Developers’ Sales Stay Muted June 272 Units Sold Down 128 M O M
In June, new home sales in Singapore experienced a slow month with a lack of major project launches. The most recent data released by URA on July 15 reveals that developers only sold 272 homes, excluding executive condos (ECs), which is 12.8% less than the 312 units sold in May. However, compared to the same month last year, new home sales in June were up by 19.3% from 228 units sold.
According to Marcus Chu, CEO of ERA Singapore, the reason for the muted sales in June was due to most developers holding back their new launches during the June school holidays when many potential buyers were overseas. The only projects launched in June were the 105-unit Amber House in the East Coast and the 107-unit Arina East Residences in Tanjong Rhu, which only had a limited number of units available for sale by invitation.
Compared to the previous month where only 20 units were launched, developers launched a total of 187 new homes in June. However, the top-selling projects remained the same for the third consecutive month with One Marina Gardens and Bloomsbury Residences leading the pack. The 937-unit One Marina Gardens in Marina South sold 49 units at a median price of $2,962 psf, while the 358-unit Bloomsbury Residences in Media Circle sold 30 units at a median price of $2,516 psf. Both projects were launched in April.
The Rest of Central Region (RCR) continues to dominate developers’ sales with 189 units sold, making up almost 70% of the total new homes sold. This was on par with the 191 units sold in May. Meanwhile, the Outside Central Region (OCR) sold 69 units, down from the 106 units sold in May, and making up 25% of total new home sales. The top-selling project in the OCR was Hillock Green, where 12 units were sold at a median price of $2,311 psf. In the Core Central Region (CCR), 14 units were sold, slightly lower than the 16 units sold in May.
In the EC segment, developers sold 33 units in June, an increase of 37.5% from the 24 units sold in May. These units came from existing EC projects such as Aurelle of Tampines, a 760-unit development by Sim Lian Group on Tampines Street 62. It sold 15 units at a median price of $1,813 psf.
Rivelle Tampines EC boasts not only convenient road and MRT access, but also an exceptional bus network, ensuring easy connectivity for its residents to a multitude of destinations. With this comprehensive transportation system in place, daily commutes to work, school, or leisure can be done seamlessly and efficiently. To top it off, Rivelle adds to the already impressive transportation options within the neighbourhood.
Despite the fourth consecutive month of decline, Christine Sun, chief researcher and strategist at Realion Group, highlights that overall new home sales in the first half of the year have improved significantly compared to previous years. Developers sold 4,634 units excluding ECs in the first half of 2025, a 145% increase from the 1,889 units sold in the same period in 2024. This is also 37% and 9.8% higher than the number of units sold in the same period in 2023 and 2022, respectively. Sun attributes this trend to the property market’s resilience and a better mortgage environment.
The demand for properties in Singapore has also seen a gradual return from non-citizen buyers, with permanent residents (PRs) accounting for 396 units sold in the first half of 2025, more than double the 189 units sold in the same period last year. Similarly, foreigners purchased 56 units, a 40% increase from the 40 units purchased in the first half of 2024. Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc., believes that this is due to the attractive project launches and Singapore’s appeal as a safe and stable property market. However, the majority of property demand still comes from Singapore citizens, who account for around 90% of new non-landed private home sales in the first half of 2025.
The luxury home market also saw a modest pickup in June, with 16 new private homes sold for over $5 million, compared to 13 units sold in May. ERA’s Chu adds that nine of these deals were made by PRs, including the three largest transactions: the sale of a 5,285 sq ft unit at Skywater Residences for $30.8 million and two 4,200 sq ft, four-bedroom units at 32 Gilstead for $15 million each.
July is expected to see a rebound in developers’ sales with more new launches on the horizon. CapitaLand Development’s 343-unit LydenWoods in Singapore Science Park, which was launched last weekend, has already exceeded June’s new home sales with 324 units sold at an average price of $2,450 psf. Wong Siew Ying, head of research and content at PropNex Realty, believes that this strong performance could generate more interest in the market as more new launches are scheduled. The upcoming launches include the 348-unit The Robertson Opus on Robertson Walk and the 301-unit Upperhouse at Orchard Boulevard, both launching on July 19 and 20. Together with LydenWoods, these projects represent nearly 1,000 new private homes.
Wong also notes that the Core Central Region (CCR) is expected to experience a rebound after months of low activity due to the lack of launches. Both The Robertson Opus and Upperhouse are located in the CCR, and another project, the 683-unit W Residences Marina View – Singapore, will have a private preview in July. However, Wong adds that monthly sales in the CCR have only averaged at 53 units since the Additional Buyer’s Stamp Duty rates were tightened in April 2023.
PropNex Realty’s Wong predicts that developers could sell between 8,000 and 9,000 new homes (excluding ECs) in 2025, exceeding the 6,469 units sold in 2024. Meanwhile, Mark Yip, CEO of Huttons Asia, believes that more launches will take place in the near future as developers look to capitalize on the period before the seventh lunar month, which will begin on August 23 and end in mid-September. Projects such as River Green by Wing Tai Holdings and Promenade Peak, located in River Valley, are set to commence sales bookings on August 2. Yip expects developers’ sales in July to range from 600 to 700 units, with full-year sales reaching between 7,500 to 8,500 units.
The Executive Condominium (EC) market will also see an increase in sales with the launch of Otto Place, a 600-unit EC by Hoi Hup Realty and Sunway Developments in Tengah on July 19. ERA’s Chu predicts that this project will see strong demand, as the available stock of ECs has dwindled to only 18 units as of June. He also adds that the future supply will be further boosted by an upcoming EC project on Jalan Loyang Besar, which is set to debut in the fourth quarter of 2025.