SINGAPORE, 25 April 2025 – According to the Housing and Development Board (HDB), the HDB Resale Price Index (RPI) rose to 201.0 in the 1Q 2025, marking a 1.6% quarter-on-quarter (q-o-q) increase, which is a more moderate growth compared to 2.6% q-o-q in 4Q 2024.
This marks the 23rd consecutive quarter of HDB resale price increases.
Resale transaction volume increased by 2.6% quarter-over-quarter to 6,590 in 1Q 2025, up from 6,424 units in 1Q 2024. This also represents a 6.8% year-over-year decline from 6,790 transactions in 1Q 2024.
The number of HDB rental applications rose by 12.3% quarter-on-quarter from 8,603 cases in the fourth quarter of 2024 to 9,662 cases. This also marks a 2.8% year-on-year increase.
HDB will launch approximately 5,400 Build-To-Order (BTO) flats in Bukit Merah, Bukit Panjang, Clementi, Sembawang, Tampines, Toa Payoh, and Woodlands in July 2025. At the same time, they will also conduct a second Sale of Balance Flats (SBF) exercise, offering about 3,000 flats.
ERA’s comments
Compared to 1Q 2024, we observed fewer resale transactions at the beginning of the year due to the significant scale of the BTO and SBF launches in February, which featured over 10,000 flats available, diverting potential buyers from the resale market.
We anticipate a slight rebound in resale transactions during 2Q 2025 as unsuccessful applicants eventually turn towards the resale market. However, we believe that some may wait for the upcoming BTO and SBF sales launches in July, where buyers can expect popular locations like Clementi, Tampines, and Toa Payoh,” said Eugene Lim, Key Executive Officer of ERA Singapore.
In 1Q 2025, 74% of HDB resale transactions were under the $750,000 mark. The 4-room flats sold within the $500,000 to $750,000 range were found across 16 HDB towns, predominantly in non-mature estates, with flats aged 15 years and under.
Meanwhile, 5-room flats in the same price range were similarly located in non-mature estates but were slightly older, ranging from 16 to 25 years old.
Chart 1: HDB Transactions by Price Ranges
Source: data.gov.sg as at 15 April 2025, ERA Research and Market Intelligence
Around 8,000 flats are expected to reach the Minimum Occupation Period (MOP) in 2025, 13,500 in 2026, and 19,500 in 2028. In the medium term, the increase in MOP supply may alleviate pressure on resale prices, especially for flats in mature estates or central locations, which continue to experience strong demand among home buyers.
“In 1Q 2025, we saw 348 million-dollar flat transactions, up from 285 in the previous quarter. This marks the highest number of million-dollar flat transactions in a quarter to date, although such flats remain a marginal 5.3% of the overall resale market. Notably, the majority of these million-dollar flats are centrally located and recently MOP flats.”
“Separately, more 4-room flats were transacted above the million-dollar mark, as compared to 5-room flats in 1Q 2025. These transactions were at in-demand and well-located street addresses such as Bidadari and Dawson Road, which have recently fulfilled their MOP.”
The increase in million-dollar HDB resale transactions has been primarily fueled by private property right-sizers and HDB upgraders, who prefer larger, centrally located flats with longer leases. Desirable locational traits, such as strong transport connectivity and proximity to reputable schools, further support this demand, motivating buyers to pay premium prices for these homes.
Meanwhile, the continuous influx of new private home launches has motivated more HDB owners to transition to private homes, leading the majority of them to sell their flats.
Chart 2: HDB Million-dollar Resale Flat Transactions
Source: data.gov.sg as at 15 April 2025, ERA Research and Market Intelligence
“The HDB resale market remains resilient,” Eugene added. “Overall, we expect resale price growth to be more measured this year with the ongoing economic headwinds.
Some buyers may be more cautious about upgrading to private property and instead, turn to the HDB resale market. However, the firm demand for flats with longer leases in popular housing estates and fewer MOP units suggests these flats may continue to grow in price throughout the year.
With a reduced supply of MOP flats in 2025, which have been a key driver of resale transactions in recent years and more BTO and SBF units put up for sale, we can expect fewer resale transactions in 2025.
ERA anticipates HDB resale prices to rise at between 3% – 6% price growth, with 26,000 – 27,000 resale HDB flat transactions by end-2025.
For media enquiries, please contact:
Ning Peh, Senior Marketing Communications Manager, ERA Singapore
Email: [email protected]
Kaixin Yue, PR Manager, ERA Singapore
Email: [email protected]
Disclaimer
This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval.
SINGAPORE, 25 April 2025—According to the Urban Redevelopment Authority (URA)’s report for 1Q 2025, private home prices rose 0.8% quarter-on-quarter (q-o-q), continuing the 2.3% q-o-q increase observed in 4Q 2024. The price growth was largely driven by recent new home launches, several of which have achieved benchmark pricing.
In 1Q 2025, developers launched 3,139 new homes (excl. EC) for sale, down from the 3,425 units in 4Q 2024. Developers sold 3,375 new homes (excl. EC) in 1Q 2024, compared to 3,420 units in 4Q 2024.
Resale transactions inched down 3.7% q-o-q to 3,565 units in 1Q 2025, while sub-sale transactions rose 3.2% to 321 units.
In tandem, the total transaction volume of private homes also fell marginally to 7,261 units in 1Q 2025, marking a 2.3% decline from the 7,433 units recorded for 4Q 2024.
A total of 1,988 private homes were completed in 1Q 2025, and another 3,816 units are slated for completion in the next nine months. This will bring the total number of private home completions to 5,920 units in 2025, down from 8,433 units in 2024.
