The newly launched Springleaf Residence on Upper Thomson Road has achieved remarkable sales success, with 870 of its 941 units sold at an average price of $2,175 per square foot (psf). This impressive 92% take-up rate makes it the most successful launch since Parktown Residence in February, which sold 1,041 units. The development’s proximity to Springleaf MRT station, just a two-minute walk away, and its competitive pricing are key factors driving demand.
The launch of Springleaf Residence concludes the series of new project launches in the third quarter of 2025, a period marked by strong demand despite economic uncertainties.
Kelvin Fong, CEO of PropNex, noted that most projects released during this quarter saw take-up rates exceeding 40%. The upcoming Lunar Seventh Month, beginning on 23 August, is expected to slow down property transactions, making Springleaf Residence the last major launch before this seasonal lull.
Springleaf Residence’s pricing strategy has been pivotal, with most units priced below $2.5 million, appealing to a broad range of buyers. Indicative prices start at $1.08 million for two-bedroom units, $1.62 million for three-bedroom units, and $2.45 million for four-bedroom units. The average price of $2,175 psf is competitive compared to the $2,320 psf average for new non-landed private homes in the Outside Central Region (OCR) from January to 10 August 2025.
The development’s success is further bolstered by future transformation plans for the North region, including the Woodlands Regional Centre and Woodlands North Coast. The demand from HDB upgraders in nearby estates is also expected to sustain sales momentum. Following this success, developers like GuocoLand may be encouraged to bid for the adjacent Upper Thomson Road (Parcel A) site, which offers potential for 595 residential units and 2,000 square metres of commercial space.
With over 1,800 new units sold in August so far, the market is on track for the strongest month of new home sales since November 2024. From January to 16 August 2025, developers have sold over 7,400 units, surpassing the full-year transaction volumes of the past three years. The robust sales performance in 2025 is set to reach the highest levels since 2021, when 13,027 new units were sold.
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