Joint developers GuocoLand and Hong Leong have seen a successful launch for their new project, Springleaf Residence, with 870 units out of 941 units sold within the first two days of launch on August 15 and 16. The units were sold at an average price of $2,175 per square foot.
Almost all of the 340 two-bedroom units in the five 25-storey towers have been snapped up, with 95% of the 384 three-bedroom units and 138 four-bedroom units also being taken up. 45% of the 71 five-bedroom units have also been sold.
According to GuocoLand, the strong demand for Springleaf Residence reflects the market’s confidence in the growth potential of the Springleaf area, in line with the Urban Redevelopment Authority’s (URA) vision for it to become a vibrant neighborhood that blends urban living with natural spaces. Dora Chng, the residential director at GuocoLand, believes that this marks the start of Springleaf’s transformation into one of Singapore’s most sought-after private residential enclaves, building upon the success they achieved at Lentor Hills estate.
Interested buyers can still get information on available units and prices for Springleaf Residence through advertisements.
Springleaf Residence is situated less than a 2-minute sheltered walk from Springleaf MRT Station on the Thomson-East Coast Line. Indicative prices for the units started at $860,000 for a 388 square foot one-bedroom unit, approximately $1.08 million for two-bedroom units, $1.62 million for three-bedroom units, and $2.45 million for four-bedroom units. Kelvin Fong, the CEO of PropNex, believes that the project is priced sensitively, with most units falling below the $2.5 million mark, making them accessible to many buyers in the current market.
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Fong also adds that the average price of $2,175 psf at Springleaf Residence is quite compelling when compared to recent transacted prices of new mass-market homes. Based on the data of lodged caveats, the average unit price of new non-landed private homes that were sold in the Outside Central Region (excluding executive condos) as of January 10, 2025, was almost $2,320 psf.
The sales were almost entirely driven by Singaporeans and Permanent Residents, with a mix of singles, young couples, families, and multi-generational households. Among these buyers are private property residents from the Springleaf area and HDB upgraders from nearby estates, according to Marcus Chu, the CEO of ERA Singapore.
Research by ERA’s Research and Market Intelligence shows that between 2022 and 2025, approximately 4,800 flats in nearby HDB estates will attain their minimum occupation period. According to Marcus Chu, the five-storey conservation block of Springleaf Residence has seen strong sales, with 20 out of 32 units sold. All eight one- and two-bedroom units have been taken, and four out of the 16 three-bedroom units have been sold, leaving 12 units still available. Mohan Sandrasegeran, the SRI head of research, believes that these units stand out because of their unique location and character, with some units being noticeably more spacious than their counterparts in the main towers. These units offer a rare opportunity to live in a historic location, where timeless architecture meets contemporary living.
According to Sandrasegeran, the main appeal of Springleaf Residence lies in its integration with nature and community spaces, offering a distinctive lifestyle for buyers who value identity, design, and a closer connection to home.
Springleaf Residence also offers excellent connectivity to the city, with Orchard Road, the CBD, Changi Airport, and Johor Bahru being easily accessible through the Thomson-East Coast Line, which is only a two-minute walk away.
Evidence shows that mega-developments near MRT stations tend to deliver strong returns for early buyers, according to ERA’s Chu.
The strong sales at Springleaf Residence are expected to boost developer confidence in the Upper Thomson Road (Parcel A) land sale tender, which is set to close on October 23. Mark Yip, the CEO of Huttons Asia, is expecting up to five bids at $900 to $1,000 psft per plot ratio.
Springleaf Residence has become the second best-selling project by the number of units in 2025, after ParkTown Residences saw 1,041 out of 1,193 units sold at launch in February. Developers have sold more than 1,800 new private homes in August so far, including at projects such as River Green, Promenade Peak, Canberra Crescent Residences, and Springleaf Residence, according to PropNex. Thus, August is on track to post the strongest month of new home sales since November 2024, where more than 2,500 units were transacted during the month, says Fong.
As per PropNex, the cumulative new private home sales by developers since January to August 16 has surpassed 7,400 units (excluding executive condos). This figure has already exceeded the last three years’ full-year transaction volume, with 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 in the remainder of the year, 2025 is set for a robust sales performance, recording the highest developers’ sales tally since 2021, where 13,027 new units were sold. Get the latest listings for Springleaf Residence properties.