ERA’s comments
“Residential transactions in Q1 2025 were supported by steady primary home sales since Q4 2024. Strong take-up at new home launches such as The Orie, Parktown Residences, Elta, and Lentor Central Residences bolstered residential transactions in this period.”
Buyers were drawn to these projects for their attractive locational attributes, with some projects further benefiting from a lack of recent new launches in the vicinity. While we saw benchmark pricing achieved at some of these new launches, the overall price increase for new private homes was less pronounced compared to the last quarter,” said Marcus Chu, CEO, ERA Singapore.
“In parallel, resale transactions fell for the third consecutive quarter amid competition from new home launches, and new home completions are expected to decline further in 2025. Buyers have redirected their attention to the new home market, with new project launches since late 2024. Since late 2024, we have observed the new home market’s share of total transactions increasing, standing at 27.5% in 1Q 2024 before rising to 46.5% in 1Q 2025.”
“Following this increase in new home sales, we have also seen the resale market’s share of total transactions levelling out. In 1Q 2024, resale deals made up 63.6% of all quarterly transactions, but this figure has shrunk to 49.1% as of 1Q 2025.”
“EC sales surged in 1Q 2025, driven by Aurelle of Tampines’ near sell-out launch, and went on to be fully sold when the project opened for second-timer booking in April. Many first-timers were drawn to EC because of its attractive pricing.”
“Following Aurelle of Tampines’s strong performance, the current supply of new EC homes has become very limited. As of 25 April 2025, fewer than 50 units are available islandwide. Anticipation is building for the upcoming EC projects at Plantation Close (Otto Place) and Jalan Loyang Besar.”
“Demand for high-end landed homes grew in 1Q 2025, with URA caveats showing a 21.6% q-o-q uptick in transactions for landed properties valued at $10 million and above. In contrast, the $5 million to $10 million segment experienced a 0.8% contraction in sales volume, while the sub-$5 million segment witnessed an even more pronounced 17.6% q-o-q decrease in transactions.”
“Globally, trade tensions have escalated, triggering market volatility that may momentarily dampen sentiment and weigh on the local real estate sector. However, it is too early to tell the deeper impact on the real estate market. Singapore’s property market is expected to remain resilient, supported by domestic buyers with a mid-to-long-term outlook, which keeps activity rooted in genuine demand rather than speculation.”
“Furthermore, between April and December, we can expect up to 15 new home launches and two EC launches, potentially yielding around 7,800 new homes. Building on the ongoing momentum in new home sales, and barring any unforeseen circumstances, ERA Singapore projects that 8,500 to 9,500 new homes will be sold for the whole of 2025. Sub-sale and resale transactions are also expected to reach between 1,100 and 1,300 units and between 14,000 and 15,000 units by the end of 2025.”
For media enquiries, please contact:
Ning Peh, Senior Marketing Communications Manager, ERA Singapore
Email: [email protected]
Kaixin Yue, PR Manager, ERA Singapore
Email: [email protected]
Disclaimer
This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval.
SINGAPORE – 22 April 2025 – Commemorating ERA’s 43rd year as a brand that is Trusted by GenERAtions and alongside Singapore’s upcoming 60th year of independence, leading international real estate agency ERA Realty Network Pte Ltd (“ERA Singapore” or the “Company”) announced key initiatives to raise recognition and deepen support for its real estate agents at its annual ERA Asia Pacific Business Conference (“APBC”).
Themed “Empower People, Transform Lives” and supported by two key strategic pillars – raising recognition and deepening support for ERA agents, the APBC brought over 2,000 representatives across 13 countries and territories where ERA operates, to the Marina Bay Sands. This year, ERA was proud to welcome Mr Desmond Tan, Senior Minister of State in the Prime Minister’s Office, Deputy Secretary-General of the National Trades Union Congress and Executive Secretary of the Singapore Industrial Services and Employees’ Union as its Guest of Honour.
A signature regional event that celebrates and recognises ERA’s salesforce’s remarkable accomplishments of the preceding year, the 2025 edition was helmed by ERA’s senior management team. This year, the Company unveiled a suite of initiatives designed to deepen ERA’s commitment to building its brand while empowering agents and employees.
Marcus Chu, CEO of ERA Singapore, ERA Asia Pacific and APAC Realty Limited said: “Our evergreen theme ‘Empower People, Transform Lives’ represents our timeless values that makes true positive impact on those that we care the most about – our agents, our clients and the communities around us. All of these amazing individuals deserve to be seen for their hard work, sacrifices and achievements. Today at APBC, we are celebrating and paying tribute to them, and more importantly, focused on empowering them for even greater successes ahead. Every year at APBC, ERA is proud to introduce new initiatives designed to empowers our agents in their personal growth and transformation and this year will be no exception. We are thrilled to be the only real estate agency in Singapore to provide union representation for all our staff and agents. Ultimately, our goal is to equip them with the confidence and tools to uplift and inspire others in turn.”
ERA and SISEU mark committment to supporting agents and employees
The 2025 APBC marks a significant milestone for ERA, as the Company becomes the first and only real estate agency in Singapore with union representation for all its employees and agents, through a strategic partnership with the Singapore Industrial & Services Employees’ Union (“SISEU”). In an industry-first initiative, the signing of the the Collective Agreement (CA) and Memorandum of Understanding (MOU) between ERA and Singapore Industrial Services and Employees’ Union (SISEU), an NTUC-affiliated union, marks the jont committment of supporting workers. As part of the CA, ERA will provide NTUC membership to its corporate services employees, empowering them with access to NTUC’s range of workplace and welfare benefits, including workforce representation, protection and training grants such as UTAP.
In addition, the partnership also marked the official launch of the ERA Trusted Advisors Chapter, aimed at empowering real estate agents through structured professional development. Under this initiative, ERA salespersons who join as members will gain access to training support, reducing the financial barriers to upskilling to enhance critical skills such as leadership and digital marketing, needed to thrive as trusted advisors in a rapidly evolving real estate landscape.
Mr Desmond Tan, Senior Minister of State in the Prime Minister’s Office and NTUC Deputy Secretary-General, added: “NTUC and the Singapore Industrial Services and Employees’ Union are excited to partner with ERA, marking the company as the first real estate agency in Singapore to sign a collective agreement. This strategic partnership aims to not only protect our real estate workforce, but also supports ERA’s growth and development as a business. Through NTUC’s Company Training Committee initiative, we are committed to driving business transformation and enhancing better wages, welfare and work prospects for workers.”
Mr Desmond Tan, Deputy Secretary General, NTUC and Executive Secretary, SISEU, alongside ERA Singapore CEO Marcus Chu (seated) today signed a MOU at the ERA Asia Pacific Business Conference 2025 to uplift welfare and advance professional development in the real estate sector.
- Enhanced Workplace Support through NTUC Union Membership
Through this partnership with NTUC, ERA employees and salespersons will now enjoy greater representation, enhanced workplace support and a broad suite of benefits — from professional learning and development courses, discounted healthcare services, and family-related perks, to social advantages such as dividends and supermarket cash rebates.
“Whether you are an agent on the frontlines representing ERA and earning the trust of our clients, or one of the dedicated staff working tirelessly behind the scenes — at ERA, every voice is valued and protected. By partnering with NTUC, we’re reinforcing our commitment to our people’s well-being. With access to a wide range of benefits, training opportunities, and wellness resources, this collaboration empowers our team to feel more secure, supported, and confident in their journey with us — both professionally and personally,” said Mr Chu.
- Powering the ERA Brand Forward Through Targeted Outreach
As a powerful affirmation of public trust and brand strength, ERA was recently ranked with an outstanding 99.8% Excellence Rating in its customer poll, reflecting strong performance across eight key drivers that matter most to clients. Based on skillsets such as Communication, Client Dedication, Value-added Services, Process Expertise, Market Knowledge, Reliability, Marketing Skills, and Negotiation Skills, the results underscore ERA’s commitment to service excellence and reinforces the agency’s reputation as a trusted real estate brand.
As part of its brand innovation efforts, ERA is proud to the first and only agency to offer a first-of-its-kind consumer experience to agents by rewarding them while strengthening client relationships. $100,000 worth of Travel Dollars will be up for grabs for clients who are enrolled in ERA’s VIP Programme Through the “My Dream Vacation” campaign – an exclusive travel giveaway designed to reward VIP members. ERA is also the first real estate agency to reward agents in a consumer-led campaign. Agents who refer 50 clients as VIPs can also win $500 in a monthly lucky draw from March – December, while their clients enjoy exclusive lifestyle perks such as F&B discounts and petrol vouchers. Designed to enhance agent visibility and deepen client engagement, the programme is a win-win that deepens brand connection and loyalty.
To further strengthen its engagement efforts, ERA agents will soon have the opportunity to reconnect with their clients by inviting them to participate in the second edition of the “My Dream Home Survey”. This initiative provides agents with valuable insights into their clients’ preferences and aspirations, allowing them to tailor their services more effectively and foster stronger, long-term relationships.
The inaugural launch of ERA’s PLUSH magazine at this year’s APBC also serves as a powerful tool for brand building, recognizing ERA agents who excel in high-value transactions and setting a prestigious industry standard. The magazine offers a platform for agents to showcase luxury listings, boosting visibility. As part of a trusted APAC network, ERA agents can position themselves as experts, enhancing the brand’s regional influence in luxury real estate.
In addition, ERA’s Millionaire Investor Masterclass (“MIM”) slated for September 2025 will provide another touchpoint for brand engagement in the form of valuable educational content for consumers – particularly those who are unsure about investing in property or see it as a one-time investment. Through this consumer-facing event, ERA agents will have the opportunity to invite their clients to learn the importance of asset progression. With the aim to educate clients on the long-term potential of property investment, MIM helps clients understand the importance of real estate in building wealth. This initiative will make it easier for agents to guide clients through the investment process, offering them the tools and insights to make more informed, confident decisions.
This year, agents can look forward to a revamped ERA Property Portal – a free and seamless alternative to subscription-based property listing platforms. Besides empowering agents with in-house tech tools that deliver value, flexibility and savings, agents can also enjoy time and cost savings by posting home listings via the SALES+ and push them to multiple platforms in one single step.
Through targeted campaigns and outreach efforts, ERA focuses on accelerating connections and bringing customers closer to its agents – creating greater reach, generating leads and opportunities across every touchpoint.
- Driving Technological Advancements and Transformation With Innovation
At the 2025 APBC, ERA unveiled two groundbreaking tools that redefine how agents access, analyse, and present data — Trend Analysis 2.0 and Presenter+ — both built into the current SALES+ ecosystem and available exclusively to ERA agents.
Trend Analysis 2.0 is a game-changing upgrade that transforms raw data into real-time, strategic insights. Agents can now compare different property types (e.g., new launches vs. resale vs. landed), analyse market trends by region or district, and identify properties near MRTs or schools — all with full chart customisation. With advanced segmentation filters like size, tenure, and price, agents can deliver highly tailored advice to clients with ease. The intuitive interface also allows for dynamic visualisations and effortless report sharing, making complex data simple to interpret and present.
Paired with this is Presenter+ — The first of its kind in Singapore’s real estate industry . Directly linked with Trend Analysis 2.0, it allows agents to create polished, data-rich presentations in minutes. By pulling charts, insights, and even personal media directly from SALES+, and offering pre-built editable templates, agents can pitch with greater impact and consistency — all from one platform. Together, these innovations streamline the journey from market research to client engagement, empowering ERA agents to impress, influence, and close transactions with confidence.
Other key improvements this year include:
- Agent X 2.0
- A CRM tool that takes integrates seamlessly with WhatsApp and emails, allowing agents to manage customer databases and leads more effectively, while staying organized and connected with clients.
- The built-in AI script generator helps agents craft well-written, personalized messages, further enhancing communication with clients.
- Property Calculators 2.0
- Offers essential financial insights, helping agents with borrowing decisions, asset planning, and ensuring rental compliance
- Valuation Request
- Easily request certified property valuations for various purposes, including sales, decoupling, CPF, or stamp duty; providing quick access to trusted and professional valuations from Realty International Associates Pte Ltd (“RIA”) – ERA’s sister company, streamlining the process for agents and clients.
In addition, the integration of Chat GPT 4.0 brings the power of AI into agents’ workflows, offering them a smart, efficient way to handle client inquiries, generate responses and even automate tasks. By incorporating AI-driven solutions, these innovations are reshaping the way agents work, making their processes more efficient and customer-focused.
These are prime examples in how ERA is making it easier for agents to present data-driven insights that can drive better investment decisions. Collectively, these advancements drive transformation through innovation, equipping ERA’s agents with the tools to excel in a fast-evolving real estate landscape.
- Enriching the Lives of Communities Through ESG
Chaired by Doris Ong, Deputy CEO of ERA Singapore, ERA has been a strong proponent of sustainable practices. As part of giving back to the community through Environmental, Social and Governance (“ESG”) efforts, ERA is the main sponsor of the Singapore Association for the Deaf’s (“SADeaf”) annual walkathon this year.
Slated to take place on Sunday 25 May, “More Than Words: Walk with a Difference” at Marina Barrage is a unique event that will bring together community engagement, environmental awareness and inclusivity. With the aim to set a new Singapore record while promoting the use of Singapore Sign Language, the event will encourage participants to learn signs and connect them to the breathtaking views of Gardens by the Bay and the iconic Singapore skyline.
“We’re very proud to support SADeaf’s Walkathon, which brings people of all abilities together in a celebration of community spirit. It’s an extremely meaningful way to raise awareness about the deaf and hard-of-hearing community, while encouraging more Singaporeans to embrace a more inclusive society. At ERA, we believe in making a meaningful impact beyond real estate through ongoing efforts to promote sustainable practices and collective community events such as these,” said Doris Ong, Deputy CEO of ERA Singapore.
The first real estate agency to launch an ESG initiative in 2021, ERA has since played a key role as a responsible corporate citizen by championing numerous community initiatives and activities such as food distribution, promoting green living and sustainable habits, support for community events, as well as in-kind donations and monetary contributions.
For media enquiries, please contact:
Ning Peh, Senior Marketing Communications Manager, ERA Singapore
Email: [email protected]
Kaixin Yue, PR Manager, ERA Singapore
Email: [email protected]
SINGAPORE, 15 April 2025 – URA has released the March Developer Sales report.
Demand in the new home market remained strong in March, as we saw developments like Lentor Central Residences and Aurelle of Tampines (EC) achieving near-full sales at launch.
In total, the market saw 729 new private homes (excluding ECs) sold by developers in March, with the 54.4% month-on-month (m-o-m) decrease reflecting February’s large base. Smaller development sizes also contributed to March’s lower sales volume.
March saw a total of 555 new home launched (excluding ECs), due to the launch of smaller developments namely Lentor Central Residences (477 units) and Aurea (188 units). This is a sharp contrast to February, which saw the launch of nearly 1,700 new homes launched at Parktown Residence (1,193 units) and Elta (501 units).
“Collectively, some 3,409 new private homes (excluding EC) were sold in 1Q 2025, and this represents nearly 51% of 6,626 new private homes (excluding EC) sold in 2024.
Since early April, Trump’s new tariffs have roiled global markets and triggered volatility, resulting in dampened sentiments that could weigh on local real estate. As a result, some property investors may opt to wait out any potential turbulence and delay their purchases. However, this is expected to be a knee-jerk effect.” said Marcus Chu, CEO, ERA Singapore.
“Singapore’s property sector benefits from domestic buyers’ mid- to long-term outlook. This ensures that local real estate activity remains rooted in genuine buyer needs, rather than speculative activity.”
“Come next month, we can expect to see the launches of One Marina Gardens (CCR), as well as Bloomsbury Residences and Arina East Residences (both RCR) which are expected to draw more investors, rather than owner occupiers.
ECs, on the other hand, will see new home stocks continuing to deplete with a lack of new launches in April. Second-timers are also expected to snap up remaining units at Aurelle of Tampines once booking commences. For the whole of 2025, ERA Singapore projects new home sales to be between 8,500 and 9,500 units.”
Lentor Central
Though Lentor Central Residences was the sixth new private development to debut in the area, it saw a 96.2% take-up rate on its launch weekend. Strong demand for the project largely stemmed from a combination of competitive pricing and appealing location attributes.
Additionally, Lentor Central Residences presented a competitive value proposition versus other recent OCR new launches. The median price of OCR new sales in 1Q 2025 was $2,288, while the median new sale price of Lentor Central Residences in March was $2,213 psf.
