SINGAPORE, 15 October 2025 - “September 2025 saw developer sales of 255 new private homes (excluding ECs), reflecting an 88.2% month-on-month (m-o-m) decrease in transaction volume. This is the lowest monthly new home sales volume recorded in 2025 thus far. The decline in new home sales may be due to the Hungry Ghost Month, a period when buyers traditionally delay property purchases, causing a temporary lull. However, new sales activity has rebounded sharply with four upcoming launches. We have already observed the overwhelming take-up at October’s first launch - Skye at Holland - where 658 of 666 units (99%) were sold on the first day,” 

Marcus Chu, Chief Executive Officer (CEO), ERA Singapore, said. 

“Accounting for September’s developer sales, this brings the total number of new private homes (excluding ECs) sold over the past nine months of 2025 to 7,924 units. This figure has exceeded the 6,626 new sale units transacted throughout all of 2024. This rise could be due to the strong pipeline of new launches in recent months and the easing interest rates as the year draws to a close.” 

“Meanwhile, the Executive Condominium (EC) market experienced a -92.3% month-on-month decline to 15 units. September EC new sales were mainly driven by Otto Place, which accounted for 8 units sold, making up 53.3% of all EC transactions. The weak performance in September’s EC segment can be linked to the absence of new EC launches, as developers usually hold back during the Hungry Ghost Festival period. With recent launches like Lumina Grand and Altura already achieving high take-up rates, most of the remaining supply has been absorbed. Looking ahead, the upcoming EC at Jalan Loyang Besar is expected to attract strong interest from upgraders in the East, although it may be at higher price points due to increased land and construction costs.” 

Table 1: New Home Sales Over the Last Six Months

“September experienced no new project launches due to the Hungry Ghost Festival, a time when developers generally hold back from launching new projects. Consequently, buyers redirected their attention to existing developments, resulting in subdued sales activity. This also represents the lowest month for new launches in 2025.” 

“The Rest of Central Region (RCR) projects accounted for most of the new sales in September, with 125 units sold. Close behind was OCR, with 84 units sold. The strong demand for RCR reflects buyers’ preference for city-fringe locations that offer a good balance of convenience and affordability.”

Best Performing New Launches

“Canberra Crescent Residences continued to lead sales in September, surpassing new launch transactions a month after its debut. Its family-friendly unit mix and attractive median pricing of around $2,000 psf appealed strongly to HDB upgraders and young families.” 

“In the RCR, Grand Dunman remained a standout performer, selling another 24 units and reaching 88% sold overall. Its city-fringe location, proximity to key schools and MRT access, as well as future growth potential under the 2025 URA Draft Master Plan, continue to underpin buyer confidence.” 

“Meanwhile, the CCR experienced steady momentum at River Green and The Robertson Opus, emphasising ongoing interest among local buyers in prime-district homes that offer long-term value and prestige.”

Table 2: Top ten performing new launch projects (excluding ECs) in September 

Buyer Profile

Chart 1: Buyer profile for all new non-landed homes (excluding EC) 

“With the steep Additional Buyer’s Stamp Duty still in effect, demand from foreign buyers for new private homes remained subdued. September saw a total of non-landed private home (excluding ECs) transactions by foreign buyers, accounting for just 6.0% of the month’s overall deals. Meanwhile, Singapore Permanent Resident buyers completed 21 transactions in June, representing 9.0% of all new private home (excluding ECs) purchases in that month.” 

“Lastly, Singaporeans continued to dominate the market in September, with new private home sales (excluding ECs) plummeting by 89.9% quarter-on-quarter to 198 units, the lowest since December 2024. This slowdown was mainly due to the lack of new launches during the month.”

Luxury Homes

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

“The luxury segment experienced moderated activity in September, with six transactions exceeding S$5 million — the second-highest take-up since November 2024. Demand remained evenly spread among locals, PRs, and foreigners. Two notable deals at 21 Anderson surpassed the S$20 million mark, highlighting ongoing appetite for exclusive, large-format freehold homes. Other significant transactions involved units at CanningHill Piers, Promenade Peak, and Terra Hill, demonstrating continued interest in prime, well-located developments that offer a premium lifestyle appeal.”

 Closing Thoughts and Forecast

“September sales in the new private home market remained subdued, aligning with the absence of new launches during the month. Looking ahead to October, we expect sales activity to rebound sharply, highlighted by the strong take-up rate at Skye at Holland, where 658 of 666 units (99%) were sold on the first day of launch, at an average price of $2,953 psf.” 

“Five new launches are anticipated in the second half of 2025, including three in the RCR—Zyon Grand, Penrith, and The Sen—along with Skye at Holland in the CCR and Faber Residences in the OCR. Demand is expected to stay strong, with high take-up rates across these projects, supported by growing buyer interest heading into the year-end.” 

“Collectively, the total number of new private homes (excluding ECs) sold in the first nine months of 2025 is 7,924 units, surpassing the 6,626 units sold throughout the entire year of 2024. Unless unforeseen circumstances arise, ERA Singapore forecasts new home sales to range between 8,500 and 9,500 units for the whole of 2025.” 

Table 3: Upcoming launches in 2025

For media enquiries, please contact: Lisha Rodney Public Relations Manager, ERA Singapore Email: [email protected] 

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