Singapore’s private home market saw a remarkable surge in February, reaching a 13-year high in sales due to strong pent-up demand and the successful launch of two suburban condominium projects.

According to data from the Urban Redevelopment Authority (URA) released on March 17, developers sold 1,575 new private homes last month, excluding executive condominiums (ECs).

Year-on-year, the number of new home sales in February skyrocketed more than tenfold compared to the 153 units sold in the same month of 2024. Additionally, sales increased by 45.4% from January’s figure of 1,083 units. This also represents the strongest monthly developer sales since November 2024, when 2,557 units were sold, according to property statistics.

Among the 1,575 units sold last month, 25 were located in the Core Central Region (CCR), 98 in the Rest of Central Region (RCR), and 1,452 in the Outside Central Region (OCR).

Suburban Condo Launches Drive Market Boom

Chia JT, Managing Director at Propertyforsale Pte Ltd, highlighted that February’s sales surge was largely driven by the two major launches—Parktown Residence in Tampines and Elta in Clementi.

Parktown Residence, described as an “integrated mega-project,” saw exceptional sales performance, moving 1,041 units, or 87% of its total offerings, at a median price of S$2,363 per square foot (psf). Chia attributed its appeal to its integrated development status, which offers direct access to amenities such as a retail mall, the upcoming Tampines North MRT station on the Thomson-East Coast Line, and a bus interchange.

Elta, on the other hand, drew buyers due to its strategic location near schools and the Clementi town centre.

February’s strong performance also marked the best OCR transaction volume in nearly a decade, surpassing the 1,523 units sold in July 2015.

Market Outlook for 2025

Although the private property market started 2025 on a strong note,economic uncertainties arising from global geopolitical tensions and Trump 2.0 trade war, could pose risks in the coming months.

March sales to remain solid, though slightly lower than February’s peak. Notably, Lentor Central Residences in Upper Thomson had sold over 90% of its units this month.

Other property launches in March include Aurelle @ Tampines and Aurea on Beach Road.

Looking ahead to the second quarter, the new launch projects Arina East Residences, Marina View Residences, Artisan 8, and One Marina Gardens would further invigorate the market by offering new opportunities for buyers and investors.

Chia remains optimistic about the private home market in 2025, citing two indicative interest rates cuts and improved buying sentiment due to fear of missing out (FOMO). 

Private home prices in 2024 rose by 3.9%, a moderation from the 6.8% growth in 2023 and 8.6% increase in 2022.