In April 2025, developer sales reached 663 new private homes (excluding ECs), reflecting a 9.1% month-on-month (m-o-m) decline. A total of three projects made their showing in the month: One Marina Gardens (937 units total), Bloomsbury Residences (358 units total), and 21 Anderson (18 units total).

With the debut of these projects, April 2025 saw 1,344 new private residential homes (excluding ECs) being launched, a significant jump from the 555 units launched in March 2025 at developments like Lentor Central Residences and Aurea.

With April 2025’s sales results in, a total of 4,038 new private homes (excluding ECs) were sold in the first four months of 2025. This figure far exceeds the 1,476 units sold over the same period in 2024.

Table 1: New Home Sales Over the Last Six Months

Source: URA as of 15 May 2025, ERA Research and Market Intelligence

The primary drivers of new home sales in the month were One Marina Gardens (384 units sold) and Bloomsbury Residences (103 units sold). These sales figures also represent 41.0% of One Marina Gardens’ and 28.8% of Bloomsbury Residences’ total inventory being successfully absorbed in April 2025 alone.

Best Performing New Launches

Table 2: Top ten performing new launch project (excluding ECs) in April

Source: URA as of 15 May 2025, ERA Research and Market Intelligence

One Marina Gardens a hit among investors, with one- and two bedders leading demand

One Marina Gardens’ launch in April marked the first-ever residential project to debut in the Marina South precinct. The 99-year leasehold project by Kingsford Group drew significant interest from owner-occupiers and investors alike, particularly those interested in securing a first-mover advantage in an emerging growth location.

Buyers were also drawn to One Marina Gardens due to its proximity to Marina South MRT station, especially when compared to other 15 sites in the Marina Gardens precinct. With regards to the overall precinct, it is also envisioned as a ’10-minute neighbourhood’ where residents can satisfy their live, work, and play needs with just a short walk.

Consequently, One Marina Gardens achieved a 38% take-up rate, with 353 out of 937 units sold during its launch weekend. Per URA Realis caveat data as of 15 May 2025, this figure has since risen further to 41%, amounting to a total of 384 units sold at One Marina Gardens on the primary market.

Though seemingly modest, One Marina Gardens’ take-up rate is encouraging, as its total unit count far exceeds that of other recent launches within and around the downtown core – an area where development sizes typically do not surpass 600 units.

The majority of units sold at One Marina Gardens were one- and two-bedroom units, strongly suggesting that demand was investor-led. Based on in-house sales data from ERApro as of 13 May 2025, combined sales of one- and two-bedder units at One Marina Gardens represented approximately 84% of new homes sold since launch, inclusive of units transacted in May.

Additionally, caveat data as of 13 May 2025 shows that one-bedroom units at One Marina Gardens transacted at quantum prices from $1.2 mil onwards in April. This price point presents a compelling entry-level opportunity for first-timer upgraders targeting a Rest of Central Region (RCR) property located close to Singapore’s downtown core.

Bloomsbury Residences sees encouraging sales with two-bedders snapped up

As yet another pioneering development, Bloomsbury Residences is the first private residential project to debut within the new Media Circle precinct. Jointly developed by Qingjian Realty and Forsea Holdings, the one-north project achieved a 25.1% take-up rate at launch, with 90 of its 358 units sold.

Sales at Bloomsbury Residences were primarily fuelled by its two-bedroom units, which also comprise of ‘Premium’ and ‘Premium + Study’ configurations. Including transactions completed in May, two-bedroom units accounted for approximately 75% of all new homes sold at Bloomsbury Residences since launch, based on internal sales data from ERApro as of 13 May 2025.

Buyers were likely to have been drawn in by a mix of factors – including the opportunity to be early movers into the Media Circle precinct, as well as one-north’s long-term potential as a multi-sector business hub in the city fringe.

Similarly, young families desiring to live in the one-north area likely found Bloomsbury Residences’ popular two-bedroom units appealing. Beyond meeting the spatial needs of a typical household of three, said units are also situated in a location near schools, offices, and retail amenities.

