscores the resilient allure of Singapore's super-luxury property market, particularly freehold high-end homes, which continue to hold immense appeal for high-net-worth buyers.

Developers Step Up Launch Momentum

Developers launched a total of 896 new units in January, far outpacing the 20 units released in December and representing a 115% increase YoY. Of these, 783 units were in the RCR and 113 units in the OCR, while no new projects were launched in the CCR.

Although no new EC projects were launched in January, 21 EC units were transacted. Factoring in EC sales, total new home sales reached 1,104 units.

New Launches Gearing Up for February

In February, the market is set to welcome a slew of new launches, including ELTA and Parktown Residence, alongside upcoming debuts such as Aurea, Lentor Central Residences, Arina East Residences, and Marina View Residences.

Spanning across various regions and boasting prime locations, these projects are expected to draw keen interest from diverse groups of homebuyers and investors.

Future Market Outlook

Even with expectations that the US may moderate its pace of interest rate cuts, keeping domestic mortgage rates relatively stable, analysts broadly anticipate that new project launches will keep private home market activity buoyant.

Analysts project full-year new private home sales to range between 7,000 and 9,000 units, improving on last year's 6,469 units, while private home prices are forecast to rise by 2% to 4%.

Overall, Singapore’s private residential market is ushering in a fresh growth phase. Supported by stable underlying demand and strong take-up at new launches, market performance over the coming months will be well worth watching.