Developers’ Sales Stay Muted June 272 Units Sold Down 128 M O M
June marked another uneventful month for new private home sales as developers refrained from launching major projects. According to data released by URA on July 15, a total of 272 homes were sold (excluding executive condos) in June, a 12.8% decline from the 312 units sold in May. On a year-on-year basis, sales in June showed a 19.3% increase from the 228 units sold in the same month last year.
ERA Singapore CEO Marcus Chu notes that sales were muted as most developers held back new launches during the June school holidays, when many potential buyers were overseas. The only two projects launched in June were Amber House, a 105-unit development in the East Coast, and Arina East Residences, a 107-unit development in Tanjong Rhu. However, the latter only released a limited number of units for sale by invitation. In total, developers launched a measly 187 new homes in June, which is more than eight times the 20 units launched in May.
The top-selling projects for the third consecutive month were One Marina Gardens and Bloomsbury Residences, indicating a continued dominance of projects in the Rest of Central Region (RCR). Out of the 272 units sold in June, 189 were from RCR projects, which is consistent with the 191 units sold in May. Projects in the Outside Central Region (OCR) accounted for 69 units, a significant drop from the 106 units sold in May, while the Core Central Region (CCR) saw 14 units sold, slightly lower than the 16 units sold the previous month.
In the executive condo segment, developers managed to sell 33 units in June, a 37.5% increase from the 24 units sold in May. These units were from existing EC projects, namely Aurelle of Tampines and Sim Lian Group’s project on Tampines Street 62, which collectively sold 15 units at a median price of $1,813 psf.
Despite marking a fourth consecutive month of decline, June’s new home sales show an overall improvement compared to previous years. According to Realion Group’s chief researcher and strategist Christine Sun, developers sold 4,634 units (excluding ECs) between January and June, which is a significant jump from the 1,889 units sold in the first half of 2024. It also outperforms the 3,383 and 4,222 units sold in the same period in 2023 and 2022, respectively. Sun attributes this trend to the resilience of the private market and improving mortgage environment.
There has been a gradual return of demand from non-citizen buyers, particularly PRs. In the first half of 2025, PRs accounted for 396 units sold, 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 bought in the first half of 2024. Sandrasegeran, head of research and data analytics at Singapore Realtors Inc., believes that attractive project launches and Singapore’s stable property market are luring non-citizen buyers back. However, the majority of buyers are still Singapore citizens, who make up 90% of all non-landed private home sales.
PR buyers have also contributed to the luxury home market, which saw a slight pickup in June. URA data shows that 16 units were sold for over $5 million, compared to 13 units in May. According to ERA’s Chu, PRs accounted for nine of the top transactions, including 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.
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July is expected to see a rebound in developers’ sales with the launch of several new projects. CapitaLand Development’s LydenWoods, a 343-unit condo in Singapore Science Park, has already surpassed June’s new home sales. The developer sold 324 units at an average price of $2,450 psf during last weekend’s launch. According to Wong Siew Ying, head of research and content at PropNex Realty, this strong performance is likely to generate more buzz in the new home sales market as more launches are expected in the coming weeks. Two more projects, The Robertson Opus and Upperhouse, will launch on the weekend of July 19 and 20, adding almost 1,000 new private homes to the market. These projects are all located in the CCR, which is expected to see a rebound after months of muted activity due to the absence of new launches. Meanwhile, the 600-unit EC project Otto Place in Tengah will start taking bookings on July 19, which is expected to boost the EC market. Overall, industry experts anticipate between 600 and 700 units to be sold in July, with full-year sales projected to reach between 7,500 and 8,500 units.