Singapore’s new private home market had an exceptional February, hitting a 13-year high with 1,575 units sold (excluding ECs). This marks a 45.4% increase from January and a 10-fold jump from February 2024. The surge was driven by blockbuster launches such as ParkTown Residence in Tampines North and Elta at Clementi Avenue 1, reflecting the strong appetite for well-located suburban homes.
OCR Dominates with Strong Demand for Suburban Homes
The Outside Central Region (OCR) accounted for a staggering 92% of new home sales, signaling high demand for suburban condos. The best-selling project, ParkTown Residence, moved 1,041 units (87% sold) at a median price of $2,363 psf, making it the hottest launch of the year so far. Meanwhile, Elta saw 326 units sold (65.1%) at $2,538 psf, reinforcing the trend of buyers snapping up new OCR launches despite record-high prices for suburban homes.
This highlights a key market shift: suburban homes crossing the $2 million price threshold are no longer an anomaly. 603 OCR homes were sold above $2 million in February, breaking historical records. This is a sign that buyers, especially HDB upgraders, are willing to pay a premium for new launches in well-connected suburban areas.
Shifting Price Trends – Is the Gap Between Regions Closing?
Interestingly, analysts note that the traditional price hierarchy between the Core Central Region (CCR), Rest of Central Region (RCR), and OCR is blurring. Some OCR projects are now priced higher than RCR counterparts, signaling changing buyer preferences and the rising premium for suburban convenience.
For instance, Elta ($2,544 psf) and Chuan Park ($2,589 psf) in the OCR outpriced Nava Grove ($2,460 psf) in the RCR. At the same time, some CCR projects are selling below expectations, such as The Collective at One Sophia ($2,743 psf), which is cheaper than Union Square Residences in the RCR ($3,175 psf).
Sustained Momentum & Upcoming Launches
Market momentum is expected to continue into March, with new launches such as Lentor Central Residences, Aurea, and Aurelle of Tampines EC, collectively selling over 1,150 units in mid-March. Analysts have now revised 2025 new home sales projections upwards to 8,500–9,000 units, signaling sustained confidence in the market.
The second quarter will bring even more launches, including:
- One Marina Gardens (937 units) in Marina South
- Bloomsbury Residences (358 units)
- W Residences Singapore - Marina View (638 units)
- Arina East Residences (107 units)
However, not all projects may perform equally well. Homebuyer demand will depend on factors such as location, connectivity, and unique project attributes.
✅ Key Takeaways:
- 1,575 new private homes sold in February, the highest since 2012.
- ParkTown Residence (1,041 units) & Elta (326 units) led sales.
- OCR made up 92% of sales, reflecting strong suburban demand.
- 603 OCR homes transacted above $2M, a record-breaking trend.
- Narrowing price gaps between OCR, RCR, and CCR projects.
- More launches coming in Q2, sustaining market momentum.
With the market showing strong signs of growth, now is the time to explore opportunities in both new and upcoming launches. Thinking about making a move? Let’s discuss your options and find the right home for you!