The best-performing project last month, in terms of units sold, was the 937-unit One Marina Gardens. The development saw 62 units sold at a median price of $2,975 psf last month, taking its cumulative sales to 46.4%. (Picture: Samuel Isaac Chua/The Edge Singapore)
Property developers sold 312 new private residential units last month, down by 52.9% m-o-m compared to the 663 units sold in April 2025, but a 39.9% y-o-y increase compared to the same period last year.
Industry watchers agree that the absence of major new project launches last month was the chief reason for the May developer sales figures. “The moderation was expected, as developers tactically held back major launches amidst external developments such as the Liberation Day tariff announcements and the General Election period,” says Mohan Sandrasegeran, head of research & data analytics at SRI.
Sales in the Rest of Central Region (RCR) and projects in city-fringe locations accounted for 61.2% (191 units) of total monthly developer sales, followed by suburban areas such as the Outside Central Region (OCR) at 34% (106 units), and the prime Core Central Region (CCR) at 4.8% (15 units).
Get the latest details on available units and prices for One Marina Gardens
The best-performing project last month, in terms of units sold, was the 937-unit One Marina Gardens. The development saw 62 units sold at a median price of $2,975 psf last month, taking its cumulative sales to 46.4%. The 99-year leasehold project by Kingsford Group was launched for sale in April and moved 353 units (38%) during its April 12–13 opening sales weekend.
Chu opines that 88.9% of the units sold at One Marina Gardens last month were one- and two-bedders. “The buyer group for units of this sizing are most commonly investment buyers, who felt drawn in by the first movers’ advantage in a new RCR location,” he says.
Other best-selling projects in terms of units sold in May were Bloomsbury Residences, which moved 32 units at a median price of $2,506 psf, and The Hill @ One-North, which moved 26 units at a median price of $2,484 psf.
“May saw 39.3% of new home sales transacted below $2 million, highlighting buyers’ increasing focus on affordability,” says Marcus Chu, CEO of ERA Singapore. “This more measured buying behaviour reflects the prevailing caution in the market as ongoing trade tensions continue to dampen consumer confidence.”
He adds that 69% of units sold at One Marina Gardens, Bloomsbury Residences, and The Hill @ One-North were below $2 million.
Bloomsbury Residences is a 358-unit development jointly developed by a consortium comprising Qingjian Realty, Forsea Holdings, ZACD Group and Jianan Capital. (Picture: Samuel Isaac Chua/The Edge Singapore)
Justin Quek, CEO of OrangeTee & Tie (OTT), notes that despite the relatively slower sales performance last month, developer sales figures for May 2025 still outperformed other months over the past three years when no new project launches occurred.
Read also: Developers’ sales fall 9.1% m-o-m in April with 663 units moved
“This may be attributed to a more favourable interest rate environment this year which has kept mortgages more affordable for homebuyers,” he says. According to OTT, the last time sales were higher in a month without new launches was June 2022, prior to implementation of cooling measures.
About 83.4% of new private residential buyers were locals, with permanent residents (PR) comprising 14.4% and foreigners making up the remainder.
Sales data indicates that a PR buyer was behind the sale of a 5,347 sq ft unit at 21 Anderson, an ultra-luxury project by developer Kheng Leong Co. The unit fetched $24 million ($5,347 psf) on May 9. PR buyers also bought two ultra-luxury units at 32 Gilstead, another Kheng Leong luxury project. A 4,209 sq ft unit fetched $15.1 million ($3,588 psf) on May 21, and a 4,219 sq ft unit was also sold for $15.1 million ($3,579 psf) on the same day.
The sale of these three units were the most expensive units sold by developers last month.
Meanwhile, 24 executive condo (EC) units were sold last month. This brings the total number of unsold EC units to 38 across the entire market. Lee Sze Teck, senior director of data analytics at Huttons Asia, notes that this leaves prospective EC buyers with limited options until the next EC project launches next month.
Novo Place EC and Lumina Grand EC were the most popular EC projects during the month, in terms of units sold, shifting eight units each at median prices of $1,601 psf and $1,513 psf, respectively, according to data compiled by PropNex Realty.
“The tight unsold supply bodes well for the upcoming 600-unit Otto Place EC in Plantation Close in Tengah, which is anticipated to be launched in July 2025,” says Wong Siew Ying, head of research and content at PropNex.
Read also: Kingsford’s One Marina Gardens sells 38% at launch, with average price of $2,953 psf
That EC site was awarded to a joint venture (JV) between Hoi Hup Realty and Sunway developments last February when they submitted the winning land bid of $423.38 million ($701 psf per plot ratio). The Hoi Hup-Sunway JV previewed the adjacent EC project, the 504-unit Novo Place, last November. The development is more than 97% sold to date and achieved an average selling price of $1,655 psf.
The latest statistics show that, excluding EC units, developers have sold 4,350 units over the first five months of this year.
Sandrasegeran of SRI notes that this is a substantial increase from the 1,688 units sold by developers over the same five-month period last year. “The stronger performance in 2025 underscores resilient buyer confidence and more compelling project offerings, even amidst broader economic uncertainties and cautious sentiment,” he adds.
The Hill @ One-North is a 142-unit project by Kingsford Real Estate Development. (Picture: Kingsford Development)
Interest rates have been moderating for the past few months, which could potentially draw back some investors as mortgages and loans become relatively more affordable, says Quek of OTT.
He adds: “Concurrently, moderating interest rates may also help HDB upgraders better afford a private condo, assuming employment and real wages hold stable. Additionally, a robust pipeline of new project launches is expected in the second half of 2025, which would offer investors and local buyers more home choices.”
A clutch of new projects is lined up to launch in the coming months. The pipeline includes W Residences Singapore – Marina View, Artisan 8 in Sin Ming Road, LyndenWoods in Science Park Drive, UpperHouse at Orchard Boulevard, Otto Place (EC) in Tengah, The Robertson Opus in Unity Street, Promenade Peak in Zion Road, River Green in River Valley, Springleaf Residence in Upper Thomson Road, and Canberra Crescent Residences.
ERA estimates that between 8,500 and 9,500 new private homes could be sold for the whole of 2025. “Amidst this ongoing global uncertainty, Singapore’s property market remains grounded in stable fundamentals. These fundamentals anchor real estate activity in genuine housing needs rather than speculative motivations,” says Chu.
Looking ahead, Lee of Huttons Asia predicts the developer sales figures for June 2025 to be muted too, as the market expects an estimated 16 new project launches comprising 7,800 units in the second half of this year. Another nine launch-ready projects, including two EC projects, are in the pipeline next year and will inject another 5,310 units.
Check out the latest listings for One Marina Gardens properties
See Also:
