New home sales slipped on few project launches

Overview

Developer sales declined last month as there were few project launches. Only three new projects were launched last month, and they were primarily in the city fringe and prime locations where prices tend to be higher. Moreover, prevailing macroeconomic uncertainties may have impacted the overall market sentiment.

According to data from the Urban Redevelopment Authority (URA), new home sales, excluding ECs, dipped for a second consecutive month to 663 units in April 2025, marking an 9.1 per cent drop from 729 units in March.

Including ECs, new home sales also decreased by 49.7 per cent from 1,510 units in March to 759 units in April 2025. Conversely, new home sales (excluding ECs) rose significantly year-on-year by 120.3 per cent from 301 units in April 2024.

New Launches

New home sales last month were primarily contributed by two project launches in the city fringe: the 937-unit One Marina Gardens and the 358-unit Bloomsbury Residences. A small project, 19-unit 21 Anderson, was also launched last month.

One Marina Gardens was the best-performing project, with 41 per cent of its units or 384 units sold within the month of April at a median price of S$2,948 psf. As the first residential project among over 16 land plots in the Marina South vicinity, this project attracted many investors who were eager to seize the first mover advantage to capitalize on its future capital and rental appreciation.

Homebuyers were drawn to its attractive location, situated next to the Marina South MRT station along the Thomson-East Coast Line (TEL), as well as several amenities such as Gardens by the Bay, Marina Bay Sands, and the Central Business District (CBD). This project will also benefit from URA’s development plans for the surrounding area, including the creation of a community-centric and car-lite neighborhood within the CBD area. 

Other top-performing projects include Bloomsbury Residences, which moved 107 units, and three executive condominiums such as Aurelle of Tampines, Lumina Grand, and Novo Place, which sold 54 units, 19 units and 16 units, respectively. In addition, a suburban condominium, Parktown Residence, sold 17 units last month. 

By Market Segment

Last month’s sales, excluding ECs, were mainly from the city fringe or the Rest of Central Region (RCR), accounting for 83.1 per cent or 551 units of the total transactions, followed by the suburban areas or Outside Central Region (OCR) at 14.3 per cent or 95 units, and the prime areas or Core Central Region (CCR) at 2.6 per cent or 17 units.

Luxury Market

The ultra-luxury condominium market experienced increased buyer interest last month. Four non-landed private homes were sold above S$10 million in April 2024, up from one unit in March and three units in February. This represents the highest monthly sales in a year, matching the four transactions inked in April 2024.

In April 2025, three of the ultra-luxury condominiums were 4,489 sqft units at 21 Anderson, which changed hands for S$23 million, S$21.6 million, and S$21 million, respectively. The fourth unit was a 4,176 sqft unit at 32 Gilstead that transacted for S$15 million.

For the luxury market, two new non-landed homes were sold for at least S$5 million but not more than S$10 million. This is less than 11 units sold in March 2025 at this price range. 

Outlook

The U.S. and China have recently agreed to reduce steep tariffs for at least 90 days, easing the trade war between the world's two largest economies. Nevertheless, macroeconomic uncertainties remain, and Singapore, being a trade-reliant economy, may face challenges should trade tensions worsen after the 90-day truce period.

Some prospective homebuyers may remain cautious as they evaluate the risks associated with an unstable economic landscape. On the other end of the spectrum, private home demand from local buyers, particularly those seeking to upgrade from the HDB market, may remain resilient, provided employment and income growth are not adversely affected.

Local and foreign investors may continue to invest their capital in safer assets, such as Singapore's private properties. They could be drawn by the long-term benefits despite the prevailing cooling measures.

Some upcoming project launches may also bolster buying activity, especially in the third quarter of this year. New projects include the 107-unit Arina East Residences slated for launch this month. Other launches, possibly in the third quarter, include the 348-unit The Robertson Opus, the 347-unit The Sen, the 941-unit Springleaf Residence and the 524-unit River Green.