15 September 2025, Singapore - Developers' sales surged to a 9-month high in August, powered by strong demand at several new launches during the month. There were 2,142 new private homes (ex. executive condominiums) sold, with sales from five new project launches accounting for 88% of the month's transactions. New home sales in August were up by 128% month-on-month from the 940 units shifted in July, while transactions rose by more than 10 times when compared with the 211 new units sold in August 2024.

August saw five new non-landed private residential projects put on the market, namely River Green, Promenade Peak, Canberra Crescent Residences, Springleaf Residence, and Artisan 8 which collectively sold 1,894 units. Meanwhile, in the EC segment, the booking of units at Otto Place EC was opened to more second-timer buyers in August, a month after the EC project was launched.

According to URA's data, developers launched 2,496 new units (ex. EC) for sale in August, significantly higher than the 1,675 units launched in July.

The key highlights of August's primary market sales included the marked improvement in demand in the Core Central Region (CCR), as well as the robust buying interest in the Outside Central Region (OCR). In particular, the OCR or mass-market homes segment led sales in August, with developers shifting 1,153 new homes (ex. EC). This is a sharp increase from the 70 units (ex. EC) transacted in July, where there were no major OCR project launches. The top-seller in OCR, and also overall in August was Springleaf Residence in Upper Thomson Road which moved 884 out of its 941 units (94%) at a median price of $2,166 psf (see Table 2). It is followed by another new launch, the 376-unit Canberra Crescent Residences which sold 211 units (56%) at a median price of $1,991 psf in August.

Over in the CCR, developers' sales rose to 513 units in August, marking the highest monthly sales in over 4 years, since 546 units were transacted in March 2021 (helped by the sales at Midtown Modern then). August's CCR new home sales were about 44% higher than the 357 units shifted in July - collectively paving the way for what will be stellar quarter of sales in the CCR in Q3 2025. The best-selling CCR projects during the month includes River Green which sold 451 units at a median price of $3,111 psf, and UpperHouse at Orchard Boulevard where 22 units changed hands at a median price of $3,353 psf. As at end-August, River Green and UpperHouse at Orchard Boulevard have sold 86% and 66% of their total units, respectively. Meanwhile, the two priciest units sold in August are at freehold project, 21 Anderson which fetched $52.25 million, and the other $21.06 million.

In the Rest of Central Region (RCR), developers moved 476 new homes in August - down by 7% from 513 units sold in the previous month. RCR sales were mainly driven by new launch, Promenade Peak which transacted 333 units (56% of 596 units) at a median price of $2,919 psf. Bloomsbury Residences and the freehold development Artisan 8 also contributed to RCR sales, with 25 and 15 transactions, respectively. Market activity in the RCR is expected to gather strength in the fourth quarter as fresh launches come on - these include The Sen, Zyon Grand, and Penrith in Margaret Drive which will offer over 1,500 new units across three projects in total.

In the EC segment, developers moved 196 new EC units in August - down by about 47% from the 371 units sold in July, when Otto Place EC was launched. In August, Otto Place EC once again topped new EC transactions, with 191 units sold at a median price of $1,760 psf when sales booking opened to more second-timer buyers. The 600-unit Otto Place, the latest EC launch was 90% sold as at the end of August. Overall, there were only 73 units of unsold new ECs on the market, according to URA's data. The tight unsold supply bodes well for upcoming EC launches, Coastal Cabana EC in Jalan Loyang Besar and the EC project in Tampines Street 95 which may potentially hit the market in Q1 2026.

Ms Wong Siew Ying, Head of Research & Content, PropNex Realty said:

"A spate of new launches in August has powered developers' sales to 2,142 units (ex. EC), the highest monthly sales since 2,560 units were transacted in November 2024, where the market similarly saw a deluge of new project launches. In July and August 2025 alone, new home sales have hit 3,082 units (ex. EC) - far surpassing the 1,212 units sold in Q2 2025 and on track to possibly beat the 3,375 units shifted in Q1 2025. All in, developers sold 7,669 new private homes (ex. EC) in the first eight months of 2025 - already besting the annual sales in each of the last three years (2022-2024). For the whole of 2025, PropNex expects 9,000 to 10,000 new private homes (ex. EC) may be transacted, up from our earlier sales forecast of 8,000 to 9,000 units.

Based on caveats lodged, around 79% of the units sold at the five new launches in August were priced at below $2.5 million (see Table 1), among them OCR projects Canberra Crescent Residences and Springleaf Residence saw 98% and 82% of sales done at under $2.5 million, respectively. In the first eight months of 2025, the median transacted price of all non-landed new private homes (ex. EC) came in at about $2.01 million, slightly lower than $2.09 million in the whole of 2024. By and large, we expect developers' pricing strategy for new launches to be driven by quantum play, as they seek to keep an ample portion of units within the pricing sweet-spot of between $1.5 million and $2.5 million.

Table 1: Proportion of units sold by transacted price range at new launches in August

Notably, CCR new home sales continued to recover in August, posting a second straight month of growth - with sales jumping from 14 units in June to 357 units in July, and then to 513 units in August on the back of several CCR launches. With 870 new units sold collectively in July and August, the CCR is on track to booking its strongest quarterly sales in Q3 2025 since 994 units were sold in Q4 2010. The CCR recovery can be attributed to the launch of attractive well-located projects, competitive pricing, and healthy demand from mostly Singaporean buyers, as the additional buyer's stamp duty (ABSD) measure continues to keep foreign investment demand in check.

Additionally, we reckon many buyers likely found CCR launches to offer good value proposition in view of sensitive pricing by developers. According to URA Realis caveat data, the median transacted price of new non-landed private homes in August was $1.89 million in the CCR, compared with $2.22 million in the RCR, and $1.72 million (ex. EC) in the OCR.

In August, foreigners (non-PR) made up around 1.4% of the non-landed private new home sales, reflecting 30 transactions in absolute terms. These transactions are at Aurea, Canberra Crescent Residences, CanningHill Piers, Grange 1866, Promenade Peak, River Green, Springleaf Residence, The Continuum, The Robertson Opus, and UpperHouse at Orchard Boulevard. Meanwhile, Singaporeans and Singapore PRs accounted for 90.6% and 8.0% of the month's sales, respectively.

Following August's strong primary market sales, transactions are anticipated to slow in September owing to a lack of new project launches amid the Lunar seventh month (ghost month), where some buyers may refrain from purchasing properties and developers tend to hold back launches. Among the potential upcoming projects in Q4 2025, three are located in the RCR, and one each in the CCR and OCR. The city-fringe projects are: 462-unit Penrith in Margaret Drive; 706-unit Zyon Grand; and 347-unit The Sen. Meanwhile, there are also the 666-unit Skye at Holland in the CCR, as well as 399-unit Faber Residence in the OCR. All in, they will offer over 2,500 new units across the three sub-markets which will appeal to prospective homebuyers, including HDB upgraders."

Table 2: Top-Selling Private Residential Projects (ex. EC) in August 2025