After two consecutive months of crossing the 1,000-unit threshold, new private home sales saw a dip in March amid smaller-scale launches. According to data published by URA on April 15, developers sold 729 new homes, excluding executive condos (ECs), last month — a fall of 54.4% m-o-m.
Still, the figure is similar to the 718 new homes sold by developers in March of last year, observes Lee Sze Teck, senior director of data analytics at Huttons Asia. He also points out that last month’s lower sales follow a high base for the preceding month, powered by the launch of a mega project. Developers sold 1,575 units in February (a 13-year high for February sales) on the back of two major launches, namely the 1,193-unit ParkTown Residence and the 501-unit Elta.
March new home sales excluding ECs were underpinned by two relatively smaller launches: the 477-unit Lentor Central Residences by Hong Leong Holdings, GuocoLand and CSC Land Group; and the 188-unit Aurea by Far East Organization and Perennial Holdings.
Located in the Outside Central Region (OCR), Lentor Central Residences saw a stellar response during its launch weekend in early March, moving 445 units. For the whole of March, the project shifted 460 units (96.4%) at a median price of $2,213 psf, making it the highest-selling non-EC development for the month, and the best in terms of take-up percentage.
However, the best-performing project in March in terms of number of units sold was Aurelle of Tampines, Sim Lian Group’s EC on Tampines Street 62. The 760-unit project moved 705 units (92.8%) at a median price of $1,769 psf in March.
Last week, all remaining units at the EC were fully taken up following its sales for second-timers on April 12. “This is the second EC project to sell out during the second balloting after Copen Grand in November 2022,” says Huttons’ Lee.
Including ECs, new home sales fell 7.1% m-o-m to 1,510 units in March.
Sustained buyer sentiment
Altogether, a total of 1,315 new homes, including ECs, were released by developers in March, 22.4% lower than the 1,694 units launched in February, observes Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc. The lower launch figure, coupled with the March school holidays, may have led to a temporary pause in market momentum, he adds.
Even so, the strong performances of Lentor Central Residences and Aurelle of Tampines underscore a sustained uplift in buyer sentiment amid more benign interest rates, says Leonard Tay, Knight Frank Singapore’s head of research. “Most homebuyers were focused on new launches, incentivised by the appeal of reduced upfront costs during the staged phases of construction, as well as the appeal of owning a brand-new private home with a modern design and a comprehensive range of amenities,” he explains.
The launch of Lentor Central Residences led to the OCR making up the bulk of last month’s sales, at 596 units or 82%. This was followed by the Rest of Central Region (RCR), which accounted for 87 units or 12%.
While the CCR continued to see the smallest number of transactions at 46 units (6%), sales in the region were bolstered by Aurea, one of the first luxury residential projects launched in the CCR this year.
Far East Organization and Perennial Holdings released an initial 78 units at the Beach Road development for sale, of which 24 units were sold at a median price of $2,924 psf last month. “The positive performance of Aurea underscores the resilience of demand for luxury homes in prime locations, even amid tighter market conditions,” says SRI’s Sandrasegeran.
Record number of new ECs sold for at least $2 million
Christine Sun, chief research and strategist at OrangeTee Group, points out that a record 162 new EC units were sold for at least $2 million in March, beating the previous monthly high of 33 units recorded in August 2023.
Of the 162 transactions, 148 were for units at Aurelle of Tampines, including the most expensive new EC sold in March by absolute price — a 1,356 sq ft unit that fetched $2.48 million.
Other new ECs that were sold for at least $2 million comprised 12 units at Lumina Grand and two at Altura.
Sun adds that a record 751 EC units were sold by developers at prices above $1,500 psf. “Among these transactions, 148 units were sold above $1,800 psf in March 2025, surpassing the median price of resale non-landed private homes in the suburbs at $1,533 psf in March 2025, and is close to the median price of resale non-landed private homes in the city fringe area, at $1,891 psf,” she says.
On a psf-price basis, the priciest new EC sold in March was a 926 sq ft Aurelle of Tampines unit that fetched $1.74 million, or $1,879 psf.
Temporary pullback
Developers have now sold 3,409 new non-landed private homes excluding ECs as of 1Q2025, observes Marcus Chu, CEO of ERA Singapore. “This represents nearly 51% of the 6,626 new non-landed private homes (excluding EC) sold in 2024,” he adds.
Looking at April, Chu notes that the recently-launched One Marina Gardens and Bloomsbury Residences will support developers’ sales. The 937-unit One Marina Gardens in the CBD moved 353 units (38%) during its first weekend of launch at an average price of $2,953 psf, while the 358-unit Bloomsbury Residences at Media Circle shifted 90 units (25%) at an average price of $2,474 psf. The 107-unit Arina East Residences is also slated for launch on April 26.
While tariffs announced by US President Donald Trump have triggered global economic volatility, resulting in dampened sentiments that could weigh on local real estate, Chu believes any negative impact will be limited to a knee-jerk effect. “Singapore’s property sector benefits from domestic buyers’ mid- to long-term outlook. This ensures that local real estate activity remains rooted in genuine buyer needs, rather than speculative activity,” he says.
Huttons’ Lee has a similar take. As with past financial crises and major events such as the announcement of cooling measures, Lee anticipates the market to see a temporary pullback before bouncing back. “It will be business as usual after some months,” he predicts. To that end, he is forecasting developers’ sales to see a further dip in April to around 500 to 600 units.
In the luxury market, the upheaval caused by the tariffs could lead to the ultra-wealthy reassessing their options and turning to safe havens such as Singapore to purchase property, Lee adds.
