New home sales surge in February, with record number of suburban condos sold for S$2 million or more

Singapore’s new private home sales in February totalled 1,575 units, 10 times the total sold a year-ago

[SINGAPORE] Developers in Singapore sold 1,575 private homes in February, about 10 times the 153 units moved a year earlier and 45.4 per cent more than the total sold in January, data released by the Urban Redevelopment Authority showed on Monday (Feb 17).

The latest new sales tally, excluding executive condominiums (ECs), also counts the highest ever number of new suburban private homes transacted for at least S$2 million in one month, said Christine Sun, OrangeTee Group chief researcher and strategist. The total previous record, since 1995 when URA’s data first became available, was in November 2024 when there were 512 of such transactions, noted Sun.

February’s developers’ sales are also the second highest sales for that month in 13 years, since 2012 when 2,417 units were sold.

The buying spurt that started in the last quarter of 2024 continued into the start of the new year at pace, analysts said.

“It is just two months into the new year, and a total of 2,658 new sales (excluding ECs) have been recorded in January and February 2025,” said Leonard Tay, research head at Knight Frank Singapore. “In comparison, it took eight months from January to August in 2024 to reach a total of 2,714 units, based on monthly developer sales data with just 2,503 units sold from January to July 2024.”

Sales were driven by the two major launches last month – Parktown Residence in Tampines and Elta in Clementi.