-- After the dearth of launches in September amid the Seventh Lunar month lull – which ended on 21 September, new home sales surged to the highest level in the year in October. 2,424 new private homes were sold, nearly 10 times the low base of 255 units transacted in September and 13.2% more than the previous high for 2025 of 2,142 units recorded in August.
This is the highest monthly record of new sales for the year so far, since 2,560 units were sold in Nov 2024. Home sales have rebounded strongly since July on the back of robust take-up at attractive new launched amid low interest rates and resilient economic performance which have boosted homebuying appetite.
October’s sales take the tally of new homes sold in the year-to-October to 10,299 units, already 59.2% higher than 2024’s full-year volume of 6,469 units and reaching a 4-year high since 13,027 units were sold in 2021.
There were 4 new launches in Oct 2025, all major launches spread across market segments. The OCR saw the launch of Faber Residence (399 units), the CCR observed the launch of Skye at Holland (666 units) and the RCR recorded the launch of Penrith (462 units) and the first hybrid long-stay serviced apartment project Zyon Grand (706 units).
All of the new launches made it to the top 10 best-selling projects in the month, led by Skye at Holland (666 units) which was met with an overwhelming response due to its prime location and strong fundamentals, moving 662 units (99% of total units) in the month at a median price of $2,949 psf, and making it the best performing new launch in terms of % sold for 2025 so far.
- The next best-selling project was Zyon Grand (706 units) which sold 595 or 84% of its 706 total units at a median price of $3,038 psf, surpassing the 56% of total units sold at adjacent project Promenade Peak (596 units) which was launched in August.
- Penrith (462 units) located in Margaret drive was the third best-selling project, moving 446 units or 97% of its 462 total units at a median price of $2,791 psf. The project benefitted from pent-up demand in the sought-after Queenstown area which had not seen a new launch in 7 years since Stirling Residences and Margaret Ville were launched in 2018.
- Faber Residence (399 units) was the fourth top performing project, seeing 87% take-up, with 348 units sold at a median price of $2,149 psf.
By market segment, October 2025’s developer sales (excluding ECs) were again led by the Rest of Central Region (RCR) which recorded the sale of 1,225 units (50.5%).
- The Core Central Region (CCR) fared well, moving 724 units (29.9% of October sales) mainly due to the success of Skye at Holland and potential spillover demand to recent 999-year launch The Robertson Opus.
- The Outside Central Region (OCR) trailed behind as the segment only recorded 1 smaller project launch. 475 units or 19.6% of total October sales were sold.
New Home Sales (excl. ECs) by quantum
Source: CBRE Research, URA
Based on Realis new sales (excl. EC) caveats extracted on 17 Nov 2025.
Based on quantum size, the largest proportion of new private homes sold (excl. ECs) at 27.8% was in the S$2.00 – 2.50 mil range which is the sweet spot for 2-bedroom units at top performing projects Skye at Holland and Zyon Grand. The $1.50 – 2.00 mil range was second at 26.1%, followed closely by the S$3.00 – 5.00 mil range at 25.1%.
Outlook and Forecasts
The tally of new homes sold in 10M 2025 was at 10,299 units, already exceeding full year tallies for 2022 – 2024. Looking ahead, there is 1 more major RCR launch, The Sen (347 units) located at De Souza Avenue in the Upper Bukit Timah enclave expected in November to close out the year before the December school holiday lull. It was reported that the project was met with a muted response, moving 80 units or 23% of its total units over its 15 – 16 Nov launch weekend at an average price of $2,358 psf. CBRE Research forecasts that full year 2025 new home sales could reach 10,500 – 11,000 units.
Correspondingly, private home prices which have risen 2.7% in 9M 2025 could see similar growth momentum in Q4 2025. We expect that full year price increase will likely be at the higher end of our 3 – 4% forecast, matching or exceeding 2024’s 3.9% full year growth.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, digital infrastructure services); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at https://www.cbre.com/.
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