Singapore’s residential property market saw a burst of activity over the weekend, with more than 900 condominium units sold across three new launches. While headline numbers point to robust demand, the underlying dynamics suggest something more calibrated: a market carefully balancing affordability, location appeal, and long-term confidence, particularly in the Core Central Region (CCR).
The standout project was River Green, a 524-unit development in the River Valley enclave. It posted an 88% take-up rate, with 460 units sold at an average price of S$3,130 per square foot (psf). Promenade Peak, also in the River Valley area, moved 54% of its 596 units at prices reaching S$3,521 psf, while Canberra Crescent Residences in the northern suburb of Canberra sold 40% of its 376 units, averaging S$1,974 psf.
Taken together, the three launches moved more than 62% of their total 1,496-unit inventory—a performance that outstrips the entire second-quarter new home sales volume. With 893 new units already sold in July, the third-quarter tally (excluding executive condominiums) now stands at over 1,820 units, according to PropNex CEO Kelvin Fong.
What’s driving this surge? And more importantly, what does it signal about the state of the housing market, especially in the CCR, which had lagged in performance since the Additional Buyer’s Stamp Duty (ABSD) hike in 2023?
River Green’s blockbuster sales reflect more than just strong location appeal. They highlight a deliberate strategy to optimize affordability through unit sizing. At an average unit size of 668 square feet—significantly smaller than the 921 square feet estimated under its original land tender—the project managed to preserve premium psf pricing while keeping overall unit prices digestible for middle-income buyers and investors.
Wing Tai, the project’s developer, noted that 98% of its buyers were either Singaporeans or permanent residents. One-bedroom units ranged from S$1.16 million to S$1.5 million, while four-bedders topped out at S$3.5 million. The compact design made prime-location living financially accessible without overtly lowering price points.
Analysts like Nicholas Mak from Mogul.sg suggest this signals a new tactic: developers are defending price per square foot benchmarks by adjusting product size, effectively compressing value without undermining price optics. It’s a form of "affordable luxury" that still fits within regulatory expectations and market psychology.
The weekend’s strong showing represents a milestone for CCR launches, which have been sluggish since cooling measures increased the ABSD for foreign buyers and second-time purchasers in April 2023. According to PropNex, the latest data pushes CCR sales to their highest level in over 16 quarters, pointing to a meaningful recovery in this key market segment.
Huttons Asia CEO Mark Yip called the results “impressive,” noting that River Green and Promenade Peak together sold more than 700 units. The numbers indicate a return of local confidence in prime region developments, especially as the price gap between CCR and surrounding districts narrows.
“Many buyers are starting to see value in CCR projects,” said Fong. “The price delta has been shrinking, and with better offerings and competitive pricing, demand is rebounding.”
That view is reinforced by recent land bids in other CCR sites. A Holland Link plot drew five bids with a top offer of S$368.4 million (S$1,432 psf), while a Dunearn Road site saw nine bidders competing up to S$1,410 psf. Developers are clearly still keen to build in prime zones, suggesting confidence in long-term demand even as buyer profiles shift.
Promenade Peak’s performance—54% of units sold—may seem more modest compared to River Green’s blockbuster launch, but the project achieved strong traction among end-users. Over 82% of the units sold were two- and three-bedroom types, and nearly half of all four-bedroom units were also taken up.
According to Allgreen, the developer, one- to three-bedroom units under its Promenade Collection averaged S$2,894 psf, while larger units in its Promenade Suites went for S$3,343 psf. Singaporeans made up 90% of buyers, while permanent residents and foreigners accounted for 9% and 1%, respectively.
That local skew—combined with the strong demand for larger units—suggests these purchases were made primarily for own-stay purposes rather than speculative investment. PropNex believes the concurrent launches of Promenade Peak and River Green may have fueled a sense of urgency, especially among owner-occupiers seeking proximity to the city.
SRI’s head of research Mohan Sandrasegeran noted that the overlap likely created a spillover effect, where buyers exploring one development were influenced to act quickly across both projects. He believes this could set a positive tone for future launches in the area, including Zyon Grand and River Valley Green (Parcel B), due in late 2025 and 2026, respectively.
Up north, Canberra Crescent Residences posted a solid if more subdued performance, selling about 150 of its 376 units. Its success is notable, given that it marks the first condo launch in the region since Norwood Grand in late 2024. Prices began at S$880,000 for a one-bedder and climbed to about S$2.6 million for the largest four-bedders.
Though price per square foot was lower than in the city core, the project’s average of S$1,974 psf still represents a sizable premium for the location. Most demand centered around two- and three-bedroom units, aligning with its appeal to upgraders and young families.
Analysts say this reflects a growing willingness among suburban buyers to accept higher psf pricing if the overall quantum remains manageable. However, the absence of the urgency seen in the CCR launches suggests suburban demand remains tethered to practical livability more than investment logic.
The weekend’s launch performance confirms a market that is adjusting—rather than resisting—macroeconomic and policy constraints. Buyer confidence in long-term Singapore property values remains intact, but it is now channeled through more surgical purchasing behavior, reflecting real use cases, price acceptance bands, and regulatory friction.
Rather than viewing these results as a return to exuberance, analysts interpret them as evidence of a disciplined market realignment. Developers have proven adept at reshaping products to meet market thresholds, while buyers are exercising selectivity and strategic timing.
In short, Singapore’s private residential market isn’t simply resilient—it’s evolving. And this weekend’s results show that when product-market fit aligns with buyer psychology and policy boundaries, momentum follows.
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