Newsletter APR 2025
By Kelvin Sin | Livefree.sg | 28 Apr 2025
1. Market Outlook
2. New Projects
3. Government Land Sales / Enbloc
1.1.1 Property Price Index 2025 Q1
Prices of non-landed properties increased by 1% in 1st Quarter 2025, compared with the 3% increase in the previous Quarter. RCR performed the best, with 1.7% increase, followed by CCR 0.8% increase and OCR 0.3% increase. HDB Prices increased 1.6% for 1st Quarter 2025, slightly lower than the 2.6% increase in the previous Quarter.
1.1.2 Private Home Supply & Demand
As at the end of 1st Quarter 2025, 18,125 units remained unsold compared to the 19,405 units from the previous Quarter. Unsold Supply fell slightly despite an increase through GLS. While demand for Homes remain high. Indicating that we are still in a Seller’s Market.
1.1.3 Private New Volume
Developers sold 3,375 Non-Landed Private residential units in 1st Quarter 2025, compared with 3,420 in the previous Quarter. Which is more than half the volume of the whole of 2024.
1.1.4 Private Resale Volume
There were 3,565 resale transactions & 321 sub-sale transactions in the 1st Quarter 2025, compared with the 3,702 units & 311 sub-sale transacted in the previous Quarter. Total Non-Landed Private Transactions increased by 26.7% compared to 1st Quarter 2024 Resale transactions accounted for 49.1% of all sale transactions in the 1st Quarter 2025, compared with 49.8% in the previous Quarter.
1.1.5 HDB Resale Volume
Resale transactions for the 1st Quarter 2025 increased by 2.6%%, from 6,424 cases in the 4th Quarter 2024 to 6,590 cases in the 1st Quarter 2025.
1.1.6 BTO Supply
HDB launched 10,622 new flats in 2025Q1 under the February 2025 BTO and SBF exercises. 5,032 BTO flats are offered across 5 projects in Kallang/Whampoa, Queenstown, Yishun & Woodlands. Another 5,590 SBF units are located islandwide. 8 out of 10 BTO flats have waiting times of 4 years or less. 1,531 flats in Yishun have even shorter waiting times of 37/38 months. 4 out of 10 flats are already completed from the SBF exercise.
1.2 Globay Luxury House Prices up 3.6% in 2024
Global luxury real estate market experienced a notable upswing, with average prices increasing by 3.6%. This growth was primarily driven by significant gains in cities like Seoul, Manila, and Dubai, highlighting a shift in high-end property demand towards Asia and the Middle East. Key Highlights: > Seoul: Leading the global luxury property market with an impressive 18.4% annual price growth. The city’s robust economy and limited supply of high-end homes have made it a hotspot for affluent buyers.   > Manila: Close behind, Manila saw a 17.9% increase in luxury property prices. The city’s expanding economy and growing interest from expatriates and overseas investors have fueled this surge.  > Dubai: With a 16.9% rise, Dubai’s luxury market continues to thrive, attracting global investors with its favorable tax environment and luxurious lifestyle offerings.
1.3 Land Betterment Charges up 3-4% for Landed Properties
Land Betterment Charges (LBC) are fees that developers pay when they enhance the use of a piece of land, such as by building more units or changing its designated use. These charges are reviewed and adjusted periodically to reflect current market conditions. Higher LBC rates directly increase the costs for developing properties. For the period from March 1 to August 31, 2025, the Singapore Land Authority (SLA) has increased the LBC rates for Landed Residential Properties by 3% to 4% The increase in LBC rates reflects the growing demand for landed residential properties and supports that the value of landed properties are on the rise.
1.4 Developers: ABSD extension for Enbloc
Additional Buyer’s Stamp Duty (ABSD) is a tax imposed on property purchases to manage housing demand. Developers are typically required to complete and sell all residential units in a project within 5 years to qualify for Full ABSD remission. Failing to meet this deadline costs millions, and that’s why developers are usually motivated to sell fast, especially during launches. > Extension for Large and Complex Developments Recognizing the challenges faced by developers undertaking large en bloc sites and complex projects, the Singapore Land Authority (SLA) has extended the ABSD remission timeline by 6 to 12 months for such developments. This adjustment provides developers with additional time to complete and sell their units without incurring ABSD penalties.   > Implications for the Property Market With this extra breathing space, developers are under less pressure to slash prices just to sell everything quickly. In the past, if a developer’s five-year ABSD deadline was coming up, they would sometimes lower prices aggressively, just to move leftover units. Now with more time on their side, they can afford to: Hold their prices firm instead of offering discounts. Plan their launches more carefully, waiting for the right market sentiment instead of panic-selling. Release units in smaller batches to test and push prices upwards. This could mean that moving forward, buyers might see fewer “fire sales”. Prices for certain projects — especially bigger ones — could stay higher for longer, and developers may even increase prices gradually instead of offering bigger launch discounts.
