Developers sold a total of 1,575 units (excluding ECs) in February, maintaining strong market momentum from January’s 1,083 private residential units transacted. This marks the second consecutive month of robust sales, driven by sustained demand for newly launched projects. The key contributors to February’s performance were Elta and Parktown Residence, the only two new launches, which played a pivotal role in sustaining buyer interest and driving sales.

The Outside Central Region (OCR) was the primary driver of sales, accounting for 92.2% of total private residential units (excluding ECs) sold, significantly surpassing the Rest of Central Region (RCR) at 6.2% and the Core Central Region (CCR) at 1.6%. This highlights the ongoing demand for mass-market homes, particularly in well-connected suburban locations offering attractive price points. The influx of new launches provided fresh options, stimulating activity in this segment.

GLS Supply Pipeline Strengthens Market Resilience

While new home sales transactions remain substantial, they align with market demand, reflecting measured absorption of available supply. With more project launches expected and an increase in Government Land Sales (GLS) sites, the market maintains a steady pace.

Most recent project launches originated from GLS sites, as collective sale activity has moderated. 

Best-Selling Projects in February

The top-selling project was Parktown Residence, which transacted 1,041 units at a median price of $2,363 psf. The strong response is attributed to Tampines' first fully integrated development, which seamlessly blends thoughtfully designed residences with a retail mall, MRT connectivity, and bus interchange access, transforming it into a self-sustaining lifestyle hub.

The second best-selling project was Elta, with 326 units sold at a median price of $2,538 psf. Its success stems from pent-up demand, as it is the first new residential project in the Clementi planning area since 2020.

Market Outlook: Sustained Momentum in 1Q2025

March is expected to sustain market momentum, supported by Aurelle @ Tampines, Lentor Central Residences, and Aurea. These new projects will drive continued buyer interest, reinforcing market resilience.

With the transition into 2Q2025, upcoming launches—including Arina East Residences, Marina View Residences, Artisan 8, and One Marina Gardens—are set to energize the market, providing new opportunities for homebuyers and investors while ensuring stability.

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg