Singapore’s new home sales plummeted to their lowest level this year in May 2025, primarily due to the absence of new project launches and the distraction of election rally activities. According to the Urban Redevelopment Authority (URA), sales excluding Executive Condominiums (ECs) fell to 312 units, marking a 52.9% decline from April’s 663 units. Including ECs, sales dropped by 55.7% from 759 units in April to 336 units in May.
Despite the downturn, sales excluding ECs showed a 39.9% year-on-year increase from May 2024’s 223 units. The month’s sales were driven by existing projects, with One Marina Gardens and Bloomsbury Residences leading the pack, selling 62 and 32 units, respectively. Other notable projects included The Hill @ One-North and Hillock Green.
The sales performance, although slower, outperformed other months in the past three years without new launches, attributed to a favourable interest rate environment keeping mortgages affordable. The last time sales were higher without new launches was June 2022.
In terms of market segments, the Rest of Central Region (RCR) dominated with 61.2% of sales, followed by the Outside Central Region (OCR) at 34%, and the Core Central Region (CCR) at 4.8%. The luxury market remained active, with three non-landed private homes sold above S$10 million, matching April’s figures.
Looking ahead, the global economic landscape remains uncertain due to US tariff policies, potentially causing cautiousness among buyers. However, moderating interest rates could attract investors back to the market. A robust pipeline of new projects is anticipated in the second half of 2025, offering more choices for buyers. Upcoming projects include Arina East Residences and The Robertson Opus.
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