2.1 Lentor Central 93% Sales at $2,200 psf
Hong Leong-led consortium has achieved a strong sales performance for Lentor Central Residences, selling 93% of units on launch day and reaching 93% sales shortly after. The average transacted price was $2,200 psf, with buyers mostly going for 2- and 3-bedroom units. The 99-year leasehold development comprises 474 units, and its strong take-up reflects healthy demand in the Lentor precinct despite multiple launches in the area. > Why it sold well: Lentor Central is directly linked to Lentor MRT and enjoys the convenience of an integrated development with shops and supermarkets below. Its pricing was also slightly lower than earlier Lentor projects, making it appealing to upgraders and families looking for good value. This project reinforces that location, convenience, and smart pricing still matter. Even in a supply-heavy area like Lentor, the right formula sells.
2.2 Aurea sold 23 units at $3,005 psf
Aurea, the new mixed-use condo at Beach Road born from the iconic Golden Mile Complex, sold just 23 units out of 188 (about 12%) during its March 2025 launch, at an average price of $3,005 psf . That’s on the low side, especially when compared to nearby launches like Lentor Central and Aurelle EC, which saw much stronger demand that same weekend. > Tough Market for High-End Core Central Region (CCR) High-end CCR properties are cooling. Since late 2023, increasing stamp duties (like the 60% ABSD for foreigners) have dampened demand. Launch-day take-up rates in the CCR typically hover between 10% and 30%. > Missing Core Draws: Schools & Heartland Amenities Aurea lacks nearby primary schools, a major drawback for families stepping up from HDB. Many parents prioritise residential areas with schools within 1 km. It also doesn’t have the warm, community-focused feel of mature heartland neighbourhoods. No HDB clusters, traditional shops, playgrounds, or kid-friendly amenities nearby. This makes it less appealing for mid-income buyers and HDB upgraders. > Premium Price, Limited Upside Priced at around $3,000 psf, Aurea sits above many RCR/OCR launches, yet lacks some typical CCR perks like elite schools or a family-centric community. > Local Focus Over Foreign Buyers Interestingly, 83% of buyers were Singaporeans, with the rest PRs. Not the foreign-flushed demand CCR projects often rely on. The emphasis on small 2–3 bed units shows a local investor or compact-home appeal but didn’t drive volume fast.
2.3 Aurelle fully sold in record time at $1,766 psf
Sim Lian’s latest executive condo, Aurelle @ Tampines, achieved what every developer hopes for—fully sold out within hours of launch, with 90% of units snapped up on Day 1 and the rest cleared during balloting. The project averaged $1,766 psf, setting a new high for ECs in Tampines. But what’s more important than the price tag is why it sold so quickly. > Strategic Location Aurelle hit the sweet spot for HDB upgraders. It’s next to the upcoming Tampines North MRT, a future mall, and surrounded by a wide network of primary schools, making it perfect for young families. It’s also nestled within a mature estate, which means buyers aren’t just buying a home. They’re upgrading into a ready-made neighbourhood with shops, parks, and transport. These are the kinds of conveniences that matter to everyday Singaporeans. And when you look around the area, it’s clear: this EC had demand sitting at its doorstep, thousands of upgraders in Tampines and Pasir Ris with CPF, cash, and intent. > Family-Oriented Design From the layouts to the unit mix, Aurelle was designed for functionality. Think efficient spaces, well-separated bedrooms, and squarish floor plans that make small sizes feel bigger than they are. > Attractive Price Tag While $1,7xx psf might seem steep at first glance, the hyper-efficient layouts meant the overall quantum remained affordable, especially for young couples or families with borrowing limits under TDSR. In today’s market, quantum matters more than psf, and that’s where Aurelle nailed it. Most 3-bedroom units had attractive total prices below the $1.5M psychological barrier. Priced at an average of $1,766 psf, Aurelle offers a compelling value proposition, especially when compared to private condominiums in the vicinity. This affordability, combined with the potential for capital appreciation, makes it appealing to both homeowners and investors.
