Commentary on Monthly New Home Sales for September 2025

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

In the absence of new launches amid the Seventh Lunar month – which was from 23 Aug 2025 to 21 Sep 2025 - developer sales in September 2025 sank to the lowest level in 2025 to-date. However, home sales should rebound strongly in October and November to close the year at a multi-year high.  
 
In September, 255 new private homes were sold, down 88.1% m-o-m from 2,142 units in Aug 2025 and -36.4% y-o-y from the 401 units moved in Sep 2024. This is the lowest monthly record of new sales for the year so far, since 203 units were sold in Dec 2024. 

September’s sales take the tally of new homes sold in Q3 to 3,337 units, more than doubling the 1,212 units in Q2. Including the bumper Q1, 9M25 home sales came up to 7,924 units, already 22.5% higher than 2024’s full-year volume of 6,469 units. Homebuying appetite has recovered strongly amid low interest rates and better-than-expected economic performance despite persistent trade uncertainty and geopolitical tensions, with MTI upgrading its 2025 GDP growth forecast to 1.5 – 2.5% from a prior 0 – 2%.

Top 10 Selling Projects in September 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
CANBERRA CRESCENT RESIDENCES	CANBERRA CRESCENT	99 yrs	OCR	28	$2,001	63.3%
GRAND DUNMAN	DUNMAN ROAD	99 yrs	RCR	24	$2,508	85.7%
RIVER GREEN	RIVER VALLEY GREEN	99 yrs	CCR	16	$3,201	88.7%
TEMBUSU GRAND	JALAN TEMBUSU	99 yrs	RCR	12	$2,393	97.3%
BLOOMSBURY RESIDENCES	MEDIA CIRCLE	99 yrs	RCR	11	$2,548	58.7%
THE ROBERTSON OPUS	UNITY STREET	999 yrs	CCR	10	$3,404	49.1%
PINETREE HILL	PINE GROVE	99 yrs	RCR	9	$2,592	89.6%
THE LAKEGARDEN RESIDENCES	YUAN CHING ROAD	99 yrs	OCR	9	$2,146	80.4%
ONE MARINA GARDENS	MARINA GARDENS LANE	99 yrs	RCR	9	$2,894	55.7%
OTTO PLACE (EC)	PLANTATION CLOSE	99 yrs	OCR	8	$1,790	91.0%

Source: CBRE Research, URA

There were no new launches in Sep 2025. As such, the top performing projects were all existing launches. The top performing project was Canberra Crescent Residences (376 units) which was just launched in Aug 2025 last month. The project moved another 28 units at a median price of $2,001 psf and is now 63% sold. 

The second best-selling project was Grand Dunman (1008 units) which was launched in Jul 2023. The project sold another 24 units in Sep 2025 at a median price of $2,508 psf. The bulk of units sold or 18 units were larger 4 and 5-bedroom units. In third place, River Green (524 units) which was also launched last month sold another 16 units at a median price of $3,201 psf. 

By market segment, September 2025’s developer sales (excluding ECs) were led by the Rest of Central Region (RCR). 125 units or 49% of total September sales were recorded, compared to 476 units (22%) in Aug 2025. 

• The Outside Central Region (OCR) moved 84 units or 33% of total September sales after 1,153 units (54%) in Aug 2025.
• The Core Central Region (CCR) moved 46 units (18% of total September sales), down from 513 units (24%) in August.

New Home Sales (excl. ECs) by quantum

Source: CBRE Research, URA
*Based on Realis new sales (excl. EC) caveats extracted on 15 Oct 2025. 

Based on quantum size, the largest proportion of new private homes sold (excl. ECs) at 38% was actually in the S$3.00 – 5.00 mil range – mostly comprising 4 and 5-bedroom units at existing city fringe launches as buyers picked up larger units at competitive price points relative to recent launches. The $1.50 – 2.00 mil range was second at 20%.

Outlook and forecasts 

Looking ahead, sales are expected to post a strong rebound in October as developers push ahead with launches following the seasonal lull in September. 

While the bulk of major projects have already been launched, there are still a few major launches for the remainder of the year, four of which have been announced in October spread across market segments. 

In the CCR, 666-unit Skye at Holland next to the popular Holland Village was launched over the 11 October weekend. The project reported an overwhelming response, moving 658 units or 99% of total units at an average price of $2,953 psf. This makes it the best performing project in 2025 so far. 

In the RCR, Penrith (462 units) situated on Margaret Drive GLS could also see strong pent-up demand from upgraders in the popular Queenstown estate which has not seen a new condo launch in seven years since Margaret Ville was launched in May 2018. Zyon Grand (706 units), which is in a prime location in the River Valley enclave, will test the market demand for the first hybrid SA2 residential project. Adjacent to Promenade Peak which launched and sold 56% at a median price of $2,919psf in August, Zyon Grand has started previews and is set to launch for booking on 24 October. 

In the OCR, Faber Residence (399 units) may see a more measured response as it is not near an MRT station but otherwise is near to popular primary school and priced the most affordably among the upcoming launches.

With the current tally of new sales in the year-to-September at 7,924 units already exceeding FY2024’s 6,469 units and Skye at Holland seeing robust performance beyond our expectations, CBRE Research now forecasts that full year 2025 new home sales could reach 9,000 – 10,000 units, above our prior forecast of 8,000 – 9,000 units. 

Correspondingly, private home prices which have risen 3.1% so far including the Q3 2025 URA flash price estimate, and could see similar growth momentum in Q4 2025, driven by attractive projects such as Skye at Holland in CCR and Penrith at Queenstown in the RCR. We expect the full year price increase will likely be at the higher end of our 3-4% forecast, matching or exceeding 2024’s 3.9% full year growth.