No new condo launches, cautious buyers send May new private home sales skidding
Excluding executive condominiums (ECs), new private home sales dropped to a mere 312 units from 663 units in April as new launched units plummeted to a mere 20 units from 1,344 units in April. But May's sales were still 39 per cent above the 223 units sold in May 2024.
Including ECs, new home sales fell to 336 in May from 759 in April. No new EC units were launched in May.
But May's sales still outperformed that of other months in the past three years when no new projects were launched, primarily because of lower interest rates, Mr Justin Quek, chief executive officer of OrangeTee & Tie, said.
In fact, 4,350 private new home sales (excluding ECs ) were recorded in the first 5 months of 2025, anchored by robust sales at a few large suburban and city-fringe new launches in the first quarter.
This is up from 1,688 units in the same period in 2024, prompting some analysts to anticipate a gradual rebound in the second half of 2025 as several major new projects are launched.
'May saw 39.3 per cent of new home sales transacted below $2 million,' ERA Singapore chief executive Marcus Chu noted. But investor interest in city-fringe projects – One Marina Gardens, Bloomsbury Residences in Media Circle, and The Hill @ One North – remained healthy, with 69 per cent of units sold at below $2 million in these three projects, he said.
Excluding ECs, the biggest proportion of new private homes sold were in the $1 million to $1.5 million range, which is the sweet spot for one-bedroom buyers at One Marina Gardens and Bloomsbury Residences, real estate services firm CBRE noted.
Developers' sales in the prime district remained tepid, with just 15 new units transacted in May, down from 17 in April. UOL and Singapore Land's 180-unit Watten House was the best performer in this submarket, moving four units at a median price of $3,255 per sq ft (psf) , PropNex said.
In the EC segment, developers sold just 24 new units in May, down 75 per cent from 96 units moved in April. Top performers Novo Place EC and Lumina Grand EC shifted eight units each at median prices of $1,601 psf and $1,513 psf, respectively, PropNex's head of research and content, Wong Siew Ying said.
As at end-May, there were just 38 units of unsold new ECs from launched projects on the market, according to Urban Redevelopment Authority data. Tight unsold stock bodes well for the upcoming 600-unit Otto Place EC in Plantation Close in Tengah, which is expected to be launched in July, she added.
Tepid sales could persist in June as there are no major launches lined up during the June school holidays, apart from a private placement at the 107-unit Arina East Residences in Tanjong Rhu Road, Ms Wong said. This means limited units are released and those invited can indicate the unit they want during sales booking.
'The Singapore primary housing market is going to face further headwinds. The recent flare up in the Israel-Iran conflict and the end of the 90-day US tariffs pause on July 9 would heighten market risks,' Mr Nicholas Mak, chief research officer at property search portal Mogul.sg, noted.
While developers may push back launches in the near term, there are a fair number of new projects ready to be launched in the second half of 2025, Ms Tricia Song, CBRE's head of research for Singapore and South-east Asia, said.
'With most of these located in the prime district and the city-fringe area, which tend to have higher price points, we are unlikely to see monthly new home sales of over 1,000 units seen in first quarter 2025,' she said.
The upcoming pipeline features a diverse mix, from high-end branded residences and city-fringe freehold developments to well-situated EC projects in emerging townships.
These include Arina Residences, the 348-unit The Robertson Opus in Unity Street, the 347-unit The Sen in Upper Bukit Timah, the 941-unit Springleaf Residence in Yishun and the 524-unit River Green in River Valley.
