Commentary on Monthly New Home Sales for April 2025

By Tricia Song (宋明蔚), Head of Research, Southeast Asia, CBRE

Developer sales in Apr 2025 eased for a second consecutive month on more lukewarm performance at new launches. 663 new private homes were sold in the month, down 9.1% m-o-m from 729 units in Mar 2025 but more than double the 301 units sold in Apr 2024 last year.

April’s sales take the tally of new homes sold in 2025 so far to 4,038 units. Buying sentiment has turned cautious against the backdrop of ongoing global trade frictions and geopolitical tensions which have dampened Singapore’s economic outlook.
Top 10 Selling Projects in January 2025 (including ECs and landed)

Project Name	Street Name	Tenure	Locality	Units Sold in the Month	Median Price ($psf) in the Month	% of project sold to date
ONE MARINA GARDENS	MARINA GARDENS LANE	99 yrs	RCR	384	$2,948	41.0%
BLOOMSBURY RESIDENCES	MEDIA CIRCLE	99 yrs	RCR	107	$2,454	29.9%
AURELLE OF TAMPINES (EC)	TAMPINES STREET 62	99 yrs	OCR	54	$1,764	98.0%
LUMINA GRAND (EC)	BUKIT BATOK WEST AVENUE 5	99 yrs	OCR	19	$1,509	97.1%
PARKTOWN RESIDENCE	TAMPINES STREET 62	99 yrs	OCR	17	$2,368	89.6%
NOVO PLACE (EC)	PLANTATION CLOSE	99 yrs	OCR	16	$1,609	96.8%
GRAND DUNMAN	DUNMAN ROAD	99 yrs	RCR	14	$2,599	76.3%
LENTOR MANSION	LENTOR GARDENS	99 yrs	OCR	12	$2,183	96.8%
THE CONTINUUM	THIAM SIEW AVENUE	Freehold	RCR	11	$2,900	71.6%
LENTOR CENTRAL RESIDENCES	LENTOR CENTRAL	99 yrs	OCR	11	$2,384	97.7%

Source: CBRE Research, URA

New launches in April 2025

Project Name	Street Name	Tenure	Locality	Total # of units	Units Launched in the Month	Units Sold in the Month	Median Price ($psf) in the Month	Units sold as % of launched	Units sold as % of total
ONE MARINA GARDENS	MARINA GARDENS LANE	99 yrs	RCR	937	937	384	$2,948	41%	41%
BLOOMSBURY RESIDENCES	MEDIA CIRCLE	99 yrs	RCR	358	358	107	$2,454	30%	30%
21 ANDERSON	ANDERSON ROAD	Freehold	CCR	19	18	3	$4,811	17%	16%

Source: CBRE Research, URA

Apr 2025 saw 3 new launches – 2 in the RCR and 1 in the CCR. City fringe launches included One Marina Gardens (937 units) and Bloomsbury Residences (358 units) while the prime launch was of ultra-luxury project 21 Anderson (19 units).

The top performing project was new launch One Marina Gardens (937 units) developed by Kingsford Group and located in the Marina South precinct at the fringe of the CBD. Despite its relatively attractive price point compared to other existing launches in the Downtown Core and high-floor units offering views of Gardens by the Bay, the project was met with a lukewarm response, moving 384 units (41% of total units) in Apr 2025 at a median price of $2,948 psf. Comparatively, major prior launches in Q1 2025 have recorded an average sell-through rate of 68% over their launch weekends.

The second best-selling private project was new launch Bloomsbury Residences (358 units) at Media Circle in the one-north precinct which was met with a subdued response, moving 107 units at a median price of $2,454 psf in April (30% of total units). This was followed by existing EC project Aurelle of Tampines (760 units) which was just launched in March. The project sold another 54 units at a median price of $1,764 psf.

New Home Sales (excl. ECs) by quantum

Source: CBRE Research, URA
*Based on Realis new sales (excl. EC) caveats extracted on 15 May 2025.

Based on quantum size, the largest proportion of new private homes sold (excl. ECs) were in the S$1.00 – 1.50 mil range at 31.0% which is the sweet spot for buyers of single-bedder units at the 2 new city-fringe launches. This was followed by the S$2.00 mil – S$2.50 mil bracket at 22.9%. 7 units above $5 mil were recorded in the month, 3 of which were above $20.00 mil from new ultra-luxury launch 21 Anderson, sold for a median price of $4,811 psf.

Outlook and forecasts

April’s sales take the tally of new homes sold in 2025 so far to 4,038 units. Q1 2025 saw new sales hold firm at 3,375 units, down only marginally by 1.3% q-o-q from the high base of 3,420 units in Q4 2024. However, buying sentiment has turned cautious against the backdrop of ongoing global trade frictions and geopolitical tensions which have dampened Singapore’s economic outlook, with the MTI cutting Singapore’s 2025 GDP growth forecast to 0 – 2% (from an initial 1 – 3%) as of 14 April.

Looking ahead, most new launches for the rest of 2025 will be from the CCR and RCR, which have higher price points and may not generate the same kind of volumes as the attractively priced and voluminous OCR projects seen in Q1 2025. Developers might also choose to wait out the current period of heightened economic uncertainty and delay their launches until there is more clarity on the global trade and economic situation. CBRE Research thus maintains our full year new home sales to be 7,000 – 8,000 units, signalling a slowdown in new home sales in the next few quarters. There is downside risk to this projection should economic conditions worsen significantly.

Correspondingly, private home prices rose 0.8% q-o-q in Q1 2025, moderating from the 2.3% q-o-q increase in Q4 2024. We maintain a full-year 2025 private home price increase of 3 – 4% for now, on still-low unsold inventory and strong household balance sheets. Growth momentum could plateau in the next few quarters on a weaker economic outlook – MTI has cut Singapore’s 2025 GDP growth forecast to 0 – 2% (from an initial 1 – 3%) as of 14 Apr 2025.