Commentary on Monthly New Home Sales for January 2025

By Tricia Song (宋明蔚), Head of Research, Southeast Asia, CBRE

Following the December holiday seasonal lull, developer sales saw a strong start to 2025 with a robust rebound in Jan 2025.  Private new home sales surged five-fold to 1,083 units in the month from the 203 units recorded in Dec 2024. Sales were also up 256.3% y-o-y from 304 units in Jan 2024 and posted a 4-year high for the month of January since 1,633 units were moved in Jan 2021.

This follows the uptick in market activity in Q4 2024 which took the tally of new home sales for 2024 to 6,469 units, up 0.7% y-o-y from 2023’s 6,421 units which was a 15-year low for developer sales since 4,264 units were sold in 2008 during the Global Financial Crisis. Buying sentiment and appetite has improved amid lower mortgage rates and as developers push ahead with major launches. Top 10 Selling Projects in January 2025 (including ECs and landed)

Project Name	Street Name	Tenure	Locality	Units Sold in the Month	Median Price ($psf) in the Month	% of project sold to date
THE ORIE	LORONG 1 TOA PAYOH	99 yrs	RCR	680	$2,731	88%
ONE BERNAM	BERNAM STREET	99 yrs	CCR	99	$2,521	99%
BAGNALL HAUS	UPPER EAST COAST ROAD	FH	OCR	75	$2,494	66%
HILLOCK GREEN	LENTOR CENTRAL	99 yrs	OCR	21	$2,253	81%
CHUAN PARK	LORONG CHUAN	99 yrs	OCR	20	$2,654	81%
PINETREE HILL	PINE GROVE	99 yrs	RCR	19	$2,559	73%
THE CONTINUUM	THIAM SIEW AVENUE	FH	RCR	13	$3,001	68%
HILLHAVEN	HILLVIEW RISE	99 yrs	OCR	11	$2,145	81%
UNION SQUARE RESIDENCES	HAVELOCK ROAD	99 yrs	RCR	11	$3,333	30%
NAVA GROVE	PINE GROVE	99 yrs	RCR	11	$2,555	72%

Source: CBRE Research, URA

New launches in January 2025

Project Name	Street Name	Tenure	Locality	Total no. of units	Units Launched in the Month	Units Sold in the Month	Median Price ($psf) in the Month	Units sold as % of launched
THE ORIE	LORONG 1 TOA PAYOH	99 yrs	RCR	777	777	680	2731	88%
BAGNALL HAUS	UPPER EAST COAST ROAD	FH	OCR	113	113	75	2494	66%
THE GATZ	LOR 32 GEYLANG	FH	RCR	6	6	0	-	-

Source: CBRE Research, URA

Jan 2025 saw 3 new private launches - The Orie (777 units) in Toa Payoh, Bagnall Haus (113 units) at Upper East Coast and boutique project The Gatz (6 units) located in Geylang. 

New launch The Orie (777 units) clinched the spot as the top performing project in the month, benefitting from its attractive location near Braddell MRT and in the mature Toa Payoh estate. The project saw robust take-up, selling 680 units or 88% of total units at a median price of $2,731 psf on the back of pent-up demand as the first new Toa Payoh launch in 9 years since Gem Residences in 2016. 

Second best-selling project was 351-unit One Bernam in Tanjong Pagar, which sold 99 units at a median price of $2,521 psf in January, after cutting prices by up to 27%. One Bernam first launched in May 2021 and sold 83 units at a median price of $2,471 psf then, mainly for low-floor units. 

The third performing project was new launch 113-unit Bagnall Haus, selling 75 units or 66% of total units at a median price of $2,494 psf. The key draws for this project include its attractive pricing for a freehold tenure and its location next to the upcoming Sungei Bedok MRT Station - an interchange for the Downtown and Thomson-East Coast lines.

New Home Sales (excl. ECs) by quantum

Source: CBRE Research, URA
*Based on Realis new sales (excl. EC) caveats extracted on 17 Jan 2025. 

By market segment, Jan 2025’s developer sales (excluding ECs) were led by the Rest of Central Region (RCR). 771 units or 71.2% of total January new sales came from the RCR, up from 73 units (36%) in Dec 2024. 191 units or 17.6% of total January new home sales were from the Outside Central Region (OCR), up from 111 units (54.7%) in Dec 2024. Lastly, the Core Central Region (CCR) moved 121 units (11.2% of January sales), compared to 19 units (9.4%) in Dec 2024, due to One Bernam’s fire sale. While the rest of the high-end market remained largely quiet, 54-unit ultra luxurious Park Nova stood out, with two units sold in January 2025 at high price points. The largest penthouse of Park Nova, measuring 5,899 sq ft, was sold by the developer for $38.888 million, or about $6,593 psf. This marks the highest recorded for a unit at Park Nova by both absolute price and psf-price. Also in the same month, a four-bedroom apartment spanning 2,906 sq ft on the 19th floor had fetched $16.59 million ($5,708 psf).

Based on quantum size, the largest proportion of new private homes sold (excl. ECs) were in the S$1.50 – 2.00 mil range at 36.5% which is the sweet spot for buyers of 2-bedder units at new launches. This was followed by the S$2.00 mil – S$2.50 mil bracket at 20.7%.

Outlook and Forecasts