16 Oct 2024
8@BT Dominates New Home Sales as Market Surges in September 2024
Property Insight

Developers sold 401 units (excluding ECs) in September, a strong rebound from the 211 units in August, reflecting a significant 90.0% month-on-month increase. This surge signals renewed market activity and growing buyer confidence. The strong performance can largely be attributed to the end of the Hungry Ghost Festival. The post-festival period often sees a revival in sentiment, allowing developers to capitalize on renewed interest. Strategic project launches, such as 8@BT, further benefited from this revival, tapping into pent-up demand.

On a year-on-year basis, new home sales saw an 84.8% rise, with 217 units sold in September 2023. This growth reflects a broader positive trend, with developers launching new projects to meet the resurgent demand from buyers confident in long-term real estate investments.

Best-Selling Projects in September

The project 8@BT led the list with 83 units sold at a median price of $2,727 psf, thriving in September’s sales. Pinetree Hill followed with 72 units sold at $2,501 psf. Other notable projects included Hillhaven, Tembusu Grand, and Hillock Green, indicating a strong preference for the Rest of Central Region (RCR) and Outside Central Region (OCR).

Local Buyers Lead at 8@BT

The transaction data for 8@BT reveals a strong preference among local buyers. Out of the 83 units sold, 76 units were bought by Singaporean buyers, representing 91.6% of total sales. Singapore Permanent Residents (PRs) accounted for 6 units, making up 7.2%, while foreigners represented only 1.2%.

Rest of Central Region Tops Sales in September

The Rest of Central Region (RCR) led with 55.1% of total units sold, reflecting strong buyer interest in areas balancing centrality and affordability. Best-selling projects like 8@BT and Pinetree Hill, both located in the RCR, performed well. The Outside Central Region (OCR) followed with 41.1%, driven by suburban projects like Hillhaven and Hillock Green, which offered affordability and liveability. The Core Central Region (CCR) accounted for only 3.7% of sales, likely due to fewer launches during the month. Typically catering to luxury buyers, CCR projects saw limited activity compared to other regions.

Highest Transacted Price in September

The highest transacted condominium sale in September took place at 32 Gilstead in the prime district of Novena, with a 4-bedroom unit sold for $14.6 million. The spacious unit, covering 4,209 sq ft, fetched a price of $3,480 psf, underscoring the demand for luxury properties. The buyer was a Singapore Permanent Resident (PR), reflecting the appeal of such properties to high-net-worth individuals.

Positive Rebound Expected

The positive momentum seen in September is expected to continue, driven by upcoming launches such as Norwood Grand and Meyer Blue in October. Additionally, the launch of Union Square Residences in November is anticipated to reinvigorate the market, marking a shift after quieter months. The influx of new launches, coupled with a recent interest rate cut by the US Federal Reserve, is expected to accelerate the recovery in the new home sales segment.

With favorable conditions, the new home sales market is well-positioned for a strong finish to the year, attracting significant interest from homebuyers.

 

Click here for the full report  

  

  

Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics  

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Property Insight
15 Apr 2026
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

Property Insight
15 Apr 2026
Hoi Hup Tops Miltonia Close EC Site at $732 psf ppr

The tender for the Executive Condominium site at Miltonia Close has concluded with a total of 3 bidders, with Hoi Hup Realty Pte Ltd emerging as the top bidder with an offer of $340.9 million, translating to $732 psf ppr. While the number of bidders is more selective compared to some earlier tenders, it continues to reflect steady developer interest in well located EC sites, particularly within established residential areas.

The top bid is about 7.8% lower than the recently awarded Woodlands Drive 17 GLS site, which achieved $794 psf ppr. Rather than signalling a pullback, this difference points towards a more measured and calibrated approach by developers. With a growing pipeline of EC sites in the North, including parcels in Woodlands, Sembawang, Canberra Drive and Sembawang Drive, developers are likely pacing their land acquisitions more carefully. This reflects a more forward looking strategy, where developers are balancing immediate opportunities with the need to remain competitive within an expanding supply landscape. 

At the same time, the Miltonia Close site presents a compelling proposition from a locational and lifestyle perspective. Situated near Lower Seletar Reservoir and within a quieter residential enclave, the site is well positioned to appeal to buyers who prioritise a more tranquil and nature oriented living environment. This suggests that the future development may attract a more defined buyer profile, particularly families and genuine owner occupiers, rather than those driven primarily by proximity to MRT connectivity or commercial nodes.

From a broader market perspective, the EC segment continues to be supported by a stable base of upgrader demand, especially from HDB households seeking to transition into private housing in a more accessible manner. This underlying demand has remained resilient, as seen in recent launches such as Rivelle Tampines, which recorded strong take up rates when projects are well positioned in terms of pricing and attributes.

Looking ahead, the EC market is entering a phase of greater supply visibility, following the ramp up in Government Land Sales supply. This is a positive development for the market, as it supports a more balanced and sustainable environment. With a more consistent pipeline of projects, price movements are likely to become more measured and closely aligned with underlying demand fundamentals, rather than being driven by supply constraints.

Overall, the tender outcome reflects a market that is evolving in a more balanced and sustainable manner. While developers remain active, there is a greater emphasis on discipline, positioning and long term planning. At the same time, demand fundamentals for ECs remain intact, supporting the outlook for steady absorption in well located and appropriately priced developments such as Miltonia Close.

 

Click

here

for the full report: 

  

  

  

  

  

Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics 

  

  

Email:

mohan@sri.com.sg

  

Property Insight
15 Apr 2026
Kallang Close GLS Draws 4 Bidders with Top Bid of $1,415 psf ppr

The Government Land Sales tender for the Kallang Close site has closed with Frasers Property and Mitsubishi Estate (via MJR Investment) emerging as the top bidder at $1,415 psf ppr, narrowly ahead of City Developments Limited. The relatively tight spread between bids reflects a broadly aligned view among developers on the site’s underlying value and long-term potential. In total, the site attracted 4 bidders, with the outcome broadly in line with recent GLS tenders, including the Tanjong Rhu site which was awarded at $1,455 psf ppr. 

The results point to continued confidence in well-located city fringe sites, although developers remain measured in their bidding approach. The ongoing ramp-up in the GLS programme has contributed to a more visible supply pipeline, allowing developers to adopt a more disciplined stance without the need to bid aggressively for individual sites.

At the same time, rising construction costs driven by geopolitical developments, particularly increases in diesel and bitumen, are beginning to influence development considerations. This has likely been factored into bids, especially for sites like Kallang Close which come with additional infrastructure and placemaking requirements. The presence of joint venture participation also reflects a growing trend of developers partnering to manage costs and risks more effectively. 

Looking ahead, the site is expected to yield about 470 residential units and could tap into underlying demand in the Kallang and Boon Keng area, where new private housing supply has been relatively limited. Over time, the development may contribute to the transformation of the Kallang River corridor into a more vibrant waterfront residential cluster. 

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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