Suburban home sales hit record high in February

This marks the highest number of such transactions ever recorded in a single month.

Singapore’s property market saw a record surge in high-value suburban home sales in February, with 603 new homes in the Outside Central Region sold for at least $2m.

This marks the highest number of such transactions ever recorded in a single month, according to data from the Urban Redevelopment Authority and OrangeTee.

New private home sales, excluding Executive Condominiums, climbed to 1,575 units in February, reflecting a 45.4% increase from January’s 1,083 units. On a YoY basis, sales skyrocketed by 929.4%.

The surge in transactions was largely fuelled by the launch of two major projects. Parktown Residence in Tampines North was the top performer, selling 1,041 units, or 87.3% of its total stock, at a median price of $2,363 per square foot (psf).

The project’s strong demand was driven by its proximity to amenities, including parks, schools, and the upcoming Tampines North MRT station. ELTA in Clementi also recorded strong sales, moving 326 units, or 65.1% of its total, with buyers drawn to its location near major employment hubs and top-tier schools.

Developers appeared to have timed their launches strategically, taking advantage of post-Chinese New Year market momentum. With buyers actively returning, the demand for new projects, particularly in suburban areas, remained high.

Whilst the suburban market performed exceptionally well, the luxury segment showed mixed results. Only three non-landed homes were sold for more than $10m, with the highest-priced unit—a 4,198 sq ft apartment at 32 Gilstead—fetching $14.6m.

However, demand for homes priced between $3m and $5m showed strong growth, with 57 units at Parktown Residence and 23 units at ELTA transacting within this range.

The positive sales momentum is expected to continue, with more projects set for launch, including One Marina Gardens in April.

Analysts predict overall private home prices will rise by 2-4% this year, driven by increased supply in prime and city fringe areas.

With suburban homes increasingly breaching the $2m mark, market dynamics indicate continued strong demand for high-value properties outside Singapore’s traditional prime districts.