15 October 2025, Singapore - Following the blockbuster sales in August, private new home sales fell to a nine-month low in September amid a dearth of project launches. Developers sold 255 new homes (ex. EC) during the month, marking a sharp 88% plunge from the 2,142 units transacted in August, and a 36% decline year-on-year from the 401 units shifted in September 2024. The lower transaction volume was mainly due to the lack of launches as the market took a breather amid the Lunar Seventh Month (ghost month). Developers' sales are expected to make a swift recovery in October, with the first launch this month already almost sold-out.

There were no new projects put on the market in September. Developers launched 20 new units during the month - all coming from existing launch The Myst. This markedly lower than the 2,496 new units that were launched for sale in August.

The Rest of Central Region (RCR) led sales in September, with developers moving 125 new units - down from the 476 units sold in the previous month. The most popular RCR projects in September were Grand Dunman which sold 24 units at a median price of $2,508 psf and Tembusu Grand which transacted 12 units at a median price of $2,393 psf (See Table 2). RCR sales are expected to pick up in October with two new launches lined up - the 462-unit Penrith in Margaret Drive and the 706-unit Zyon Grand in Kim Seng Road.

Over in the Outside Central Region (OCR), developers sold 84 new units (ex. EC) in September which represents a 93% drop from the 1,153 units transacted in August, where the robust demand at Springleaf Residence then had spurred sales. Canberra Crescent Residences - which also hit the market in August - was the best-selling OCR project in September, shifting 28 units at a median price of $2,001 psf. The upcoming launch of the 399-unit Faber Residence is anticipated to help drive OCR sales in October, in view of the attractive starting prices which could appeal to owner-occupiers and property investors.

Meanwhile, developers' sales also declined significantly in the Core Central Region (CCR) where 46 new homes were sold in September - down from 513 units in the previous month. River Green and The Robertson Opus were the two top-selling CCR projects during the month, shifting 16 units at a median price of $3,201 psf and 10 units at a median price of $3,404 psf, respectively. The CCR has enjoyed something of a renaissance recently, with more than 900 new private homes sold in Q3 2025, which is the highest quarterly new sales in the CCR since Q4 2010. October's CCR sales will see a spike given the strong sales at Skye at Holland during its recent launch, where 658 out of 666 units (99%) were snapped up.

In the EC segment, developers shifted 15 EC units in September, 92% lower than the 196 units sold in August. Otto Place EC was the top-seller, moving 8 units at a median price of $1,790 psf. The slower EC sales can be attributed to a lack of new EC launches, as well as the tight supply of unsold EC units on the market. Based on URA figures, there were only 66 units of unsold new ECs from launched projects, as at the end of September.

Please attribute the comments below to Wong Siew Ying, Head of Research & Content, PropNex Realty.

"The primary market took a breather in September after an exhilarating August, where more than 2,100 new private homes (ex. EC) were transacted. The lull will be short-lived, and we expect developers' sales to rebound significantly in October, with four new launches that can collectively offer 2,233 new private homes. The first of the four launches, Skye at Holland in the prime District 10 has laid down a marker for new home sales in October, with 99% of the 666 units sold at its launch over the weekend.

September's developers' sales take the overall tally in Q3 2025 to 3,337 units (ex. EC), which is nearly three times the 1,212 new units sold in the previous quarter. All in, developers transacted an estimated 7,924 new homes in the first nine months of 2025 - already besting the annual sales in the previous three years from 2022 to 2024 (see Chart 1). We project that around 9,000 to 10,000 new private homes (ex. EC) may be sold in the full-year 2025, with the launches in Q4 2025 likely to enjoy healthy buying interest from first-timer homebuyers, HDB upgraders, and property investors amid the moderation in interest rates and positive market sentiment.

In particular, the lower borrowing rates can help to bolster market confidence, improve affordability, and may potentially nudge some fence-sitters to act. As at 15 October 2025, the 3-Month Compounded SORA, which banks use to price home loan packages has eased to around 1.40% p.a., which is the lowest since around mid-August 2022. 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, when projects with firmer land prices are launched. That said, the macro environment and its potential impact on sentiment remains one to watch, with the escalation in US-China trade tensions once again.

Chart 1: Annual new private home sales (ex. EC)

Table 1: Median transacted unit price ($PSF) of new non-landed private homes (ex. EC) by region, and price gap (%) comparison

We note that the median unit price gap between CCR non-landed new private homes sold and that of the RCR has widened since the 1.0% gap in Q1 2025 (see Table 1). In Q3 2025, the CCR to RCR new sales median unit price gap was 21.6%, up from the 12.3% in Q2 2025 but still narrower than a year ago where the price gap had trended at around the mid-20% range. For Q4 2025, we estimate that the CCR-RCR price gap may likely be maintained.

According to URA Realis caveat data, Singaporeans and Singapore PR continued to make up the majority of the new non-landed private home sales (ex. EC) in September, at 85% and 9% respectively. Meanwhile, foreigners (non-PR) accounted for 6% of the sales during the month, which is highest monthly proportion since 6.2% in October 2023. We do not think this is indicative of a resurgence in foreign buying demand but rather, likely a case of arithmetic due to the lower overall sales volume. In absolute terms, there were 15 transactions by foreigners (NPR) in September, lower than the 25 transactions in August. The projects which foreigners (NPR) bought into during the month were: Promenade Peak; Grand Dunman; River Green; Aurea; Bagnall Haus; Canberra Crescent Residence; Canninghill Piers; Nava Grove; Orchard Sophia; Tembusu Grand, and Union Square Residences."

Table 2: Top-Selling Private Residential Projects (ex. EC) in September 2025