Aurelle of Tampines tops April’s EC sales after lifting of second-timer quota

In total, April saw 96 new Executive Condo (EC) sold, with Aurelle of Tampines leading EC sales in the primary market for the second month running. This figure marks an 87.7% m-o-m slide in new EC sales volume, arising from the high base set by the debut of Aurelle of Tampines in March 2025.

Following the lifting of the second-timer quota for Aurelle of Tampines in April, the subsequent sales exercise resulted in the development being fully sold out. Based on URA developers’ sales data as of 15 May 2025, units at Aurelle of Tampines achieved a median unit price of $1,764 in the month.

With Aurelle of Tampines now fully sold, a decrease in new EC sales is likely in the months ahead, until the arrival of Otto Place in Plantation Close (estimated mid-2025) and the future Jalan Loyang Besar EC.

Buyer Profile

Chart 1: Buyer profile for all new non-landed homes excluding ECs

Source: URA as of 15 May 2025, ERA Research and Market Intelligence

With the punitive Additional Buyer’s Stamp Duty still in effect, foreigner demand for new private homes continued to stay flat. April saw a total of 16 transactions made by foreign buyers, making up just 2.4% of the month’s total deals. Meanwhile, Singapore Permanent Resident (SPR) buyers clocked 80 transactions in April, accounting for 12.1% of all new private home (excluding ECs) purchases in the month.

Lastly, Singaporeans continued to dominate the market in April, accounting for 566 transactions or 85.5% of total new private home sales (excluding ECs) for the month.

Luxury Homes

Chart 2: Buyer profile for homes transacted at $5 million and more

Source: URA as of 15 May 2025, ERA Research and Market Intelligence

In April, the luxury home market saw a further decline in transaction activity, with six new home transactions priced at $5 million and above. Luxury property purchases in the month were primarily driven by locals and Singapore Permanent Residents (SPRs), each accounting for two and three transactions respectively, in contrast to the single purchase by a foreigner.

The top three luxury transactions were made by one Singaporean and two SPRs, and they all involved freehold ultra-luxury homes at 21 Anderson. The units transacted at the Anderson Road boutique development were all four-bedders (each measuring 4,489 sq ft) and they sold for amounts ranging from $20.9 mil to $23.0 mil.

This result also makes 21 Anderson the most popular development for new luxury homes in April 2025, following its debut in the same month.

Additionally, buyers seeking high-end properties may be drawn to homes at 21 Anderson due to their coveted address within one of Singapore’s most prestigious districts. Additionally, the freehold status, large floor plates, and exclusivity of these units may prove appealing to buyers seeking assets for legacy planning.

Ultra-rich foreign buyers interested in landed properties may also find comparable space, privacy, and exclusivity in these high-end homes, sans the purchasing restrictions for foreigners.

Closing Thoughts and Forecast

Compared to the strong project launches in 1Q 2025, April's sales launches fell short of expectations, reflecting a more subdued market response amid escalating trade tensions that weighed on consumer confidence. But objectively, the sales performance at the three launches was respectable, especially given that One Marina Gardens and Bloomsbury Residences are situated in precincts that primarily attracted investor interest rather than owner-occupiers. Meanwhile, 21 Anderson catered to high-net-worth individuals seeking freehold, large-format units which is a rare find in today's market.

In a turn of events, US and China have begun engaging in a series of trade talks in Geneva, resulting in a joint agreement to roll back tariffs for a 90-day period as both sides continue negotiations aimed at mitigating ongoing trade tensions.  While this outcome falls short of a definitive resolution and uncertainties still loom, it offers a glimmer of hope for de-escalation, suggesting that both nations may be steering away from a full-blown fallout.

Amidst this ongoing global uncertainty, Singapore’s property market remained grounded in stable fundamentals, that anchor real estate activity in genuine housing needs, rather than speculative motivations.

In the next two months, we can expect to upcoming launches to be largely concentrated in CCR and RCR that typically see a more measured sales pace.

ECs, on the other hand, will see new home stocks continue to deplete following the sell-out of Aurelle of Tampines. Building on this ongoing momentum in new home sales, and barring any unforeseen circumstances, ERA Singapore projects 8,500 to 9,500 new homes to be sold for the whole of 2025.

Table 3: Upcoming new project launches for 2025

Executive Condominium 

Source: ERA Project Marketing