Singapore’s Private Home Sales Rise Slightly in March; EC Market Hits $2M Record
Developers in Singapore sold 729 new private homes (excluding ECs) in March 2025, reflecting a modest 1.5% increase from the 718 units transacted in March 2024, according to the Urban Redevelopment Authority (URA).
While the monthly gain was minimal, the figure marked a sharp drop from February 2025, which recorded 1,597 units sold – driven by blockbuster launches like Parktown Residence and Elta.
When executive condominiums (ECs) are included, total sales reached 1,510 units in March, up from 832 units in March 2024, though lower than the 1,626 units in February 2025.
Q1 2025: Strongest Start Since 2021
The first quarter of 2025 recorded around 3,400 private home transactions (excluding ECs) – the highest Q1 volume since 2021, noted Lee Sze Teck, Senior Director of Data Analytics at Huttons Asia.
“That’s already 51% of the total 6,626 new non-landed private homes sold for all of 2024,” added Marcus Chu, CEO of ERA Singapore.
Executive Condominiums Surge Past S$2 Million Mark
The EC market broke new ground in March, with a record 162 units sold for S$2 million or more, according to Christine Sun, Chief Researcher at OrangeTee Group. The previous record was 33 units in August 2023.
Top EC Performers:
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Aurelle of Tampines: 148 units (fully sold)
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Lumina Grand (Bukit Batok): 12 units
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Altura (Bukit Batok): 2 units
Additionally, a record 751 EC units were sold above S$1,500 psf, including 148 units at over S$1,800 psf—exceeding the median resale condo price in the suburbs (S$1,533 psf) and closing in on city fringe levels (S$1,891 psf).
The highest-priced EC unit was a 1,356 sq ft apartment at Aurelle of Tampines, which fetched S$2.48 million (S$1,829 psf).
Why Are Buyers Returning?
Analysts attribute the market’s resilience to:
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Benign interest rate environment
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Appeal of new launches
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Staged payments during construction
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Strong household balance sheets
“Buyers are moving away from the watch-and-wait stance of 2024,” said Leonard Tay, Head of Research at Knight Frank Singapore.
“Demand remains robust, especially in the OCR and RCR, where affordability meets accessibility,” added Mohan Sandrasegeran, SRI’s Head of Research and Data Analytics.
OCR Leads Sales Activity
The Outside Central Region (OCR) continued to dominate, accounting for 81.8% of March’s new home sales, followed by:
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Rest of Central Region (RCR): 11.9%
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Core Central Region (CCR): 6.3%
According to Wong Siew Ying of PropNex, this brought the total number of new OCR homes sold in Q1 to 2,256 units—the highest since Q2 2013, when 2,760 OCR units were sold.
March Launches: Mixed Performance
Two major launches shaped March’s market performance:
1. Lentor Central Residences
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Developer: GuocoLand
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Units sold: 460 out of 477 (96.4%)
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Segment: OCR
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Status: Best-selling condo project by percentage in 2025
2. Aurea at Golden Mile
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Developer: Far East Organization
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Units sold: 24 out of 78
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Segment: CCR
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Type: Mixed-use development
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Noted: Similar sales pace to other CCR launches
Cautious Outlook Amid Global Uncertainty
Despite Q1’s momentum, analysts flagged potential headwinds:
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Ongoing US-China trade tensions
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Geopolitical instability
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Investor hesitation
“Investor confidence may take a hit from market volatility, but demand from end-users is expected to hold steady,” said Wong of PropNex.
“Primary residential sales in Q2 could fall by up to 50%,” cautioned Nicholas Mak, Chief Research Officer at Mogul.sg.
April Outlook: Sales Remain Resilient
Even as caution grows, April’s initial launches indicate steady demand:
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Bloomsbury Residences (Media Circle) and
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One Marina Gardens (Marina South)
Both reported positive opening weekend sales, suggesting developers’ sales in April could mirror March’s performance, according to Wong.
“As long as unemployment stays low and household debt remains manageable, domestic demand will continue to support the market,” said Tay of Knight Frank.
Momentum Slows, but Resilience Remains
March 2025 may not have matched February’s blockbuster performance, but the fundamentals remain strong. With key launches like Lentor Central Residences achieving near sell-out success and Aurelle of Tampines ECs fully sold, the market is adapting to uncertainty with cautious optimism.