Aurea
Aurea, the former Golden Mile Complex, achieved a 30.8% take-up rate on its launch weekend, selling 24 of the 78 units launched due to their large floor plates and attractive views of Kallang Basin and Marina Bay. Considering Aurea’s premium positioning, this sales rate is respectable, and we can expect sales momentum to continue since we expect this product to be more well-received by investors and young couples. This explains why nearly half of the units sold at launch weekend were two-bedder (11 units), at a median quantum of $1.9M.
Aurelle of Tampines (EC)
March saw a surge in EC transactions with 781 ECs sold, marking a sharp increase from just 29 units sold in Feb. This was largely driven by the launch of Aurelle of Tampines (EC), which sold 705 of its 760 units (92.8%) at a median price of $1,769 psf. The attractive location attributes of the EC being located just beside the new integrated transport hub and a new Parktown Mall, explains why buyers were motivated to make their purchase.
Moreover, being an EC, its lower price provided more value when compared to the nearby Parktown Residences which sold 87% of units in February when it was launched. The balance units at Aurelle of Tampines were promptly snapped up when sales for second-timer buyers opened in April, underscores its positioning as a choice development to buyers.
With the falling number of EC units balance across the island, we expect buyers to be waiting on the side for EC launches such as the upcoming Otto Place at Plantation Close and EC development at Jalan Loyang Besar.
The uncertainty around the economic conditions and financial markets due to the stop-start tariffs imposed has also caused fear among a minority of buyers, resulting in them waiting on the sidelines. However, as property is still widely seen as a stable, non-volatile asset, buyers will still look towards them due to their non-speculative nature.
For media enquiries, please contact:
Ning Peh, Senior Marketing Communications Manager, ERA Singapore
Email: [email protected]
Kaixin Yue, PR Manager, ERA Singapore
Email: [email protected]
Disclaimer
This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval.
SINGAPORE, 8 April 2025 –URA has just launched the tender for the Government Land Sale (GLS) parcels at Lakeside Drive (potentially yielding 575 units) and Dunearn Road (380 units), while HDB has launched an Executive Condominium (EC) site at Woodlands Drive 17 (420 units).
The tenders for the Lakeside Drive, Dunearn Road and Woodlands Drive 17 sites will close at 12 noon on 3 June 2025, 26 June 2025 and 5 August 2025 respectively.
Lakeside Drive – Attractive site beside the Lakeside MRT
Marcus Chu, Chief Executive Officer, ERA Singapore said: “The Lakeside Drive parcel is the latest GLS site to be launched in the vicinity since 2015. It is the first site to be launched in the vicinity since Jurong West Street 41 (Lake Grande) was sold in March 2015 for $630 psf ppr.”
“Notably, Lakeside Drive parcel is the just steps away from the Lakeside MRT, and this exceptional proximity provides to-be residents great convenience in their daily commutes, while enhancing the site’s appeal to potential bidders. While not near amenities, future residents are just one MRT stop away from Jurong Point.”
“The site also enjoys proximity to the scenic Jurong Lake Gardens and Lakeside MRT station, offering future occupants both nature and convenience at their doorstep.”
“There is a shortage of new private homes in District 22 (Jurong). Across the three new developments available for sale – J’den (93.8% sold), The Lakegarden Residences (71.6%) and SORA (41.6%), there is only 360 units remaining. A new launch in Lakeside Drive that will inject 575 new units could cater to the demand from this large district and support the growth of the JLD.”
Proximity to Jurong Lake District could be an advantage
“We have seen a significant ramp-up in housing supply in recent years in the West Region, likely aimed at supporting the anticipated growth of the Jurong Lake District (JLD) slated to transform into a vibrant live-work-learn-play destination in the next two decades.”
Woodlands Drive 17 – EC site, OCR location with MRT and growth potential
“This EC site is located adjacent to Woodlands Health Hub, and within 5 minutes’ walking distance from Woodlands South MRT on the Thomson-East Coast line. It is one stop away from Woodlands interchange, providing a transit option to the North-South line and a bus interchange.”
“Woodlands regional centre is also undergoing transformation into a new lifestyle and commercial hub, housing a range of office spaces, retail malls, and entertainment options just one stop away. These include existing points of interest such as Causeway Point shopping centre and Woodlands Civic Centre, alongside future developments to come.”
Demand for future project driven by HDB upgraders in North region
“Demand for this future EC development will come primarily from HDB upgraders in Woodlands, although we could see interest from upgraders coming from nearby towns in the North, such as Sembawang and Yishun.
Between 2026-2029 itself, we will see over 1,800 (4-room and larger) flats fulfil their Minimum Occupation Period in Woodlands, with a further almost 3,500 of such MOP flats in Yishun and Sembawang. This should create a healthy supply of potential upgraders for the launch of the future project.”
“Developers may take cue from the pent-up demand for new homes in Woodlands, evident in the performance of Norwood Grand that is just 5-minutes walk from this EC GLS site. To date, the project has sold all of its 1-, 2-, and 3-bedroom units, selling 83% of its total stock at a median $2,080 psf.”
Pent-up demand due to lack of EC stock in North region and District 25 (Woodlands)
“The last Executive Condominium project to launch in Woodlands was Northwave, launched in 2016. With no new EC launches in almost a decade, there is sure to be pent-up demand among for ECs in the area. This could compel developers to bid competitively to seize the opportunity in plugging the supply gap in this market.”
“Moreover, North Gaia, the last EC to launch in the north region in 2022 has recently sold all its remaining units. The scarcity of new EC stock for north-dwelling homebuyers will be a key factor fuelling demand for the future project at Woodlands Drive 17.”
