Huttons’ comments on Mar 2025 developers’ sales

Launches and Sales
Developers sold 729 units in Mar 2025, 54.4% lower month-on-month but almost similar to a year ago.

The lower sales in Mar 2025 were due to the absence of a mega launch. A mega project, PARKTOWN Residence was launched for sale in Feb 2025.

The number of units launched for sale in Mar 2025 was 555, 67.2% lower than Feb 2025 and 33.3% lower than Mar 2024.

Two major private residential projects were launched for sale in Mar 2025 – Aurea and Lentor Central Residences.

Aurea, an iconic integrated mixed-use development along Nicoll Highway, sold 24 units of the 78 units launched which is similar to past launches in the CCR.

Lentor Central Residences sold 460 units of 96.4% of its units, making it the best-selling private residential project by percentage terms in 2025 to date.

Huttons Data Analytics estimate developer’s sales excluding ECs in 1Q 2025 to be around 3,400 units. This is the highest 1Q sales since 2021 and close to 4Q 2024’s 3,420 units.

These two major launches made up around two thirds of total sales in Mar 2025.

Purchases by Market Segments and Price Range
The search for attractively priced homes led to buyers snapping up 460 units in Lentor Central Residences in the OCR. The median price was $2,213 psf which is very competitive against earlier launched projects in the area.

More than 60% of the units sold in Lentor Central Residences are priced at $2 million and below, a sweet spot for many buyers be it first-timer or HDB upgraders.

The OCR made up more than 80% of the sales in Mar 2025. The RCR proportion was 11.9% while the CCR accounted for 6.3%.

Top Projects by Sales in Mar 2025

Source: URA, Huttons Data Analytics as of 15 Apr 2025

Singaporeans made up 89.6% of buyers in Mar 2025 while PRs accounted for 9.1%.

There were two transactions worth $10 million and above in Mar 2025. The $13.0 million unit at 32 Gilstead was bought by a permanent resident while a Singaporean paid $10.0 million for a terrace house in Mount Rosie.

Purchases by Residential Status and Price Range in Mar 2025

Source: URA, Huttons Data Analytics as of 15 Apr 2025

Purchases by Foreigners

There were 10 purchases by foreigners in Mar 2025 out of which 6 bought properties in the OCR. The RCR and CCR saw 2 purchases each, respectively.

Proportion of Purchase by Foreigners

Source: URA, Huttons Data Analytics as of 15 Apr 2025

Executive Condominiums
781 EC units were sold in Mar 2025.

The first EC launch in 2025, Aurelle of Tampines (EC) sold 705 units or 92.8% of its units at a median price of $1,769 psf, supported by strong demand from first timers and HDB upgraders.

All the units set aside for second-timers were fully taken up within a few hours.

The median prices of ECs sold in Mar 2025 ranged from $1,325 to $1,879 psf.

ECs offer eligible buyers a very attractive proposition complete with condo facilities but at a lower price.

A resale EC was sold for $2,001 psf in Mar 2025, netting the owner more than $1.7 million in gross profits. This has further boosted the appeal of ECs.

Outlook
There are 2 launches in Apr 2025 – Bloomsbury Residences and One Marina Gardens.

A total of 446 units have been sold in these two projects in the opening weekend. It is a good result in spite of the turmoil in the equity markets.

The first EC in 2025, Aurelle of Tampines is fully sold after 1 month of sales, making it the best-selling EC launch currently. This is the second EC project to sell out during the second balloting after Copen Grand in Nov 2022.

Sales in Apr 2025 should be between 500 and 600 units.

There is no delay in the project launches for the rest of the year. Developers are proceeding with their project launches once all necessary approvals are obtained.

Huttons Data Analytics estimate another 17 projects including 1 EC with a total of 7,470 units will be launch for sale from May to 4Q 2025. This is slightly more than the 7,051 units in the previous estimates.

As with past major events such as cooling measures, financial crises, there will be some temporary pullback in the market. It will be business as usual after some months.

The UHNWIs may be reassessing their options in the wake of upheaval caused by the tariffs. Safe havens such as Singapore may be top of their minds for its stability despite the hefty 60% ABSD. They may apply for a PR before buying a home in Singapore.

Construction costs in Singapore are forecasted to increase in 2025 and 2026 due to major infrastructure projects like Changi Airport Terminal 5 and expansion of Marina Bay Integrated Resort driving demand. This means future selling prices will continue to trend upwards.

Developers are estimated to sell between 7,500 and 8,500 units in 2025.

Prices on the other hand are unlikely to be affected and forecasted to grow between 4% and 7% in 2025.

Upcoming Projects in 2Q to 4Q 2025

* in alphabetical order followed by chronological order
Source: URA, Huttons Data Analytics as of 15 Apr 2025