SINGAPORE – New private home sales in Singapore dipped to 729 units in March 2025 from 1,597 units in February, largely due to the absence of major launches. Only 555 units (excluding ECs) were launched, compared to 1,694 in February, resulting in a 54.4% month-on-month drop. However, sales were slightly higher year-on-year, up 1.5% from March 2024.
Including executive condominiums (ECs), the total sales were more resilient, reaching 1,510 units in March, down modestly from 1,626 in February. The boost was driven by Aurelle of Tampines—the first EC launch of 2025—which sold 705 of its 760 units at a median price of $1,769 psf. The project, by Sim Lian Group, was fully sold by April 12, reflecting strong demand in the Tampines area.
March also saw the launches of Lentor Central Residences and Aurea, adding 665 new units to the market—far fewer than the nearly 1,700 units introduced in February by Parktown Residence and Elta.
Lentor Central Residences led March’s sales, with 460 out of 477 units (96%) sold. Analysts cited its prime location near Lentor MRT and nature parks as key selling points.
Luxury projects posted mixed results: One Marina Gardens sold 38% of its 937 units at $2,953 psf, while Bloomsbury Residences in Media Circle moved 25% of its 358 units at $2,474 psf.
Market outlooks remain divided. The imposition of new US tariffs in April sparked uncertainty, which may affect investor confidence in the short term. However, some analysts see Singapore retaining its appeal as a property safe haven. Economic fundamentals—such as low unemployment—could continue to support demand.
Looking forward, EC launches like Otto Place at Plantation Close in Tengah and a new project in Jalan Loyang Besar, Pasir Ris, are expected to attract strong interest amid declining EC inventory.
CBRE’s Tricia Song noted that new home sales in April may remain flat. With most upcoming launches concentrated in the prime districts, developers must strike the right balance of pricing and design to sustain buyer momentum. The cooling pace of home price growth—just 0.6% in Q1 2025 compared to 2.3% in Q4 2024—also suggests a period of price consolidation.
Private home prices may plateau in the coming quarters as GDP forecasts are revised downwards to 0–2% for 2025.
Source: The Straits Times – UPDATED Apr 15, 2025