Over 900 private homes sold at 3 new launches; River Green leads with 88% sold at S$3,130 psf on average

Business Times

2 days ago

[SINGAPORE] Homebuyers took up more than 900 new condominium units over the weekend, with River Green chalking up the strongest sales rate of 88 per cent at an average price of S$3,130 per square foot (psf).
Nearby, Promenade Peak recorded a 54 per cent take-up rate with prices going up to S$3,521 psf, while the suburban Canberra Crescent Residences moved 40 per cent of its units at an average price of S$1,974 psf.
Taken together, the three new projects sold more than 62 per cent of their combined inventory of 1,496 units, noted PropNex chief executive Kelvin Fong.
Including the 893 new units sold in July, the new home sales tally (excluding executive condominiums, or ECs) for the third quarter of 2025 so far stands at over 1,820 units – well over the 1,212 sold in the whole of Q2, Fong said.
This reflects continued strength in private housing demand and homebuyers' confidence in the mid- to long-term outlook of Singapore's residential property market, he said.
Huttons Asia chief executive officer Mark Yip highlighted that the strong turnout at the 524-unit River Green and 596-unit Promenade Peak, in particular, indicates robust appetite for prime homes.
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'To collectively sell more than 700 units on launch weekend is an impressive result,' said Yip. 'This speaks volumes of the demand in the market and their acceptance of these two projects.'
The strong weekend performance also pushes new home sales in the Core Central Region (CCR) to their highest level in over 16 quarters, said Fong.
ERA Singapore chief executive officer Marcus Chu said: 'This indicates that despite economic headwinds, demand for CCR homes remains strong, supported by resilient local interest.'
It also signals a broader recovery in the CCR market, following tepid sales since additional buyer's stamp duty rates were hiked in April 2023, noted Fong.
'Many buyers are seeing the strong value proposition of CCR projects in view of the narrowing price gap between CCR new launches and that of the Rest of Central Region, of late.'
The strong showing follows firm bidding activity in recent state land tenders in other prime locations. Just last week, a Holland Link site drew five bids with a top offer of S$368.4 million or S$1,432 psf.
In June, a Dunearn Road site attracted nine bids , with a high of S$491.5 million or S$1,410 psf.
River Green: Blockbuster sales
Of the three new projects launched, River Green in District 9 led the pack with 460 units, or 88 per cent, of its 524 units sold as at Sunday (Aug 3). Prices averaged at S$3,130 psf, said Wing Tai in a statement.
Around 98 per cent of buyers were Singaporeans and permanent residents, the developer added.
This marks the best-selling CCR project in recent memory, said Singapore Realtors Inc (SRI) head of research and data analytics Mohan Sandrasegeran.
Its performance surpasses that of Upperhouse at Orchard Boulevard, which moved 54 per cent of its 301 units when it launched two weeks earlier. The Robertson Opus, another development in the River Valley area, sold 41 per cent of its 348 units that same weekend.
Prices of Upperhouse and The Robertson Opus averaged at S$3,350 psf and S$3,360 psf, respectively, then.
Yip from Huttons believes that River Green's compact unit sizes made them more affordable and appealing to buyers.
Fong noted that one-bedders transacted from S$1.16 million to S$1.5 million, two-bedders from S$1.46 million to S$2.4 million, three-bedders from S$2.19 million to just under S$3 million, and four-bedders from S$2.7 million to S$3.5 million.
'Buyers saw this as a perfect opportunity to own a home in the CCR,' said Yip.
Likewise, Mogul.sg chief research officer Nicholas Mak observed that the average unit size at the 99-year leasehold development was 668 sq ft – significantly smaller than the estimated 921 sq ft per unit in its government tender.
'By shrinking the size of each condominium unit and making these properties affordable to the middle-class locals, it can be argued that some developers are democratising the high-end housing market in Singapore or at least creating an illusion of doing so,' said Mak.
Promenade Peak: Firm interest
At the city fringe, the 99-year leasehold Promenade Peak sold 320 units, or 54 per cent of its 596 units, said developer Allgreen in a statement on Sunday.
One- to three-bedroom units under its Promenade Collection were sold at an average of S$2,894 psf, while three- to five-bedroom units under its Promenade Suites averaged at S$3,343 psf.
The highest price transacted as at Sunday was S$3,521 psf, underscoring buyers' confidence in the project's offerings and city-fringe location, said Allgreen.
Singaporeans made up the bulk of buyers, at 90 per cent, followed by permanent residents accounting for 9 per cent of buyers, and foreigners at 1 per cent.
PropNex's Fong added that around 82 per cent of units sold were two- and three-bedders, and nearly half of its four-bedders were taken up.
'The strong demand for larger units suggests that many of the buyers could be end-users purchasing the properties for own-stay,' he said.
SRI's Sandrasegeran reckoned that the simultaneous launch of River Green and Promenade Peak may have created a sense of urgency among buyers.
The two likely gained momentum from earlier nearby launches as well, which appear to have generated spillover interest as buyers explored options in the area, ultimately boosting overall demand, he said.
He added that the success of these launches could set the tone for upcoming developments in the area, including Zyon Grand later this year and River Valley Green (Parcel B) next year.
Canberra Crescent Residences: Steady sales
In the north, Kheng Leong and Low Keng Huat's Canberra Crescent Residences sold about 150 units, or 40 per cent of its 376 units, as at Sunday. Prices averaged at S$1,974 psf, market sources said.
The project marks the first condo launch in the north since Norwood Grand in November 2024, and is the first in Canberra in four years, said Yip.
Fong noted that some 80 per cent of units transacted were two- and three-bedders; all three one-bedders and nearly a third of its four-bedders were also sold.
Prices started at S$880,000 for a one-bedroom unit and went up to around S$2.6 million for the four-bedroom units, he added.
ERA's Chu said: 'This pricing anomaly (of being close to EC land rates) results from the developer's strategic land purchase during a market slowdown in 2024, combined with a 'priced-to-sell' approach, enabling buyers to benefit from built-in value and potential future appreciation.'