Moderate bidders for this site, balanced by concurrently closing EC site at Senja
“Developers could show considerable interest in this Woodlands Drive 17 EC site, given limited competition due to the scarcity of fresh EC supply in the immediate vicinity. Woodlands South is a burgeoning estate seeing continued development with the presence of new BTO flats and Woodlands Health Hub, creating essential amenities that will help improve liveability in the area and drive future demand for the project.”
“The continued strong demand for new ECs has resulted in developers increasingly aggressive bidding strategy. Between 2015 and 2024, the average EC land costs have risen 164%, from $287 psf ppr to $733 psf ppr. As such, we could see new benchmark prices for ECs. Prices will be a far cry from Northwave, the last EC sold in Woodlands which was tendered for a land cost of $566 psf ppr in 2015.”
“The Woodlands Drive 17 EC site, and the Senja Close EC site launched in March 2025 are both in HDB towns that have not seen launches in recent years. Hence, we do expect pent-up demand for these launches. However, as both sites share the same tender closing date, we expect more dilute and hence moderate bidding activity.”
Dunearn Road – New CCR site part of the Bukit Timah Turf City transformation
“The Dunearn Road GLS site sits in the heart of Bukit Timah, a prestigious CCR district. Future residents will enjoy the quietness of the surrounding neighbourhood, as well as good connectivity, and priority access to the upcoming Turf City masterplan transformation.”
“The Bukit Timah Turf City precinct is envisioned as a vibrant, car-lite township, and the site is advantageously located just one bus stop from Sixth Avenue MRT Station. Additionally, the upcoming Turf City MRT station on the Cross Island Line could be completed as soon as 2032, further enhancing transport connectivity.”
“The site will may fall within the 1km priority enrolment distance of Methodist Girls’ School, which is a key consideration for many families and homebuyers.”
Potential demand due to upcoming Bukit Timah Turf City Development
“The last launch in the area was Fourth Avenue Residences in 2017, which sold a median price of $2,406 psf. Hence, we can expect substantial pent-up demand for homes in this area considering its proximity to top schools.”
“Residents from future prime HDB flats in Turf City may become potential upgraders after fulfilling their 10-year MOP, boosting longer-term demand for private homes in this precinct.”
“We anticipate that this GLS parcel will draw strong interest from developers seeking to foray into the new Turf City precinct. Its palatable size and exceptional location make it appealing to both boutique and large-scale developers.”
ERA maintains a cautiously optimistic medium- to long-term outlook in the face of unfolding global uncertainties. ERA believes that Singapore’s residential sector is non-speculative will continue to offer growth opportunities for investors with a medium- to long-term perspective, supported by firm economic fundamentals. The three sites launched today are situated in locations with strong underlying demand, making them well-positioned to attract steady interest from developers.
For media enquiries, please contact:
Ning Peh, Senior Marketing Communications Manager, ERA Singapore
Email: [email protected]
Kaixin Yue, PR Manager, ERA Singapore
Email: [email protected]
Disclaimer
This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval.
SINGAPORE, 3 April 2025 – The tender for the Government Land Sale (GLS) site at Lentor Gardens closed on 3 April 2025. In total, the site drew interest from 2 bidders, with the top bid of $429.2 million (or $920 psf ppr) being put in by Kingsford Huray Development Pte Ltd.
Marcus Chu, Chief Executive Officer, ERA Singapore said: “With a difference of just 1.6%, the close competition between both bidders indicates that both developers’ share a similar market outlook and prudent cost assumptions.”
“Taking into account that the site may only launch in 2H 2025, developers could be taking a more conservative medium-term view of the market in view of the many new homes launched recently.”
“Despite six launches in the Lentor Hills estate, there is a limited remaining stock of just 138 units unsold.
“Despite expectations of a larger turnout, only two developer firms submitted bids for the site. This is surprising, given that the 93% take-up rate for Lentor Central Residences is a clear indication of buyer demand. Moreover, the site’s relatively affordable quantum would have typically made it an attractive proposition for developers as it mitigates their risk of incurring ABSD past the five-year selling timeframe.”
“A top bid of $920 psf ppr represents a 6.3% discount from the last site awarded at Lentor (now Lentor Hills Residences). This be a signal that developers are being more selective about the sites they choose, knowing that sites at the Lentor Hills estate have been dominated by a single developer.”
“Additionally, the Upper Thomson Road (Parcel B) residential site one MRT station away at Springleaf will further intensify competition between projects in the area by injecting an additional 940 new units, bringing the total stock to 4,390 units within a 2km radius. This could further dilute demand from the shared pool of potential upgraders from Ang Mo Kio, Yio Chu Kang and Yishun.”
For media enquiries, please contact:
Ning Peh, Senior Marketing Communications Manager, ERA Singapore
Email: [email protected]
Kaixin Yue, PR Manager, ERA Singapore
Email: [email protected]
Disclaimer
This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval.
SINGAPORE, 1 April 2025 – According to flash estimates released by the Housing and Development Board (HDB), the HDB Resale Price Index (RPI) rose to 200.9 in the 1Q 2025, marking a 1.5% quarter-on-quarter (q-o-q) increase. The RPI growth was moderate compared to 4Q 2024, and marks the 20th consecutive quarter of price growth, reinforcing ERA Singapore’s forecast of 3% to 6% annual growth for the HDB resale market.
Despite the price increase, resale transaction volume fell by 7.7 % y-o-y to 6,392 units from 1Q 2024, which saw 6,928 transactions. The decline is attributed to seasonal factors and the draw of over 10,000 flats offered through the BTO and Sale of Balance Flat (SBF) exercises in February.
