SRI - Singapore Realtors Inc.

17 Feb 2025

The Orie Leads as January’s Best-Selling Private Condo

Property Insight

Developers sold 1,083 private residential units (excluding ECs) in January, marking a significant rebound from the 203 units transacted in December. This sharp increase was primarily driven by new project launches, particularly The Orie and Bagnall Haus, which contributed 69.7% of total new home sales. These projects, launched ahead of the Chinese New Year period, capitalized on renewed market activity, drawing strong buyer interest.

Historically, January 2025 recorded the highest sales since January 2021, surpassing 304 units in January 2024. However, sales remained below the peak of 1,633 units in January 2021, indicating the market is still adjusting to policy changes and macroeconomic conditions.

The Orie Emerges as Best-Selling Project

Among the best-selling projects, The Orie led the market with 680 units sold at a median price of $2,731 psf. The project’s location in the Rest of Central Region (RCR) and well-timed launch contributed to its strong performance.

Following this, One Bernam in the Core Central Region (CCR) sold 99 units at a median price of $2,521 psf, while Bagnall Haus, a 113-unit freehold project in the Outside Central Region (OCR), saw 75 units transacted at $2,494 psf. The steady take-up of Bagnall Haus reflects sustained demand for freehold properties in suburban locations, where supply remains limited.

Park Nova Penthouse Sets Luxury Benchmark

The highest transacted non-landed residential property in January 2025 was a penthouse unit at Park Nova, sold for $38.9 million. The freehold unit in District 10’s Orchard area spans 5,899 square feet and achieved a record-breaking $6,593 psf, the highest unit price recorded in nearly 14 years. The transaction highlights the continued strength of Singapore’s ultra-luxury segment, where high-net-worth individuals seek trophy assets in prime locations.

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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Singapore Private Residential Market 1Q2026 Performance and Outlook

Singapore’s private residential market in 1Q2026 reflects a phase of steady recalibration, where headline moderation masks underlying resilience. While new private home sales excluding Executive Condominiums declined from 2,940 units in 4Q2025 to 2,013 units in 1Q2026, this does not fully capture market activity. When EC transactions are included, total new home sales increased to 3,181 units, representing a 5.3% quarter on quarter rise. This highlights how the composition of launches, particularly the inclusion of EC projects such as Coastal Cabana and Rivelle Tampines, played a significant role in shaping overall figures rather than indicating a weakening in demand.

The EC segment emerged as a key driver of activity during the quarter, with 1,168 units sold, marking the highest quarterly performance since 3Q2017. This reflects sustained demand from owner occupiers and HDB upgraders, particularly in the Outside Central Region. The continued ramp up in EC supply through the Government Land Sales programme appears well aligned with this demand, helping to provide a steady pipeline of more accessible housing options while supporting overall market stability.

In the resale market, transaction volumes moderated to 3,225 units in 1Q2026, continuing a gradual easing trend from the peak of 3,881 units in 3Q2025. Despite this moderation, resale activity remains healthy and broadly in line with historical norms. Demand continues to be supported by larger, well established developments, with the top selling projects led by Treasure at Tampines, Parc Esta and Stirling Residences. Notably, transaction volumes across the top developments were closely clustered, suggesting that demand is broad based rather than concentrated within a narrow segment. This points to a resale market that remains active and supported by genuine housing needs.

Looking ahead, the market is expected to remain supported by a steady pipeline of new launches, including projects such as Vela Bay, Tengah Garden Residences and Hudson Place Residences. These developments are likely to sustain transaction activity, particularly when supported by strong location attributes and competitive pricing. At the same time, macroeconomic conditions, including inflationary pressures and geopolitical uncertainties, may encourage a more measured pace of decision making among both developers and buyers.

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here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight

HDB Resale Market Update 1Q2026: Balanced Growth

The HDB resale market in 1Q2026 reflects a continued transition towards a more balanced and sustainable phase, with both transaction activity and price movements pointing to a gradual normalisation of market conditions. Resale volumes rebounded to 6,285 units in the quarter, representing a 19.6% increase from 4Q2025. This recovery aligns with a recurring seasonal pattern, where activity typically moderates in the fourth quarter before picking up in the first quarter as deferred demand returns to the market.

Price movements in 1Q2026 further reinforce this trend. The HDB Resale Price Index registered a slight moderation of 0.1% quarter on quarter, marking the first instance of easing since 2019. While modest in magnitude, this shift is directionally significant and reflects a continuation of the gradual slowdown in price growth observed throughout 2025. Rather than signalling a weakening market, this development points towards a stabilisation of prices following a sustained period of strong growth, supported by the cumulative impact of earlier supply side measures.

Demand continues to remain broad based across towns and flat types, underpinned by factors such as affordability, availability and location attributes. Areas with a larger supply of flats and improving connectivity continue to anchor transaction volumes, while buyer interest in well located units remains firm. This is evident in the increase in million dollar transactions, which rose to 412 units in 1Q2026. The rise reflects not only the overall recovery in transaction volumes, but also sustained demand for larger and better located flats, particularly in mature estates with strong amenities and accessibility.

Looking ahead, supply dynamics are expected to play an increasingly important role in shaping market conditions. The continued ramp up in BTO supply, the reintroduction of multiple Sale of Balance Flats exercises, and the expanding pool of MOP flats will enhance resale supply depth and provide buyers with greater choice. This is likely to reduce competition intensity for limited stock and support a more stable and sustainable pace of price formation.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight

Developer Sales Jump to 1,937 Units in March 2026 on Surge in New Launches

Developer sales staged a strong recovery in March 2026, with a total of 1,937 units sold including Executive Condominiums (ECs), a significant increase from the 266 units transacted in February. This marks the first time this year that monthly sales have crossed the 1,000-unit threshold, signalling a meaningful pickup in primary market activity following the seasonal lull during the Chinese New Year period.

The rebound in sales was largely driven by a corresponding increase in new project launches. Developers released 1,615 units in March, a substantial rise from the limited supply seen in February. Key projects such as Pinery Residences, Rivelle Tampines and River Modern were major contributors, collectively accounting for about 76.9% of total transactions. This highlights a clear trend in the current market environment where buyer demand remains intact, but is closely tied to the timing, quality and positioning of new launches.

The strong performance of these projects reflects how well calibrated offerings continue to resonate with buyers. In particular, Pinery Residences and Rivelle Tampines each recorded over 500 units sold, underscoring the continued strength of demand in the Outside Central Region (OCR), where pricing remains relatively accessible and is supported by first time buyers and upgraders. At the same time, River Modern’s robust take up, with 416 units sold at a median price of about $3,220 psf, points to sustained interest within the Core Central Region (CCR).

Looking ahead, the momentum observed in March is expected to carry into the coming months, supported by a pipeline of upcoming launches such as Vela Bay and Tengah Garden Residences. As more projects enter the market across both established and emerging precincts, transaction volumes are likely to remain supported by genuine demand, albeit at a more calibrated pace.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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