Morgan Stanley Research has reported a dramatic 53% month-on-month (MoM) decline in Singapore’s home sales for May 2025, attributed to the absence of new project launches during the country’s General Elections. Despite this, sales were up 41% year-on-year (YoY) due to a low base in the previous year. The total sales volume for the first five months of 2025 reached 4,350 units, marking a 158% increase YoY.
The report highlights that sales momentum has heavily relied on new project launches, explaining the sharp drop in sales volumes. Among existing projects, Kingsford’s One Marina Gardens led with 62 units sold at a median price of S$2,980 per square foot (psf). Other notable sales included Bloomsbury Residences and The Hill @One North, with median prices of S$2,500 psf.
Looking ahead, Morgan Stanley anticipates subdued sales in June due to school holidays, with a potential rebound in July as new projects are expected to launch. Huttons estimates suggest that approximately 16 projects, comprising around 7,800 units, could be introduced in the second half of 2025.
The executive condominium market also saw limited activity, with only 24 units sold in May. As developers typically avoid launching new projects during school holidays, the market is expected to remain quiet until the end of June.
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