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Straits Times
4 days ago
- Business
- Straits Times
Fresh launches drive surge in new private home sales in July
Sign up now: Get ST's newsletters delivered to your inbox Lyndenwoods sold 96.5 per cent of its 343 units in July at a median price of $2,463 per sq ft (psf). SINGAPORE – Sales of new private residences rebounded in July after four straight months of decline, spurred by a pick-up in new condominium launches. Excluding executive condominiums (ECs), 940 new private homes were sold in July, up from 272 units in June, according to Urban Redevelopment Authority data. Developers launched 1,675 units in four projects in July, a significant increase from the 187 units over two launches in the month before. July's sales were 63.2 per cent higher than the 576 units sold in the same month in 2024. Including ECs, new private home sales surged to 1,311 units in July from 305 units in the previous month. Mr Marcus Chu, chief executive of real estate agency ERA Singapore, said the uptick in sales was led by the launch of Lyndenwoods in the Science Park district, which sold 96.5 per cent of its 343 units in July at a median price of $2,463 per sq ft (psf). 'Investors may have been attracted by the opportunity to be first movers in the Singapore Science Park area, a city fringe location,' he said, noting that two-bedroom units were popular among buyers. Top stories Swipe. Select. Stay informed. Singapore Ong Beng Seng fined $30k for abetting former minister Iswaran in obstructing course of justice Asia Sun Haiyan, ex-China ambassador to S'pore, detained for questioning: Sources Singapore Jail for drink-driving cop in hit-and-run accident, victim suffered multiple fractures Life How do household bomb shelters in Singapore really work? Asia Johor authorities seize four Singapore-registered vehicles over illegal e-hailing Singapore Owners call for stronger management rules in ageing condos, but seek to avoid being overburdened In the prime district, two of the three new projects led to more home sales in central Singapore in July. The Robertson Opus, a 348-unit development in Unity Street, and the 301-unit Upperhouse in Orchard Boulevard were launched at median prices of around $3,300 psf. Buyers snapped up 53 per cent of the units at Upperhouse, while 41 per cent of The Robertson Opus units were also sold during their launch weekend on July 19 and 20. Mr Leonard Tay, research head of real estate consultancy Knight Frank Singapore, said local home buyers are expected to support sales in the prime home market segment – largely for their own stay – as the additional buyer's stamp duty rate of 60 per cent for foreigners continues to deter non-residents. 'With these launches in the core central region, there is an observable shift in buyer sentiment from previous positions of muted interest to a growing willingness to consider a reasonable premium for new product,' he said. The third project launch in the prime district, W Residences Marina View Singapore, sold only two of its 683 units in July at a median price of $3,344 psf. Mr Nicholas Mak, chief research officer at property search portal said the poor sales could be due to foreign buyers giving the Singapore property market a miss, and local buyers becoming more price-sensitive due to economic headwinds. In the EC segment, 371 units were sold, led by the launch of Otto Place, a 600-unit development in Tengah. The project sold 358 units at a median price of $1,746 psf in July. There were 253 unsold new EC units as at July 31. Ms Wong Siew Ying, head of research and content at property agency PropNex Realty, said this number is expected to decline significantly when the sales booking at Otto Place opens to more second-time buyers in August. Buyer interest in the luxury condominium market surged in July, said Ms Christine Sun, chief researcher and strategist at Realion Group. A total of 29 condo units were sold at between $5 million and $10 million in July, an increase from the 11 units moved in June, she noted. But sales of ultra-luxury condos were more subdued, with two units transacted at above $10 million each, compared with four in the previous month. 'More high-net-worth individuals may park their funds in real estate moving forward as macroeconomic uncertainties stemming from the US tariff policies persist,' she added. The most expensive non-landed home was a 10,452 sq ft unit at 21 Anderson, near Orchard Road, which transacted at $52.3 million. Property analysts expect private home sales to remain robust in August as more new projects are launched. Five condo projects are expected to be launched this month, yielding 2,472 units, said Mr Lee Sze Teck, senior director of data analytics at real estate firm Huttons Asia. Three condo projects – River Green and Promenade Peak in River Valley, and Canberra Crescent Residences – have sold a total of 930 units to date, he noted. The other two developments are the 941-unit Springleaf Residence in Upper Thomson and Artisan 8, a freehold mixed-use development in Sin Ming with 34 units.
Business Times
4 days ago
- Business
- Business Times
Developers' sales surge 250% on month to 940 units in July on flood of new condo launches
[SINGAPORE] Developers in Singapore sold 940 private homes in July, up 245.6 per cent from the month before, and 63.2 per cent from the 576 units a year earlier, data released by the Urban Redevelopment Authority showed on Friday (Aug 15). Analysts said the surge in transactions came as new condo launches flooded the market after the seasonal lull in June. They also noted that buyers were unfazed by the recent upward revision of seller's stamp duty rates and the extension of the holding period to a fourth year. The top seller during the month was Lyndenwoods, CapitaLand Development's first residential project at the Singapore Science Park, which sold 97 per cent or 331 of its 343 units, at a median price of S$2,463 per square foot, said Knight Frank Singapore's head of research Leonard Tay. New launches in the Core Central Region (CCR) – The Robertson Opus and Upperhouse at Orchard Boulevard – also sold 'extremely well', highlighting the resilient demand for prime CCR homes and strong fundamentals in Singapore's property market, said Huttons Asia's senior director of data analytics Lee Sze Teck. The Robertson Opus and Upperhouse chalked up sales of 59 per cent and 43 per cent, respectively, Tay pointed out. 'With these launches in the CCR there is an observable shift in buyer sentiment from previous positions of muted interest to a growing willingness to consider a reasonable premium for new product,' he added. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Despite the strong sales in CCR projects, the proportion of sales priced above S$2.5 million was 44.3 per cent last month, compared with 50.7 per cent in June 2025, said Lee. 'Developers had priced their projects below the sweet spot price which helped to lift sales of CCR projects.' Including executive condominiums (ECs), 1,311 units were sold in July with 2,275 units launched, versus the 613 units sold and 616 units launched in the same month in 2024. In comparison, 305 units were sold and 103 units were launched in June 2025. Among the three segments, the Rest of Central Region led in condo and private apartment sales, accounting for 54.5 per cent of sales. This was followed by the CCR, which accounted for 38 per cent of primary sales, and the Outside Central Region, which made up 7.4 per cent of new sales last month. Singaporeans made up 85.7 per cent of buyers in July, while permanent residents accounted for 12.4 per cent, said Lee.