2.4 One Marina Garden 38% Sales at $2,953 psf
Kingsford’s One Marina Gardens launched with a respectable 38% take-up, moving 371 out of 973 units at an average price of $2,953 psf. But beneath the headline number, buyer preferences were split and clearly defined. > Small Units, Big Demand The 1-bedders, 175 out of 240 units sold. Despite the high psf, compact sizes kept overall prices palatable — ideal for investors wanting a low-quantum entry into the Marina Bay area. 2-bedders also did well, with 147 out of 418 units sold. These appealed to singles and young couples who wanted city convenience or were investing for rental yield. But budget constraints likely capped demand beyond this size. > Family Units Struggled: 3-bedders saw slower traction, with just 47 out of 239 units sold. Reflecting the project’s limited appeal to HDB upgraders, who typically want larger homes in more family-friendly, practical locations. One Marina Gardens found its footing with investors and luxury buyers, not the upgrader crowd. Its city-centric lifestyle, high psf, and smaller unit sizes just didn’t align with the needs of typical families. But for those chasing a premium address or long-term rental potential, the project delivered.
2.5 Bloomsbury 25% Sales at $2,474 psf
Qingjian Realty and Forsea Holdings have launched Bloomsbury Residences, a new mixed-use development located in the vibrant Media Circle area of District 5. At its debut, the project achieved a commendable sales rate, with 25.1% of its 358 units sold. The average price stood at approximately $2,474 per square foot (psf). While Bloomsbury Residences had a decent launch showing, it didn’t fully sell out, and there are a few clear reasons why. First off, the project didn’t offer any 1-bedroom units, which usually attract a good pool of investors and singles looking for affordable entry points into new developments. Instead, the smallest units started from 2 bedrooms, naturally limiting the buyer pool who could easily commit. That said, there was still commendable demand for the 2-bedders, with 75 out of 190 units sold. These appealed mainly to singles wanting more space and investors who saw potential in renting out to the One-North tech and research community. However, when it came to the 3-bedroom units, sales were much slower. Only 28 out of 92 units were taken up. This highlights a familiar pattern we’ve been seeing. Projects that don’t strongly appeal to the primary market (especially HDB upgraders and young families) tend to face a tougher time achieving a sell-out during launch. The primary market usually drives the bulk of first-day momentum, and when that’s missing, sales naturally slow down. As for the 4-bedroom units, despite being priced attractively and having efficient layouts, only 3 out of 70 units were sold. This shows that even families who could afford bigger homes weren’t convinced by the location. While Media Circle is up-and-coming and part of the exciting One-North cluster, it’s still a bit raw when it comes to family conveniences like schools, malls, and everyday amenities. Bloomsbury Residences had a promising concept and a great address for future growth, but its unit mix and the current environment of the area made it harder to attract mass-market family buyers, which are typically the engine behind strong, sell-out launches.
3.1 Media Circle (Parcel A) sold at $1,037 psf ppr
Qingjian Realty and Forsea Holdings have launched Bloomsbury Residences, a new mixed-use development located in the vibrant Media Circle area of District 5. At its debut, the project achieved a commendable sales rate, with 25.1% of its 358 units sold. The average price stood at approximately $2,474 per square foot (psf). While Bloomsbury Residences had a decent launch showing, it didn’t fully sell out, and there are a few clear reasons why. First off, the project didn’t offer any 1-bedroom units, which usually attract a good pool of investors and singles looking for affordable entry points into new developments. Instead, the smallest units started from 2 bedrooms, naturally limiting the buyer pool who could easily commit. That said, there was still commendable demand for the 2-bedders, with 75 out of 190 units sold. These appealed mainly to singles wanting more space and investors who saw potential in renting out to the One-North tech and research community. However, when it came to the 3-bedroom units, sales were much slower. Only 28 out of 92 units were taken up. This highlights a familiar pattern we’ve been seeing. Projects that don’t strongly appeal to the primary market (especially HDB upgraders and young families) tend to face a tougher time achieving a sell-out during launch. The primary market usually drives the bulk of first-day momentum, and when that’s missing, sales naturally slow down. As for the 4-bedroom units, despite being priced attractively and having efficient layouts, only 3 out of 70 units were sold. This shows that even families who could afford bigger homes weren’t convinced by the location. While Media Circle is up-and-coming and part of the exciting One-North cluster, it’s still a bit raw when it comes to family conveniences like schools, malls, and everyday amenities. Bloomsbury Residences had a promising concept and a great address for future growth, but its unit mix and the current environment of the area made it harder to attract mass-market family buyers, which are typically the engine behind strong, sell-out launches.
3.2 Bayshore sold at $1,388 psf ppr
Qingjian Realty and Forsea Holdings have launched Bloomsbury Residences, a new mixed-use development located in the vibrant Media Circle area of District 5. At its debut, the project achieved a commendable sales rate, with 25.1% of its 358 units sold. The average price stood at approximately $2,474 per square foot (psf). While Bloomsbury Residences had a decent launch showing, it didn’t fully sell out, and there are a few clear reasons why. First off, the project didn’t offer any 1-bedroom units, which usually attract a good pool of investors and singles looking for affordable entry points into new developments. Instead, the smallest units started from 2 bedrooms, naturally limiting the buyer pool who could easily commit. That said, there was still commendable demand for the 2-bedders, with 75 out of 190 units sold. These appealed mainly to singles wanting more space and investors who saw potential in renting out to the One-North tech and research community. However, when it came to the 3-bedroom units, sales were much slower. Only 28 out of 92 units were taken up. This highlights a familiar pattern we’ve been seeing. Projects that don’t strongly appeal to the primary market (especially HDB upgraders and young families) tend to face a tougher time achieving a sell-out during launch. The primary market usually drives the bulk of first-day momentum, and when that’s missing, sales naturally slow down. As for the 4-bedroom units, despite being priced attractively and having efficient layouts, only 3 out of 70 units were sold. This shows that even families who could afford bigger homes weren’t convinced by the location. While Media Circle is up-and-coming and part of the exciting One-North cluster, it’s still a bit raw when it comes to family conveniences like schools, malls, and everyday amenities. Bloomsbury Residences had a promising concept and a great address for future growth, but its unit mix and the current environment of the area made it harder to attract mass-market family buyers, which are typically the engine behind strong, sell-out launches.
3.3 Lentor Gardens sold at $920 psf ppr
Qingjian Realty and Forsea Holdings have launched Bloomsbury Residences, a new mixed-use development located in the vibrant Media Circle area of District 5. At its debut, the project achieved a commendable sales rate, with 25.1% of its 358 units sold. The average price stood at approximately $2,474 per square foot (psf). While Bloomsbury Residences had a decent launch showing, it didn’t fully sell out, and there are a few clear reasons why. First off, the project didn’t offer any 1-bedroom units, which usually attract a good pool of investors and singles looking for affordable entry points into new developments. Instead, the smallest units started from 2 bedrooms, naturally limiting the buyer pool who could easily commit. That said, there was still commendable demand for the 2-bedders, with 75 out of 190 units sold. These appealed mainly to singles wanting more space and investors who saw potential in renting out to the One-North tech and research community. However, when it came to the 3-bedroom units, sales were much slower. Only 28 out of 92 units were taken up. This highlights a familiar pattern we’ve been seeing. Projects that don’t strongly appeal to the primary market (especially HDB upgraders and young families) tend to face a tougher time achieving a sell-out during launch. The primary market usually drives the bulk of first-day momentum, and when that’s missing, sales naturally slow down. As for the 4-bedroom units, despite being priced attractively and having efficient layouts, only 3 out of 70 units were sold. This shows that even families who could afford bigger homes weren’t convinced by the location. While Media Circle is up-and-coming and part of the exciting One-North cluster, it’s still a bit raw when it comes to family conveniences like schools, malls, and everyday amenities. Bloomsbury Residences had a promising concept and a great address for future growth, but its unit mix and the current environment of the area made it harder to attract mass-market family buyers, which are typically the engine behind strong, sell-out launches.