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Straits Times
7 days ago
- Straits Times
Fresh launches drive surge in new private home sales in July
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Straits Times
12-08-2025
- Straits Times
ERA helps generations of Singaporean
As the first real estate agency to be listed on SGX, launch ESG initiatives, and represent the industry at the National Day Parade, ERA Singapore has been a pioneer since 1982. It empowers people and transforms lives through trusted service and innovation ERA'S journey has consistently focused on advancing the real estate industry, from revolutionising property viewings in the '80s to providing agents today with cutting-edge proprietary technology tools. 'Our lasting legacy is rooted not only in our accomplishments but also in how we support the growth of our people. At ERA, we rise by raising others,' explains Marcus Chu, CEO of ERA Singapore, ERA Asia Pacific, and APAC Realty. Marcus Chu, CEO of ERA Singapore, ERA Asia Pacific and APAC Realty. In March 2025, over 1,500 ERA teammates and participants made history at the 'More than Words – Walk with a Difference' event, a heartfelt charity walk organised by the Singapore Association for the Deaf (SADeaf), with ERA Singapore as the main sponsor. This event vividly demonstrated ERA's strong belief that real estate is about more than just property; it's fundamentally about people, and walking alongside them on their journey, quite literally. For 43 years, ERA has been driven by a spirit of care and dedication. Starting modestly with just a few agents in 1982, it has grown into a significant force with nearly 25,000 agents across 13 countries in the Asia Pacific region. In Singapore alone, there are almost 9,000 real estate salespersons today. ERA is a trusted advisor to multiple generations of Singaporeans, shaping both their homes and their lives. ERA's commitment to our nation and its people is profound. In 2008, ERA took pride in bring the first ever agency to march as a contingent in the Singapore's National Day Parade to represent the real estate sector on a national stage. ERA's journey mirrors Singapore's own transformation – adapting to change, embracing innovation, and consistently prioritising people. In 1998, ERA achieved a major milestone by becoming the first real estate agency to be listed on the SGX SESDAQ. In 2000, it was upgraded on the SGX Mainboard, reaffirming its commitment to trust, transparency, and leadership. And in 2017, ERA achieved a major milestone by once again becoming the first real estate agency to be listed on the SGX Mainboard, reinforcing its commitment to trust, transparency, and leadership. Long before that, ERA had already established the foundation for transforming the industry. It pioneered professionalism and structured training via the ERA Sales System, adapted from the U.S., which set new benchmarks in agent development. 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Other key leaders have followed similar paths, such as Deputy CEO Doris Ong and Key Executive Officer Eugene Lim, who both joined in 1991, and Chief Agency Officer Kevin Lim, who came onboard in 2003. Each of these individuals exemplifies ERA's commitment to developing talent internally. Kevin Lim shares, 'I started my journey with ERA as a marketing executive right after national service. Over time, I've been fortunate to develop alongside the company, progressing from the ground up to my current position as a C-suite executive. My story is one among many at ERA Singapore, a place dedicated to nurturing talent and providing clear career advancement paths. At ERA, we focus not only on building careers but also on cultivating leaders.' Agent leaders like Mark Teo, Gary Lau, and Angeline Lim have each spent over 30 years with ERA. 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These efforts offer consumers not only property guidance but also aspirational experiences beyond mere transactions. In 2024, ERA hosted 421 training sessions for agents, with almost half emphasising technology and the remaining sessions covering specialised skills like project sales, negotiation, and client service. Key programmes such as the Ultimate Agent Seminars and Investor Realtor Masterclass continue to develop the next generation of top producers. ERA Singapore's education impact in 2024: For Consumers 67 Ultimate Consumer Seminars held 7,992 total attendees 136 hours of consumer education delivered Average of 5.5 UCS sessions per month For Agents 421 training sessions conducted 48% focused on technology and digital tools 52 Ultimate Agent Seminars held Through ongoing education, ERA enables both consumers and agents to confidently and clearly navigate the changing real estate environment. 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Straits Times
12-08-2025
- Straits Times
A real estate journey built on trust
PropNex unveiled its refreshed brand logo – marking a new chapter after 25 years – at the PropNex Sales Summit on 10 March 2025, witnessed by over 4,000 salespersons and guests. SINCE its establishment in 2000, PropNex has grown into a driving force in Singapore's real estate industry, helping individuals and families navigate some of life's biggest decisions with confidence. Now marking its 25th year, the real estate agency enters a new chapter focused on deepening its impact and strengthening its role as a trusted partner to Singaporeans from all walks of life. Today, PropNex is an industry leader with over 13,000 salespersons and a reputation built on integrity, professionalism and trust. PropNex's anniversary celebrations were held on July 15 with President Tharman Shanmugaratnam in attendance. The event reflected the company's deep ties to the nation and its role in supporting home owners and communities over the past two-and-a-half decades. Fittingly, PropNex is also taking part in this year's National Day Parade as an official marching contingent. The group comprises salespersons and staff members, representing Singapore's economic pillar. This visibility on a national stage reflects not only PropNex's role in the economy, but also its leadership within the property sector. PropNex is also the NDP principal partner this year. Staying ahead of the pack As of June 2025, PropNex has maintained its lead as the largest real estate agency in Singapore, with over 13,600 real estate salespersons. The company holds significant market share across key segments, including HDB resale, private resale, new launches, and landed homes, capturing 64.2 per cent overall market share in year 2024. This dominance, however, is not accidental. According to PropNex's co-founder, Ismail Gafoor, the company's sustained market leadership boils down to alignment and conviction. 