Developers in Singapore experienced a 9% decline in new private home sales in April compared to March, selling 663 units, according to the Urban Redevelopment Authority. The drop is attributed to concerns over US tariffs and a lack of new launches in the Outside Central Region (OCR). Despite this, sales more than doubled year-on-year from April 2024’s 301 units.
The Rest of Central Region (RCR) led the market, driven by the launch of Bloomsbury Residences and One Marina Gardens, which collectively sold 491 units, accounting for 74% of April’s sales. One Marina Gardens alone sold 384 units at a median price of $2,948 per square foot (psf). In contrast, OCR sales plummeted by 84% from March, with only 95 units sold, marking the lowest monthly sales in over a year.
In the Core Central Region (CCR), sales were subdued with just 17 units sold, a 63% decrease from March. The priciest transactions were at 21 Anderson, with units priced between $21m and $23m.
Wong Siew Ying, Head of Research & Content at PropNex Realty, noted, “April’s sales were spearheaded by One Marina Gardens in Marina South which sold 384 units (or 41% of the total units), followed by Bloomsbury Residences where 107 units (30% of total) were transacted.”
Looking ahead, the market may see subdued activity in May due to a lack of new launches, though the CCR and RCR are expected to drive future sales. Despite the challenges, PropNex projects that new home sales could reach 8,000 to 9,000 units this year, supported by upcoming launches.
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