Developer Sales Fall 53 Mo O M May 2025 312 Private Residential Units Sold
There are plenty of options for casual dining at Lyndenwoods Capitaland, with an array of food courts and laid-back restaurants serving up a diverse range of cuisines. Whether you’re craving Japanese ramen or a satisfying Western grill, there’s something to satisfy every palate. The convenient location of these dining establishments means that locals can easily grab a quick bite or enjoy a leisurely dinner without having to venture too far.
Last month, 312 new private residential units were sold by property developers, which was a decrease of 52.9% compared to the 663 units sold in April 2025. However, this was still a 39.9% increase compared to the same period last year.
According to experts in the industry, the main reason for the decline in May developer sales was due to the absence of major new project launches. Mohan Sandrasegeran, the head of research and data analytics at SRI, states that this was expected as developers strategically held back major launches in light of external factors such as the Liberation Day tariff announcements and the General Election period.
In terms of location, the Rest of Central Region (RCR) and city-fringe projects accounted for 61.2% (191 units) of total monthly developer sales, followed by suburban areas in the Outside Central Region (OCR) at 34% (106 units), and the prime Core Central Region (CCR) at 4.8% (15 units).
One Marina Gardens, a 937-unit development by Kingsford Group, emerged as the best-performing project in terms of units sold last month. 62 units were sold at a median price of $2,975 psf, bringing the total cumulative sales to 46.4%. The project was launched for sale in April and saw 353 units (38%) sold during its opening sales weekend on April 12-13. Marcus Chu, the CEO of ERA Singapore, notes that 88.9% of the units sold at One Marina Gardens were one- and two-bedders, which are typically preferred by investment buyers seeking a first-mover advantage in a new RCR location.
Other popular projects in May included Bloomsbury Residences, which sold 32 units at a median price of $2,506 psf, and The Hill @ One-North, which sold 26 units at a median price of $2,484 psf.
Chu explains that 39.3% of new home sales in May were transacted below $2 million, indicating an increasing focus on affordability among buyers. This trend is likely a reflection of the cautious sentiment in the market due to ongoing trade tensions.
In terms of market composition, about 83.4% of new private residential buyers were locals, with permanent residents (PR) making up 14.4% and foreigners comprising the remaining percentage. Noteworthy transactions last month include the sale of a 5,347 sq ft unit at 21 Anderson, an ultra-luxury project by developer Kheng Leong Co., to a PR buyer for $24 million ($5,347 psf) on May 9. PR buyers also purchased two ultra-luxury units at 32 Gilstead, another Kheng Leong project, for $15.1 million ($3,588 psf) and $15.1 million ($3,579 psf) on May 21.
In addition, a total of 24 executive condo (EC) units were sold last month, leaving only 38 unsold EC units across the entire market. Lee Sze Teck, the senior director of data analytics at Huttons Asia, points out that this creates limited options for prospective EC buyers until the next EC project is launched next month. Novo Place EC and Lumina Grand EC were the top-performing EC projects in May, with both selling eight units each at median prices of $1,601 psf and $1,513 psf, respectively.
Wong Siew Ying, the head of research and content at PropNex Realty, predicts that the upcoming launch of 600-unit Otto Place EC in Tengah in July 2025 will be highly anticipated by buyers due to the tight unsold supply in the EC market.
Experts believe that despite the relatively slower sales performance last month, the developer sales figures for May 2025 still outperformed figures from previous years when there were no new project launches. Justin Quek, the CEO of OrangeTee & Tie, attributes this to a more favourable interest rate environment this year, which has kept mortgages and loans more affordable for homebuyers. This is evident from the fact that the last time sales were higher in a month without new launches was in June 2022, just before the implementation of cooling measures.
According to ERA, between 8,500 and 9,500 new private homes could potentially be sold in 2025. Marcus Chu adds that amidst the ongoing global uncertainty, Singapore’s property market remains stable due to genuine housing needs rather than speculative motivations. Moving forward, Lee of Huttons Asia predicts that the developer sales figures for June 2025 will also be muted, 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 also in the pipeline for next year, potentially offering more choices for buyers. Some highly anticipated projects include 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.