New home sales in Singapore experienced a dramatic increase in January 2025, with transactions rising more than fivefold compared to the previous month. According to the Urban Redevelopment Authority (URA), sales excluding executive condominiums (ECs) soared by 433.5%, reaching 1,083 units, up from 203 units in December 2024. This marks the highest January sales since 2021, when 1,633 units were sold.
The surge was largely driven by three new project launches: The Orie, Bagnall Haus, and The Gatz. The Orie, in particular, saw overwhelming demand, selling 87.5% of its units. Its attractive location and competitive pricing, coupled with lower mortgage rates following recent interest rate cuts, contributed to its success. The project is especially appealing to HDB upgraders, given the high resale prices in Toa Payoh, and is expected to benefit from future developments in the area.
In addition to The Orie, other projects like One Bernam also performed well, with 99 units sold in January compared to just three in December. Attractive price discounts and the project’s imminent completion likely boosted sales.
Sales were predominantly concentrated in the Rest of Central Region (RCR), accounting for 71.2% of transactions, followed by the Outside of Central Region (OCR) and the Core Central Region (CCR). The luxury market, however, saw limited activity, with only two high-value transactions at Park Nova.
Looking ahead, several large-scale developments, including ELTA, Parktown Residence, and Aurelle of Tampines, are set to launch. These projects are expected to sustain the momentum, with new home prices projected to rise by 2-4% this year. An estimated 7,000 to 9,000 new homes could be sold in 2025, up from 6,469 units in 2024.
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