Singapore housing set for strong Q3 as sales rise: analysts

Developers sold 940 units last month, a 245.6% increase from June and a 63.2% rise from July 2024.

Singapore’s private housing market is poised for a strong third quarter, with analysts projecting 1,800 to 2,000 new private home sales in August, following a major rebound in July.

According to data released by URA, developers sold 940 units last month, a 245.6% increase from June and a 63.2% rise from July 2024.

Research heads across major property consultancies cite strategic pricing, buyer resilience, and high liquidity as key drivers—and many expect full-year sales to reach as high as 9,000 units.

Wong Siew Ying, Head of Research and Content at PropNex, said the strong July figures show clear momentum heading into the second half.

However, the pace is expected to moderate in September due to the Hungry Ghost Month starting on 23 August. Leonard Tay, Head of Research at Knight Frank, also flagged rising land and construction costs as a constraint that could limit developer flexibility going forward.

The July rebound was powered by a burst of new launches, led by LyndenWoods, The Robertson Opus, and UpperHouse at Orchard Boulevard. These three projects accounted for 70% of total sales.

Including ECs, more than 2,200 units were launched in July—the highest monthly total since November 2024.

Sales in the Core Central Region (CCR) hit 357 units, the highest since April 2021, signaling a potential recovery in the prime market. CBRE analysts highlighted a narrowing price gap between CCR and the Rest of Central Region (RCR)—down from 56.5% in 2018 to just 1.9% in the first half of 2025.

RCR led all regions with 513 units sold, primarily driven by LyndenWoods, where 97% of its 343 units were snapped up at a median price of S$2,463 psf. The OCR lagged with just 70 units sold due to fewer launches. Affordability remained a central theme. At LyndenWoods, 73% of units sold were priced below $2.5m.

Local buyers clearly dominated the market. Singaporeans made up 85.7% of July’s buyers, with permanent residents accounting for 12.4% and foreigners just 1.8%. Analysts noted that this reinforces a broader trend: domestic demand—not foreign capital—is driving current market strength.

The executive condominium (EC) segment also posted strong results. Otto Place, the second EC launch of 2025, sold 358 out of 600 units at a record median price of S$1,746 psf. CBRE credited its strong performance to the rare convenience of being within five minutes of two MRT stations.

Looking ahead, five private residential projects are expected to launch in August, including River Green, Promenade Peak, and Springleaf Residence. According to CBRE, more than 900 units were sold in early August alone, suggesting sustained buyer interest.

PropNex, Knight Frank, and Realion have all revised their full-year forecasts upward, with estimates ranging from 8,000 to 9,000 units sold by year-end.