Overview

New home sales dipped in September, with developers typically holding back on launching any new projects during the seventh lunar month. Meanwhile, demand for executive condominiums (ECs) remained strong, with five transactions above S$1,800 psf and one surpassing S$2.1 million.

Based on data from the Urban Redevelopment Authority (URA), new home sales (excluding ECs) fell 88.1 per cent from 2,142 units in August 2025 to 255 units in September 2025.  Including ECs, new home sales similarly declined by 88.5 per cent from 2,338 units in August to 270 units in September 2025.

Year-on-year, new home transactions (excluding ECs) also dropped by 36.4 per cent from 401 units in September 2024.

The slower sales, amid a lack of new launches, resulted in September's figures being the lowest monthly sales recorded this year. It is also the least number of new homes sold in the month of September since September 2023 with 217 transactions (excluding ECs).

New Launches

New home sales were all from the previously launched projects, as no new projects were launched last month. The top-selling projects were Canberra Crescent Residences, Grand Dunman, River Green, Tembusu Grand, Bloomsbury Residences, and The Robertson Opus.

By Market Segment

Last month’s sales (excluding ECs) were predominantly in the city fringe or Rest of Central Region (RCR), accounting for 49 per cent or  125 units of the total 255 transactions, followed by suburbs or Outside of Central Region (OCR) at 32.9 per cent or 84 units, and the prime areas or Core Central Region (CCR) at 18 per cent or 46 units.

EC Market

A 1,206 sqft EC at Aurelle of Tampines changed hands for S$2.1 million last month. This transaction brings the year-to-date tally of new ECs sold for over S$2 million to 287 units, far exceeding the 65 transactions registered in 2024 and shattering the previous annual record of 90 units in 2023.

On a per square foot basis, five new ECs were sold for at least S$1,800 psf last month. A total of 291 new ECs has been sold at this price range from January to  September 2025, with none transacted in previous years. An EC at Otto Place was sold for a record unit price of S$1,909 psf in August 2025, surpassing the unit price of many resale condominiums in the current market.

As private home prices continue to hold steady, many middle-income Singaporeans and HDB upgraders are buying new ECs as  they are more affordable than other private homes. Their growing interest is boosting demand and propelling EC prices to unprecedented highs. The surge in HDB resale prices and the sale of many flats for a million dollars provided buyers with the financial capability to upgrade to ECs.

Luxury Market

Demand for luxury homes softened last month, with four new condos sold for over S$5 million but below S$10 million, down from 21 transactions in the preceding month. They were from Promenade Peak, CanningHill Piers and Terra Hill. Ultra-luxury condo sales held steady with two transactions last month, similar to the sales volume in August. Both were 4,489 sqft units from 21 Anderson, sold for S$24 million and S$23.5million.

Outlook

As the year comes to a close, many developers will strive to launch their projects before the year-end holidays. The continual moderation in interest rates will keep mortgages affordable, which will motivate many buyers to enter the market despite ongoing economic uncertainties from US tariffs.

Buyers have several medium to large-scale developments to choose from, as many are situated in highly desirable locations. Some of the new project launches include the 462-unit Penrith, the 347-unit The Sen, the 706-unit Zyon Grand, and the 399-unit Faber Residence.