“While the dip in transaction volume was expected due the season lull along with the BTO and SBF launches, we anticipate a rebound in 2Q 2025 as unsuccessful applicants eventually return to the resale market,” said Eugene Lim, KEO, ERA Singapore. “At the same time, the shrinking supply of MOP flats will continue to lend support to prices, especially for newer HDB flats in centrally located and mature estates.”
In 1Q 2025, million-dollar HDB transactions rose to 295 units, a 3.5% increase from the previous quarter. These flats, mostly in mature estates, reflect continued strong demand for choice locations and larger flats with longer remaining leases. Nonetheless, million-dollar HDB flats remain a minority, with over 75% of resale HDBs in 1Q 2025 being transacted under the $750k mark.
Source: data.gov.sg as at 27 March 2025, ERA Research and Market Intelligence
Additionally, the limited supply of MOP flats in 2025 is expected to fall to some 5,100 down from around 8,300 units in 2024, may place further upward pressure on prices, particularly for well-located units not subject to new resale restrictions introduced under the Plus and Prime classifications.
“Apart from private home downgraders, there are increasingly more HDB dwellers willing to upgrade within the HDB market itself, shelling out premium prices to purchase larger homes in central locations with longer leases, such as newly-MOP flats. These homes offer outstanding location attributes, with good transport connectivity, amenities and proximity to good schools, making them a great choice as their next home.”
Looking ahead, transaction volume is expected to recover in Q2 2025, especially as unsuccessful BTO and SBF applicants look toward the resale market. Price growth, however, is projected to moderate, in line affordability thresholds.
“The HDB resale market remains resilient,” Eugene added. “While we expect growth to be more measured this year, demand for quality flats in good locations will stay firm.”
July will see the second BTO launch of the year, offering around 5,400 flats in Bukit Merah, Bukit Panjang, Clementi, Sembawang, Tampines, Toa Payoh, and Woodlands. HDB will also be conducting a second SBF exercise this year. Many of these offerings like Clementi, Toa Payoh and Tampines is expected to be well received.
Within the same period, we should see incentives roll out to further enable home ownership among Singaporeans. These include more second-timer allocation for BTO flats, easier financing through the Deferred Income Assessment (DIA) scheme, priority access to housing near family members through the new Family Care Scheme (Proximity), as well as enabling more families currently staying in rental flats to own homes through the Fresh Start Housing Scheme.
With a reduced supply of MOP flats in 2025, which have been a key driver of resale transactions in recent years, we should see a moderate price growth, and fewer transactions to close out the year. We anticipate an overall 3% – 6% price growth, with 26,000 – 27,000 resale HDB flat transactions by end-2025.
For media enquiries, please contact:
Ning Peh, Senior Marketing Communications Manager, ERA Singapore
Email: [email protected]
Kaixin Yue, PR Manager, ERA Singapore
Email: [email protected]
Disclaimer
This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval.
SINGAPORE, 1 April 2025 – Singapore’s private residential market posted a stable performance in the first quarter of 2025, growing at a more moderate pace of 0.6% quarter-on-quarter (q-o-q). The milder growth momentum was primarily driven by new launch activity and a higher base in 4Q 2024.
According to flash estimates released by the Urban Redevelopment Authority (URA), the non-landed RCR property index showed the most pronounced growth among regional sub-markets, with a moderate yet notable 1.0% q-o-q increase. Similarly, the non-landed CCR and OCR property price index saw 0.6% and 0.3% q-o-q growth. These increases were largely driven by higher price benchmarks achieved at recent new home launches across all market segments. The Landed price index rose 0.6% q-o-q reversing the decline to also saw a reversal of the decline of 2.3% in 4Q 2024.
Primary sales remained strong, buoyed by blockbuster projects such as The Orie in Toa Payoh, Parktown Residences in Tampines, and Lentor Central Residences, which saw robust take-up rates during their respective launch weekends. In contrast, resale and sub-sale volumes tapered as buyers gravitated towards new launches amid dwindling numbers of newly-completed homes.
“Homebuyers are responding positively recent new launches, many of which are located in housing estates supported by amenities and transport connectivity” said Marcus Chu, CEO, ERA Singapore. “The Singapore’s property market remains underpinned by healthy economic fundamentals which in turn supported demand for new homes. Moreover, the rising HDB resale prices continued to pave the way for Singaporeans to upgrade to private homes.”
Singapore’s property market continues to be rooted in healthy fundamentals such as strong local employment, rising household incomes, and easing interest rates following rate cuts by the U.S. Federal Reserve in late 2024. Core inflation also declined to an average of 2.7% last year, further supporting consumer sentiment.
Per URA data up till mid-March, 1Q 2025’s transaction volume of private homes totalled 6,299 units. Though this is lower than the 7,433 units sold in 4Q 2024, new sales still made up more than half of all transactions recorded for the quarter. 1Q 2025’s downtick in overall sales volume can also be traced back to falling resale and sub-sales amid fewer estimated completions this year.
“Singapore’s strategic position as a key business hub in the Asia Pacific has kept buyer confidence resilient. This remains true even as friction continues mounting in global markets, amid looming slowdown fears, geopolitical tensions, and economic policy-related uncertainties,” Marcus added. “Many are taking a long-term view when it comes to housing investment, especially in anticipation of future capital gains.”
Similarly, Executive Condominiums (ECs) had performed exceptionally, with Aurelle at Tampines achieving a 90% sell-through rate at launch. Though there are another two projects at Plantation Close and Jalan Loyang Besar slated to be launched this year, this incoming EC supply might still fall short of demand.
In the landed market, prices ticked up by 0.6% q-o-q in 1Q 2025, reversing the 0.1% q-o-q decrease seen last quarter.