'From the beginning, I was clear that the reason for PropNex's existence is to add meaningful value to people and to society. Our mission has always been to deliver professional real estate services with the highest standards of integrity, honesty, and transparency, helping families grow their wealth through responsible property investment so they can retire with dignity and pride,' says Gafoor, who is also PropNex's executive chairman. He recalls how difficult it was in the early days to get everyone to believe in and live by the company's core values. 'Living by these values required making tough decisions. In 2008, I had to make one of the most difficult calls in our journey – to terminate 2,800 salespersons who failed to uphold our principles, particularly our stand on consumer protection, at a time when the real estate industry was still unregulated. It was painful, but necessary to protect our mission and the integrity of our brand.' Top stories Swipe. Select. Stay informed. 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'With the right systems, programmes, and leadership, I am confident that we will continue to meet this challenge head-on – and continue to make a positive difference in the lives we touch,' explains Gafoor. PropNex's performance and principles have earned it accolades at home and abroad. In 2024 and 2025, it became the only Singapore real estate firm named in the inaugural Fortune Southeast Asia 500 list, and amongst the Singapore's Best Employers list for 2024. In 2025, the agency also took home the Reader's Digest Trusted Brands Platinum Award, the highest accolade awarded only to brands with an exceptional margin of trust over their closest competitors. It was recognised as a winner in the Influential Brands Awards, and clinched the Singapore Business Review Technology Excellence Award for PropTech in 2024 and 2025. These accolades highlight PropNex's market reach while reinforcing its ongoing commitment to innovation, trust and service. Giving back, looking forward At the heart of PropNex's 25th anniversary celebrations is a renewed emphasis on community. On July 15, the company announced the launch of the PropNex Foundation. Seeded with $10 million and targeted to grow to $25 million over the next decade, the Foundation aims to support a wide range of community initiatives, education awards, and charitable causes. 'This Foundation is our heartfelt thank-you to Singaporeans for walking this journey with us, and for many more years to come. At PropNex, we believe in building a stronger Singapore through education – because when we invest in our students, we invest in the future of our nation,' says Gafoor. As part of the Foundation's official launch, PropNex awarded $254,000 in education awards to 160 recipients, reflecting its belief in the power of education and the importance of uplifting future generations. From left to right: Director of PropNex Realty, Mr Alan Lim; Chief Executive Officer of PropNex, Mr Kelvin Fong; Chairman of Community Chest, Mr Chew Sutat; President Tharman Shanmugaratnam; Executive Chairman of PropNex, Mr Ismail Gafoor; and Managing Director of Community Chest, Mr Jack Lim. Over the years, PropNex has contributed more than $10 million to the Community Chest and pledged another $6 million in 2025 alone. These efforts form part of what Gafoor describes as a 'long-term social compact' that the company intends to honour for decades to come. A playground for the nation In April, PropNex unveiled a very different kind of contribution to the public: A 64,000-square-foot family-themed playground at Gardens by the Bay. The PropNex Family Zone was launched in collaboration with the Ministry of Social and Family Development, Families for Life, Community Chest and Gardens by the Bay. The launch event was officiated by Deputy Prime Minister Gan Kim Yong and then-Minister of State for Social and Family Development Sun Xueling. 'PropNex has always been about more than just real estate, we are also about building communities and strengthening families. As part of our 25th anniversary celebrations, the PropNex Family Zone is our way of giving back to bring families closer, foster intergenerational bonds and create lasting memories,' notes Gafoor. The response has been strong. According to the company, the playground has attracted over 200,000 searches on Google Maps within the first two months and widespread social media attention. Events held at the site have drawn thousands of visitors, highlighting the appeal of community-centred initiative. A vision for the next 25 years As PropNex charts its path forward, it remains guided by its founding principles, while embracing new tools to serve clients better. The company aims to be every Singaporean's lifelong real estate partner focused on people. 'We want to ensure that every individual we serve can make informed property decisions, build wealth sustainably through real estate, and retire with security and dignity. That's our mission,' says Kelvin Fong, who is PropNex's Chief Executive Officer. Looking ahead, artificial intelligence and PropTech will be key enablers for PropNex's growth, but Fong is careful to emphasise that these technologies are not an end in themselves. 'We are committed to staying relevant by harnessing the power of AI and PropTech, not for novelty's sake, but to enhance human decisions, relationships, and experiences.' As it looks to the next quarter century, PropNex is determined to continue leading the market with purpose. 'In the next 25 years and beyond, PropNex aims to deepen its contributions – expanding support for vulnerable families, enabling students to access greater educational opportunities, and ensuring that no one is left behind in Singapore's progress,' says Gafoor. 'As we grow as a homegrown brand, we want to also grow as a true friend to the nation and the community – standing not just as a business, but as a partner in the Singapore Dream.' 'As we grow as a homegrown brand, we want to also grow as a true friend to the nation and the community – standing not just as a business, but as a partner in the Singapore Dream,' says Ismail Gafoor, PropNex Co-Founder and Executive Chairman with Chief Executive Officer Kelvin Fong. Market leadership by the numbers Salesforce: 13,600 salespersons as of June 2025, 1 in 3 salespersons in Singapore are PropNex Salespersons Overall market share: 64.2% across all property segments, almost 2 out of 3 home transactions closed by PropNex salespersons in 2024 HDB resale: 66.4% market share Private resale: 64.9% market share New launches: 54.2% market share Landed resale: 50.2% market share Top awards:
