Singapore’s property market witnessed a significant surge in February 2025, with a record 603 new suburban homes sold for at least S$2m, according to the Urban Redevelopment Authority (URA). This marks the highest number of such transactions in a single month since 1995. The increase follows a strategic release of new projects post-Chinese New Year, with developers capitalising on renewed buyer interest.
New home sales, excluding executive condominiums (ECs), rose to 1,575 units in February, a 45.4% increase from January’s 1,083 units. Including ECs, the sales reached 1,604 units, reflecting a 45.3% rise. This surge is attributed to the launch of major projects like Parktown Residence and ELTA, which collectively accounted for a significant portion of the sales.
Parktown Residence emerged as the top performer, selling 1,041 units at a median price of $2,363 per square foot. Its appeal lies in the amenities of the Tampines North area, including new transport links and retail options. ELTA, located in Clementi, sold 326 units, attracting young families and investors due to its proximity to employment hubs and limited housing supply in the area.
The demand for luxury homes remained subdued, with only three non-landed homes sold for over S$10m. However, the overall market outlook remains positive, with new projects like Aurelle of Tampines Executive Condominium and One Marina Gardens expected to sustain the momentum. Analysts predict a moderate price increase of 2% to 4% for private residential properties this year, with 7,000 to 9,000 new homes anticipated to be sold.
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