In total, developer sales accounted for 729 new private homes (excluding ECs) sold in March. While this figure reflects a 54.4% month-on-month (m-o-m) decrease, this is mostly attributable to February’s exceptionally large base. Likewise, smaller development sizes also contributed to March’s lower, but healthy new home sales volume.

A total of 555 new private homes (excluding ECs) were launched, with smaller developments like Lentor Central Residences (477 units) and Aurea (78 units) making their debut. This is in contrast to February, which saw the launch of nearly 1,700 new homes launched at Parktown Residence (1,193 units) and Elta (501 units).

With 3,409 new private homes (excluding ECs) sold in 1Q 2025, developers have already achieved roughly half (nearly 51.4%) of their total sales volume for the entire preceding year (6,626 units in 2024) in just the first three months of 2025.

Table 1: New Home Sales Over the Last Six Months

Lentor Central Residences (477 units), the sixth launch of Lentor Hills estate, and Aurea (188 units), a key Downtown Core project on the former Golden Mile Complex site, were the main contributors to March's strong developer sales.

Respectively, Lentor Central Residences and Aurea sold 96.4% (460 units) and 30.8% (24 units of the 78 units launched) of their total units in March.

Best Performing New Launches

Table 2: Top ten performing new launch project (excluding ECs) in March

Lentor Central Residences nearly sold out despite being Lentor Hills estate’s sixth new launch

Though Lentor Central Residences was the sixth new private development to debut in the area, it saw a 96.2% take-up rate on its launch weekend. Strong demand for the project largely stemmed from a combination of competitive pricing and appealing location attributes.

Additionally, Lentor Central Residences presented a competitive value proposition versus other recent OCR new launches. The median price of OCR new sales in 1Q 2025 was $2,288, while the median new sale price of Lentor Central Residences in March was $2,213 psf.

Moreover, Lentor Central Residences’ 1-bedroom and 3-bedroom units were sold out at a median quantum of $1.09M and $2.21M respectively. This positions them well within the sweet spot range for HDB upgraders and right-sizers.

The development of Lentor Hills estate is set to continue, with the recently tendered Lentor Gardens site set to be the next anticipated launch. On 3 April 2025, Chinese developer Kingsford Group put in the top bid for the site, with a potential launch around mid-2026.

Respectable showing by Aurea, first-and-only new launch in D7 for 2025

Aurea, located at the former Golden Mile Complex, achieve a respectable 30.8% take-up rate on its launch weekend. A total of 78 units were launched by developers, with 24 units sold, owning to their sizeable floor plates and captivating views of the Kallang Basin and Marina Bay.

Considering Aurea’s premium positioning, sales for March can be viewed as robust. Furthermore, the project is expected to resonate with investors and young couples; nearly half (45.8%) of Aurea’s launch weekend sales were two bedders, with 11 of such units sold at a median quantum of $1.9M.

Aurelle of Tampines Sold 89.7% at its initial booking, driven by first-timer buyers

March clocked a total of 781 new Executive Condo (EC) sales, a sharp increase from the previous month due to the launch of Aurelle of Tampines. Aurelle of Tampines sold 705 out of 760 units, this translates into a 92.8% take-up rate that also saw all of its four and five-bedroom units being sold out. The majority of the units were snapped up by first-timer buyers.

ECs continue to allure buyers with their lower price compared to new private homes by presenting a strong value proposition. Furthermore, Aurelle of Tampines’s location beside Tampines North Integrated Transport Hub appeals to buyers who prioritise connectivity and convenience. Thus, the strong launch weekend performance was expected. As of 8 April 2025, only 55 units remain unsold in this EC development.

With Aurelle of Tampines’s quota for 2^nd timers being lifted next month, we expect sales momentum to remain strong. However, with a lack of new EC launches, this momentum may be short lived. Upcoming EC launches include Otto Place (mid-2025) in Plantation Close and the Jalan Loyang Besar EC.

Buyer Profile

Chart 1: Buyer profile for all new non-landed homes excluding ECs

With the punitive Additional Buyer’s Stamp Duty still in effect, foreigner demand for new private homes continued to stay flat. March 2025 saw a total of 10 transactions made by foreign buyers, making up just 1.4% of the month’s total deals. Meanwhile, Singapore Permanent Resident (SPR) buyers clocked 66 transactions in March, accounting for 9.2% of all new private home (excluding ECs) purchases in the month.

Lastly, Singaporeans continued to dominate the market in March, accounting for 645 transactions or 89.5% of total new private home sales (excluding ECs) for the month.

Luxury Homes Take a Dip in Transactions

Chart 2: Buyer profile for homes transacted at $5mil and more

The luxury home market saw a drop-in transaction activity, with 12 new home transactions priced at $5 million and above. The majority of these transactions were made by Singapore Permanent Residents, while four transactions were by Singaporeans, and one was by a foreigner.

The top three transactions by price were all made by Singapore Permanent Residents (SPRs), involving freehold units at 32 Gilstead ($13.0M), The Avenir ($9.0M), and Watten House ($6.2M). These units offer spacious layouts of at least 1,800 sqft.

Given that approval is required before they can purchase landed homes, SPRs are likely to gravitate towards condominium units with larger floor plates instead. Furthermore, while SPRs are subject to ABSD, a spacious freehold property is still considered a solid long-term asset, especially for those purchasing with legacy planning in mind.

The most popular new luxury development for March was Aurea, which moved four units priced between $5.8 million and $6.1 million. They were all high-floor 4-bedroom units (above 20 storeys) that had waterfront views towards Kallang River and Marina Bay. Buyers seeking larger units with scenic views are also willing to pay a premium for a home that appeals to their liking.

Closing Thoughts and Forecast

Since early April, Trump’s new tariffs have roiled global markets and triggered volatility, resulting in dampened sentiments that could weigh on local real estate. As a result, some property buyers may opt to wait out any potential turbulence and delay their purchases. However, this is expected to be a knee-jerk effect.

Singapore’s property sector benefits from domestic buyers’ mid- to long-term outlook. This ensures that local real estate activity remains rooted in genuine buyer needs, rather than speculative activity.

Come next month, we can expect to see continued sales momentum in the new home market, with the launches of One Marina Gardens (CCR), as well as Bloomsbury Residences and Arina East Residences (both RCR).

ECs, on the other hand, will see new home stocks continuing to deplete with a lack of new launches in April. Second-timers are also expected to snap up remaining units at Aurelle of Tampines once booking commences. Building on the ongoing momentum in new home sales, ERA Singapore projects 8,500 to 9,500 new homes to be sold for the entirety of 2025.

Table 3: Upcoming launches in 2025

Executive Condominium