New home sales hit a low in September, but a robust recovery is anticipated in October

In September, developers sold 255 private homes, a decrease of 36.4% year over year and 88.1% month over month.

October 15, 2025

CONDOsingapore.com

During a seasonal slowdown in September, new private-home sales dropped to their lowest level in nine months; however, analysts anticipate a robust recovery in October.

In September, Singaporean developers sold 255 private residences (not including executive condominiums or ECs). According to data released by the Urban Redevelopment Authority on Wednesday (Oct 15), this was down 38.1% from the previous month and 36.4% from the 401 units sold a year earlier.

As anticipated, the month's activity was slow because September falls during the Hungry Ghost Festival, which is typically a slow time for home sales and property launches.

September's sales of new units also represent the lowest monthly volume since 2023.

September 2025 saw the launch of just 20 units.

Leonard Tay, head of research at Knight Frank Singapore, stated that the anticipated slowdown was not an indication of market weakness. Homebuyers' continued desire for new products is demonstrated by the reported 99 percent of units sold during the Skye at Holland launch (following the conclusion of the Hungry Ghost Festival).

According to Marcus Chu, CEO of ERA Singapore, a total of 7,924 new units were sold in the nine months starting in January, surpassing the 6,626 new sale units sold in 2024.

According to PropNex Realty data, the most recent nine-month total also exceeded the 7,099 full-year sales in 2022 and the 6,421 sales in 2023.

According to Wong Siew Ying, head of research and content at PropNex, new home sales for the third quarter totalled 3,337 units (excluding ECs), "nearly three times the 1,212 new units sold in the previous quarter," despite September's unusually low volume.

"With four new launches that can provide 2,233 new private homes overall, we anticipate developers' sales to rebound significantly in October, so the lull will be brief," she continued.

Since the conclusion of Hungry Ghost month on September 21, sales have increased. Over the weekend of October 11th, Skye at Holland sold 99 percent of its 666 units at an average price of S$2,953 per square foot (psf).

Sales projections for the year have been slightly raised by analysts, and the majority anticipate that developers will sell at least 9,000 units by the end of the year, setting a multi-year high.



Zyon Grand, Penrith, and Faber Residence are other projects that are scheduled to open in October.

According to Lee Sze Teck, senior director of data analytics at Huttons Asia, "both projects are expected to book excellent sales on launch weekend, based on the extremely strong check collection for Faber Residence and Penrith."

Sales of Hong Leong's Queenstown development Penrith, GuocoLand's Clementi project, and Faber Residence are scheduled for October 18. Sales of Zyon Grand, a mixed-use project in the River Valley region by City Developments Ltd., will begin on October 25.

Strong demand from homebuyers

"Despite ongoing trade uncertainty and geopolitical tensions, homebuying appetite has recovered strongly amid low interest rates and better-than-expected economic performance," said Tricia Song, head of research for South-east Asia at CBRE.

She cited the Ministry of Trade and Industry's revision of its 2025 GDP growth projection, which was previously set at zero to two percent, to 1.5 to 2.5 percent.

"The reduced borrowing rates can help to bolster market confidence, improve affordability, and possibly nudge some fence-sitters to act," stated Wong of PropNex.

She added that as of October 15, the three-month compounded Singapore Overnight Rate Average, which banks use to determine home loan prices, had decreased to 1.4%, the lowest level since roughly mid-August 2022.

"We believe there are some people who prefer to enter the market sooner because they believe home prices may creep up in 2026, when projects with firmer land prices are launched, even though some potential buyers may choose to wait for rates to drop further."

According to the most recent Q3 flash estimates, private-home prices have increased 3.1% so far this year. In Q4, prices may continue to rise, according to Song of CBRE.

"The price increase for the entire year is expected to be at the higher end of our 3 to 4 percent forecast, matching or surpassing 2024's 3.9% full-year growth."

https://flo.uri.sh/visualisation/18373525/embed?auto=1

Knight Frank's Tay stated that there is a high demand from Singaporeans for prime residential locations, pointing out that primary sales in the Core Central Region (CCR) increased to 916 deals in Q3 from 46 units sold in the previous quarter.

However, compared to the Outside Central Region (OCR) and Rest of Central Region (RCR), home prices in the CCR have not increased as quickly. According to him, the non-landed private home price index for the CCR increased by a total of 27% over the previous five years, while the RCR and OCR saw gains of 47% and 46%, respectively.

For the astute homebuyer, value opportunities have arisen as the price difference between the island's prime locations and the rest is closing. Additionally, this covers options for legacy transfer and capital preservation, particularly in cases where the CCR contains a sizable portion of the completed freehold inventory.

With 28 units sold, Canberra Crescent Residences was the top-selling property in September. According to Lee of Huttons Asia, the District 27 project has sold over 60% of its units since its August launch, with a median price of S$2,001 per square foot.

According to data from Huttons Asia, River Green in the CCR sold 16 units at a median price of S$3,201 psf, while Grand Dunman in the RCR sold 24 units at a median price of S$2,508 psf.

In September, 85.5 percent of buyers were Singaporeans, compared to 8.6 percent who were permanent residents, Lee said.

In contrast to 2024, when 433 units were sold and 437 units were launched in the same month, 270 units, including ECs, were sold and 20 units were launched in September. In contrast, 2,496 units were introduced in August 2025, and 2,338 units were sold.