Singapore’s new private home market hit the brakes in September. Developers sold just 255 units (excluding Executive Condos) — an 88.2% month-on-month drop from the 2,142 units transacted in August, marking the lowest monthly total this year. The sharp fall came as developers paused new launches during the Hungry Ghost Month and the September school holidays, creating a predictable seasonal lull.
On a year-on-year basis, sales were also 36.4% lower than the 401 units sold in September 2024. However, this slowdown is expected to be temporary. October is already showing signs of a strong rebound driven by new launches such as Skye at Holland, which nearly sold out over its debut weekend.
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A predictable pause after August’s spike
No new projects were launched in September. Only 20 new units — all from an existing project, The Myst — were released for sale, compared to 2,496 units launched in August. This drop in supply explains much of the slowdown, as buyers simply had fewer options.
The pause came after an exceptionally strong August, when several projects, including Springleaf Residence and Canberra Crescent Residences, drove the highest monthly new home sales in nearly two years. With most developers avoiding new launches during the Lunar Seventh Month (Aug 23 – Sept 21), September was largely a period of digestion, where buyers continued to focus on ongoing developments.
Still, the broader performance of 2025 remains encouraging. Developers have sold a total of 7,924 new private homes (ex-ECs) over the first nine months of the year. This figure already surpasses the 6,626 units sold in the whole of 2024.
RCR accounted for nearly half of the sales
Sales slowed across all regions, but the Rest of Central Region (RCR) remained the most resilient, accounting for 125 units or nearly half of September’s total. Projects such as Grand Dunman, Tembusu Grand, and Bloomsbury Residences continued to attract buyers seeking homes near city-fringe locations with strong MRT access.
In the Outside Central Region (OCR), only 84 units were sold — a 93% plunge from August’s 1,153 units. The drop was amplified by the absence of new launches, after the success of Springleaf Residence and Canberra Crescent Residences in August. Despite the quieter month, Canberra Crescent topped September’s sales with 28 units sold at a median price of S$2,001 psf.
Meanwhile, the Core Central Region (CCR) saw 46 new units sold, down from 513 units in August. Despite the dip, the CCR has enjoyed renewed momentum this year. More than 900 new private homes were sold in the prime districts during Q3 2025 — the highest quarterly sales in the segment since Q4 2010. With Skye at Holland achieving a 99% sell-through at launch this October, sales momentum is expected to continue.
Top-selling projects in September 2025
| Project | Region | Units Sold | Median Price (S$ psf) |
|---|---|---|---|
| Canberra Crescent Residences | OCR | 28 | 2,001 |
| Grand Dunman | RCR | 24 | 2,508 |
| River Green | CCR | 16 | 3,201 |
| Tembusu Grand | RCR | 12 | 2,393 |
| Bloomsbury Residences | RCR | 11 | 2,548 |
| The Robertson Opus | CCR | 10 | 3,404 |
| The Lakegarden Residences | OCR | 9 | 2,146 |
| One Marina Gardens | RCR | 9 | 2,894 |
| Pinetree Hill | RCR | 9 | 2,592 |
| Hillock Green | OCR | 7 | 2,297 |
Canberra Crescent Residences’ sales were driven by its attractive price positioning below S$2,100 psf and proximity to the upcoming North-South Corridor. The 376-unit development, jointly developed by Kheng Leong Co and Low Keng Huat, has now sold 239 units (63%) since its August launch.
In the RCR, Grand Dunman remained a steady seller, moving 24 units at a median of S$2,508 psf. Having already sold 867 units (86%), the project continues to attract buyers drawn to its city-fringe location near Dakota MRT.
In the CCR, River Green and The Robertson Opus led activity, transacting at median prices above S$3,200 psf. These projects reflect a quiet but ongoing recovery in the luxury segment, where buyers remain price-sensitive but continue to show interest in prime developments.
Executive condos: Quiet month following Otto Place’s success
The EC market mirrored the slowdown, with developers selling just 15 EC units in September — a sharp 92% decline from August’s 196 units. The drop stemmed from the absence of new EC launches and a limited pool of unsold inventory. According to URA data, only 66 unsold EC units remained from launched projects as of end-September.
Otto Place EC in Tengah dominated the segment again in September, moving 8 units at a median of S$1,790 psf. The project remains one of 2025’s top performers, having sold 548 units (90%) after its second ballot round in August. Additionally, on a psf-price basis, the priciest EC deal to date occurred within the development, with a 947-sqft unit sold for S$1.8 million or S$1,909 psf.
The broader EC market remains underpinned by strong upgrader demand. According to Realion Group (OrangeTee & ETC), 91 EC units have crossed the S$1,800 psf threshold, marking a new record for the hybrid public-private segment. On the quantum price basis, a total of 287 EC transactions above S$2 million have been recorded so far in 2025, a staggering rise from 65 transactions in 2024.
Analysts say these higher prices are supported by sustained demand from middle-income Singaporeans priced out of the private market. Rising HDB resale values — including the surge in million-dollar flats — have given many upgraders the financial headroom to enter the EC segment.
The next EC launch, Coastal Cabana at Jalan Loyang Besar in Pasir Ris, is expected to attract strong interest from East-side upgraders. Prices are likely to trend higher, reflecting increased land and construction costs.
Interest rates, buyer confidence, and market drivers
Beyond seasonal effects, the market tone remains stable. The 3-month Compounded SORA has eased to around 1.40% p.a. as of mid-October, the lowest level since August 2022. The moderation in borrowing costs is expected to bolster market confidence and improve affordability.
“Although some prospective buyers may decide to wait for rates to fall further, we believe there are those who prefer to enter the market sooner, as they perceive that home prices may creep up in 2026,” Wong Siew Ying noted.
The sentiment is echoed across agencies. Employment levels remain high, household savings are healthy, and most families are not under immediate financial strain. These fundamentals, according to Knight Frank’s Leonard Tay, continue to support buyer confidence even amid global uncertainties.
Rebound already underway for October
The slowdown in September appears to be a brief pause before another wave of activity. October has already begun with a bang — Skye at Holland launched on Oct 11 and achieved a near sell-out (658 of 666 units, or 99%) at an average price of S$2,953 psf.
Four more projects are lined up in October:
- Penrith (462 units) by Hong Leong Holdings, launching Oct 18
- Faber Residence (399 units) by GuocoLand, also launching Oct 18
- Zyon Grand (706 units) by CDL and Mitsui Fudosan, launching Oct 25
- The Sen (347 units) by Sustained Land will begin preview on Oct 31
These launches could collectively bring over 2,500 units to the market in Q4, potentially lifting full-year sales to around 9,000–10,000 units (ex-ECs) — a figure that would comfortably surpass the annual sales achieved since 2022.
The Rest of Central Region is expected to stay the most active, supported by accessible pricing and proximity to the city. Meanwhile, the Core Central Region could continue its quiet revival following the success of Skye at Holland, as buyers regain confidence in luxury projects.
Wrapping up
With rates easing, buyer sentiment improving, and a strong Q4 launch lineup ahead, the year is shaping up to close on a high note after the September break. If current momentum holds, 2025 could mark the strongest year for new private home sales since 2021, when developers sold over 13,000 units within a year.
Stay updated with the latest news and insights on Singapore’s new launch market here.
About Ananda Bayu
Ananda has been wrangling Singapore's complex real estate trends into readable bites since 2020. She writes like she's explaining it to a friend over kopi — because who has time for jargon? When off the clock, she’s probably doom-scrolling through cat memes on X, convincing herself it's the highest tier of "creative inspiration".
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