October sales surge puts 2025 on track for four-year high

Nov 17, 2025

CONDOsingapore.com

A strong rebound in new project launches in October has sharply lifted developer sales, putting 2025 on track to be the best year for new home sales in four years.

Developers sold 2,424 new private homes (excluding executive condominiums) in October, according to data from the Urban Redevelopment Authority. This was:

- About nine times higher than September
- 224% higher than a year ago

The sharp jump was driven by multiple successful launches after a quieter period in earlier months.

Full-year sales likely to exceed expectations

Analysts now expect total new home sales in 2025 to reach around 11,000 units (excluding ECs).

Including ECs, transactions have already hit 11,818 units based on caveats lodged, according to Knight Frank. This means total sales could exceed 12,000 units for the year, far above earlier forecasts of 7,000 to 9,000 units.

If achieved, this would surpass annual sales from 2022 to 2024 and come close to the strong 2021 level.

While sales may slow slightly in the final months of 2025 due to fewer launches, momentum is expected to carry into early 2026 as more projects enter the market.

Demand driven by fundamentals, not speculation

The surge in demand appears to be supported by underlying fundamentals:

- Low unemployment
- Stable household incomes
- Lower borrowing costs

Analysts noted that the lower interest rate environment has improved affordability, especially for buyers upgrading from public housing.

This suggests the current strength is driven by real demand rather than speculative activity.

Launch success rates highlight strong buyer confidence

The October surge was mainly driven by four major launches — Faber Residence, Penrith, Skye at Holland and Zyon Grand — which collectively sold over 2,000 units.

All four projects achieved take-up rates of 84% to 99% during launch, an unusually strong performance.

More broadly, 10 projects in 2025 (excluding ECs) have sold at least 80% of units at launch, compared with just two in 2024. This indicates a clear improvement in buyer confidence.

Central regions lead sales, with strong CCR rebound

The Rest of Central Region (RCR) accounted for the largest share of sales at 50.5%, followed by:

- Core Central Region (CCR): 29.9%
- Outside Central Region (OCR): 19.6%

The CCR saw particularly strong performance, with 724 units sold — its highest monthly level on record.

The standout project was Skye at Holland, which sold 99% of its units and accounted for most CCR sales.

Pricing dynamics support demand

One key factor behind the strong sales was pricing alignment.

The price gap between CCR and RCR homes narrowed significantly — from about 27% in September to just 2.2% in October. This made prime-area projects more attractive to buyers.

Most units sold were in the S$2 million to S$2.5 million range, a common price point for two-bedroom units. Other active segments included:

- S$1.5 million to S$2 million
- S$3 million to S$5 million

Developers appear to be adopting careful, market-sensitive pricing to maintain sales momentum.

Buyer profile remains largely domestic

Singaporeans made up the majority of buyers in October at 86.7%, with permanent residents accounting for 12%.

At the top end, a small number of luxury transactions were recorded, including four units priced above S$10 million. One unit at The Skywaters achieved a record S$6,501 psf, purchased by a permanent resident.

Overall takeaway

The October surge reflects a release of pent-up demand combined with well-timed launches and realistic pricing.

Sales strength is broad-based across segments, supported by stable economic conditions and improved affordability. While momentum may ease in the short term due to fewer launches, the outlook remains positive heading into 2026.