According to data released by the Urban Redevelopment Authority (URA) of Singapore on Monday, February 17th, property developers sold 1,083 new private homes (excluding executive condominiums, or ECs) in January, marking a strong rebound from the previous month.

Sales last month surged by 256.3% compared to the 304 units sold in the same period last year. This figure is also 433.5% higher than the 203 units sold in December 2024, which is typically a seasonal low period.

This rebound was driven by strong buyer interest in two major projects launched in January: Bagnall Haus, a 113-unit development in the East Coast, and The Orie, a 777-unit condominium in Toa Payoh.

Lee Sze Teck, Senior Director of Data Analytics at Huttons Asia, noted that these two projects accounted for nearly 70% of total sales in January.

During their launch weekends, Bagnall Haus sold approximately 65% of its total units at an average price of S$2,490 per square foot, while The Orie sold about 86% of its units at an average price of S$2,704 per square foot.

A total of 896 units were launched in January, up from 20 units in December and 417 units in January 2024 (excluding ECs).

Excluding ECs, last month's new private home sales reached the highest January level since 2021, with 1,633 units sold.

Mohan Sandrasegeran, Head of Research and Data Analytics at SRI, commented, "If this positive momentum continues, it will lay the foundation for sustained demand, especially as developers strategically time their launches and buyers adapt to the current property landscape."

Marcus Chu, CEO of ERA Singapore, added, "Overall, buyers remain confident in the resilience of the residential market due to Singapore's strong economic fundamentals, which may help weather global headwinds and boost new home sales in the coming months."

Sandrasegeran expects sales momentum to continue in February, driven by renewed buyer interest after the Lunar New Year, particularly for the 501-unit Elta development in Clementi and the 1,193-unit Parktown Residence in Tampines. Both projects began their booking sales this weekend.

Huttons Asia's Lee anticipates strong sales for both projects during their launch weekends and predicts that developer sales in February could surpass those in January.

Other upcoming projects include the 760-unit EC development Aurelle of Tampines, the 477-unit Lentor Central Residences, and the 188-unit Aurea.

Analysts forecast new home sales to reach between 7,000 and 9,000 units this year.

Christine Sun, Chief Researcher and Strategist at OrangeTee, expects new private home prices to rise moderately by 2% to 4% this year, driven by robust demand for new private homes and increased supply.

Including ECs, new home sales totaled 1,104 units, up from 373 units in December and 611 units in January 2024.

As no new ECs were launched last month, only 21 EC units were transacted.

ERA's Chu noted that, as of January, only 148 EC units remain unsold, with buyers "slowly snapping up the remaining inventory."