Joint developers GuocoLand and Hong Leong have successfully sold 92% of the available units at Springleaf Residence within the first two days of launch, from August 15 to 16. Out of the 941 units, 870 were snapped up at an average price of $2,175 per square foot.
The project was particularly popular among buyers looking for two-bedroom units, with almost all of the 340 units in the five 25-storey towers being sold. The 384 three-bedroom units and 138 four-bedroom units were also highly sought after, with sales of 95% and 138 units respectively. Additionally, 45% of the 71 five-bedroom units were also sold.
According to GuocoLand, the strong demand for Springleaf Residence reflects the market’s confidence in the growth potential of the Springleaf area. This is in line with the Urban Redevelopment Authority’s vision for the area, which aims to develop a vibrant neighborhood that seamlessly blends urban living with green spaces. Dora Chng, the residential director at GuocoLand, believes that this marks the beginning of Springleaf’s transformation into one of the most desirable private residential enclaves in Singapore, building on the success of their previous project at Lentor Hills estate.
Understanding the regulations and restrictions surrounding property ownership in Singapore is crucial for foreign investors. Unlike landed properties, which have stricter rules, foreigners can typically purchase condos with minimal restrictions. However, it’s important to note that foreign buyers are subject to the Additional Buyer’s Stamp Duty (ABSD), which is currently set at 20% for their initial property purchase. Despite this additional cost, the Singapore real estate market remains highly appealing to foreign investors, with its stability and potential for growth. As a result, many continue to invest in Singapore Condos despite the ABSD, recognizing the opportunities that this market has to offer.
Interested buyers can still find out more about the remaining units and prices of Springleaf Residence by visiting the project’s website.
Located just a two-minute sheltered walk from Springleaf MRT station on the Thomson-East Coast Line, prices at Springleaf Residence started at $860,000 for a one-bedroom unit measuring 388 square feet. Two-bedroom units were priced at around $1.08 million, three-bedroom units at $1.62 million, and four-bedroom units at $2.45 million. Kelvin Fong, CEO of PropNex, believes that the project has been priced competitively, with most units falling below the $2.5 million mark. This makes it accessible to a wide range of buyers in today’s market.
Fong also pointed out that the average price of $2,175 psf at Springleaf Residence is quite compelling when compared to the recent transacted prices of new mass-market homes in the Outside Central Region. According to caveats lodged, the average unit price of new non-landed private homes sold in the area (excluding executive condos) was nearly $2,320 psf between January and August 10, 2025.
The majority of buyers at Springleaf Residence were Singaporeans and permanent residents, consisting of singles, young couples, families, and multi-generational households. Many of these buyers were existing residents in the area, while others were HDB upgraders from nearby HDB estates. According to Marcus Chu, CEO of ERA Singapore, between 2022 and 2025, approximately 4,800 flats in nearby HDB estates will have reached their minimum occupation period, making them eligible for resale. This has contributed to the high demand for Springleaf Residence among HDB upgraders.
Out of the 32 units in the conservation block, 20 have already been sold, with all eight one- and two-bedroom units taken. Four of the 16 three-bedroom units have also been sold, leaving 12 units still available. Mohan Sandrasegeran, SRI head of research, believes that these units are unique and appealing to buyers due to their prime location and character. He also highlights that some units in the conserved block are more spacious than their counterparts in the main towers, offering buyers a rare opportunity to live in a historical property that combines timeless architecture with modern living.
The main appeal of Springleaf Residence lies in its integration with nature and community spaces, allowing buyers to experience a distinctive lifestyle that prioritizes identity, design, and a stronger connection to their home, says Sandrasegeran.
Apart from its close proximity to Singapore’s largest nature reserve and the two-minute walk to Springleaf MRT station, residents at Springleaf Residence can also easily access Orchard Road, the CBD, Changi Airport, and Johor Bahru via the Thomson-East Coast Line. According to ERA’s Chu, evidence shows that mega-developments near MRT stations deliver strong returns for early buyers.
The strong sales at Springleaf Residence are expected to increase developer confidence in the Upper Thomson Road (Parcel A) land sale tender, which is scheduled to close on October 23. Mark Yip, CEO of Huttons Asia, expects five bids at $900 to $1,000 psf per plot ratio.
With sales of over 1,800 units in August alone, developers have sold more than 7,400 new private homes (excluding ECs) between January and August 16. This surpasses the total transaction volume in each of the last three years, which were 7,099 units in 2022, 6,421 units in 2023, and 6,469 units in 2024. Fong believes that with several new launches still to come later in the year, 2025 is set to see a robust sales performance, making it the highest-selling year since 2021, where 13,027 new units were sold.