(Oct 15): Singapore new home sales rose in September from a more than two-year low, as developers resumed releasing projects after a brief pause.

Developers sold 296 new private units last month, according to figures released Thursday by the Urban Redevelopment Authority. That’s up from 153 homes sold in August, the fewest since February 2024, and 255 a year earlier. 

The modest bounce reflects a return of new projects after the Hungry Ghost festival period, which ran from mid-August through Sept 10 and is widely seen as an inauspicious time for property purchases. At a time when interest rates are ticking up, the coming months will provide a clearer indication of whether a years-long boom that has defied multiple government curbs will regain steam.

Sales remained relatively subdued in September. Amberwood at Holland, a project partially released in the month, moved just over 10% of its 212 units in a popular expat enclave. 

October is already shaping up to be a stronger month, with another 570-unit project in the country’s western suburbs selling about 60% of its units. New sales in the month are on track to exceed September’s.

Demand from a mix of locals and wealthy immigrants has kept Singapore property values elevated. Prices of private homes rose 1.4% in the third quarter, up from 0.5% in the second, according to preliminary estimates released by the URA earlier this month. That was the fastest pace since 2024. 

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