More than 1,000 condo units sold at 3 launches in one weekend; 93% of Lentor project taken up
Over a single weekend, Singapore’s real estate market witnessed a remarkable surge, with approximately 1,150 new condominium units sold across three major launches. Leading the charge was Lentor Central Residences, achieving a stellar 93.3% sales rate, closely followed by the executive condominium (EC) Aurelle of Tampines, while the luxury development Aurea experienced a more subdued reception.
Lentor Central Residences: Exceptional Demand
The 477-unit Lentor Central Residences, situated along Lentor Hills Road, reported that 445 units were sold by 5 p.m. on Sunday, March 9, 2025, at an average price of $2,200 per square foot (psf). Developed collaboratively by Hong Leong Holdings, GuocoLand, and CSC Land Group, this impressive uptake is attributed to the project’s strategic location near an MRT station and commercial amenities, as well as the limited unsold stock in the vicinity. Prior to this launch, over 90% of the combined 2,477 units from five earlier projects in the Lentor Hills estate had been sold, underscoring the robust demand for mass-market private condominiums among Singaporean buyers.
Aurelle of Tampines: Robust EC Market
The executive condominium Aurelle of Tampines saw 682 of its 760 units snapped up on the first day, achieving an average selling price of $1,766 psf. Notably, all four- and five-bedroom units were fully sold, with the 30% quota allocated for second-time buyers exhausted by 3:15 p.m. on March 8. This strong demand highlights a critical gap in the supply of new ECs, with only slightly more than 100 such units remaining available in the market. Industry experts suggest that increasing the quota for second-time buyers could align EC policies with recent adjustments in Build-To-Order flat allocations, potentially easing the supply crunch.
Aurea: Modest Uptake in Prime District
In contrast, the 45-story residential tower Aurea, located in Beach Road, experienced a more muted launch, with 23 out of 188 units sold at an average price of $3,005 psf, translating to a 12.2% take-up rate. Experts note that projects in the Core Central Region (CCR) typically sell between 10% to 30% of their units during launch weekends, as they lack the large pool of HDB upgraders that suburban projects attract. Despite the subdued initial sales, the limited supply of new homes in District 7, with Aurea likely being the only new launch there this year, suggests potential for steady sales over time.
Market Insights: Divergent Trends
The contrasting performances of these launches indicate a bifurcated private residential property market. While properties in the Outside Central Region (OCR) are experiencing robust demand, the high-end market segment appears to be progressing at a slower pace. This divergence raises questions about the sustainability of current trends and the potential need for policy adjustments to ensure balanced growth across all market segments.
Overall, the weekend’s sales figures have propelled first-quarter home sales to over 3,200 units, marking the highest Q1 sales since 2021. This surge reflects strong market fundamentals, including a sharp rise in wealth and recent interest rate cuts, which have bolstered buyer confidence and activity.