Looking ahead, upcoming launches in RCR, such as One Marina Gardens and Bloomsbury Residences, are expected to attract both investors and upgraders seeking long-term value in prime locations.
Marcus concluded. “Barring any unforeseen circumstances, we remain optimistic that the healthy sales momentum will continue into 2Q 2025, supported by a steady stream of launches and stable economic fundamentals.”
In light of the recent momentum in new home sales, ERA has upgraded our earlier projections to 8,500–9,500 units (from 7,000-8,000 units previously) for the whole of 2025. In conjunction, sub-sale and resale transactions are also expected to reach between 1,100 to 1,300 units and 14,000 to 15,000 units respectively by the close of 2025.
For media enquiries, please contact:
Ning Peh, Senior Marketing Communications Manager, ERA Singapore
Email: [email protected]
Kaixin Yue, PR Manager, ERA Singapore
Email: [email protected]
Disclaimer
This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval.
SINGAPORE, 7 February 2025 – HDB has just launched the tender for the Government Land Sale (GLS) parcel for an Executive Condominium (EC) at Senja Close. The site can potentially yield about 295 units. The tender for sale will close at 12 noon on 5 August 2025.
“ECs have consistently been a popular choice for buyers. This is due to their more accessible pricing compared to private condos, as well as the added benefit of ABSD remission for Singaporean purchasers. This widespread appeal is reflected by the over-50% take up rates observed at the last four EC launches, including the latest Aurelle of Tampines. These figures could be even higher if not for the second-timer quota of 30% at launch.” said Eugene Lim, Key Executive Officer, ERA Singapore.
“Last year, new homes sized between 900 to 1,000 sqft in the OCR saw a 42% difference in median prices between ECs ($1.48M) and private condos ($2.10M). This gap highlights the value proposition of ECs, particularly for HDB upgraders who meet the income ceiling of $16K.”
“Given the scarcity of fresh EC supply in the immediate vicinity, we may see competitive bidding activity for this site. Likewise, the presence of an LRT station nearby and amenities like Senja Hawker Centre and Greenridge Shopping Centre could further boost the site’s attractiveness to developers and potential buyers alike.”
“In view of the healthy EC demand, the government has committed to releasing three EC sites for sale in 1H 2025, and the Senja Close site is the smallest among them. Considering the size of the site, coupled with healthy EC demand, we could see more intense bidding competition. Since 2021, nine EC sites launched, averaging 6.7 bids from developers.”
“Developers may also take cues from the strong demand observed during Aurelle of Tampines’s launch. The project achieved a remarkable 90% sales rate during its launch weekend, selling 682 of its 760 units, with the large majority of buyers being first-timers.”
“Island-wide, the current supply of new EC homes is fairly limited, with fewer than 150 units available across five projects. Though there are another two projects at Plantation Close and Jalan Loyang Besar slated to be launched this year, this incoming supply might still fall short of demand.”
“The last Bukit Panjang EC site tender (now Blossom Residences) dates back to December 2010, resulting in five bidders and a land cost of $271 psf ppr. Furthermore, with Blossom Residences being the last EC launch in Bukit Panjang since 2011, the Senja Close site could see some pent-up demand from HDB upgraders in the vicinity.”
For media enquiries, please contact:
Ning Peh, Senior Marketing Communications Manager, ERA Singapore
Email: [email protected]
Kaixin Yue, PR Manager, ERA Singapore
Email: [email protected]
Disclaimer
This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval.
SINGAPORE, 18 March 2025—The tender for the Government Land Sale (GLS) site at Bayshore Road closed on 18 March 2025. Eight bidders expressed interest in the site, with Sing-Haiyi Garnet Pte Ltd submitting the top bid of $658.8 million (or $1,388 psf ppr).
“Among the eight bidders for the site, Sing-Haiyi Garnet put in the highest bid at $658.8 million, translating to a land rate of $1,388 psf ppr. The highest bid was just a marginal 0.8% more than the next highest bidder, highlighting an overall competitive round of bidding for this GLS site.”
“Additionally, the gap of 35.9% between the lowest and highest bids is reflective of mixed market sentiments among participating bidders.”
“The large showing by developers for Bayshore Road reflects the site’s allure. The last time we saw this many bidders was for the Jalan Tembusu (Parcel A) GLS site, which was subsequently launched as Tembusu Grand.” said Marcus Chu, CEO, ERA Singapore. “In addition, the plot’s palatable size could have been a draw for smaller-scale developers, which is why we saw more bidders.”
“Bayshore Road’s estimated land rate of $1,388 psf ppr also sets a new OCR land price, surpassing the former benchmark of $1,250 psf ppr achieved by Clementi Avenue, where ELTA now sits. It is also a touch higher than the land rate of $1,360 psf ppr for Lorong 1 Toa Payoh, which is currently The Orie.”
“The plot is the first private residential site in the upcoming Bayshore precinct and an inaugural project under the Bayshore Master Plan. The future development is poised to draw significant buyer interest from aspiring first-movers and upgraders since many nearby projects are at least 20 years old.”
“A strategic unit mix will be crucial for Bayshore Road’s eventual developer to address the diverse needs of different buyer segments. This includes catering to investors seeking rental opportunities, landed property owners right-sizing from nearby enclaves like the Kew and Sennett estates, and families relocating from nearby Tampines and Bedok.”
For media enquiries, please contact:
Ning Peh, Senior Marketing Communications Manager, ERA Singapore
Email: [email protected]
Kaixin Yue, PR Manager, ERA Singapore
Email: [email protected]
Disclaimer
This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval.