Commentary on Monthly New Home Sales for May 2025

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

Developer sales in May 2025 sank to the lowest in 2025 so far, easing for the third straight month in the absence of new launches. 312 new private homes were sold in the month, down 52.9% m-o-m from 663 units in Apr 2025 but up 39.9% y-o-y from the 223 units sold in May 2024 last year. Sentiment in the last two months has been dented by ongoing global trade frictions and geopolitical tensions which dampened Singapore’s economic outlook and could have led to developers deferring their launches. 

May’s sales take the tally of new homes sold in 2025 so far to 4,350 units, up 158% compared to the first five months of 2024.  

Top 10 Selling Projects in May 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	62	$2,975	46.4%
BLOOMSBURY RESIDENCES	MEDIA CIRCLE	99 yrs	RCR	32	$2,506	38.3%
THE HILL @ONE-NORTH	SLIM BARRACKS RISE	99 yrs	RCR	26	$2,484	66.2%
HILLOCK GREEN	LENTOR CENTRAL	99 yrs	OCR	17	$2,285	91.6%
GRAND DUNMAN	DUNMAN ROAD	99 yrs	RCR	15	$2,524	77.8%
NAVA GROVE	PINE GROVE	99 yrs	RCR	13	$2,545	79.2%
LENTOR MANSION	LENTOR GARDENS	99 yrs	OCR	11	$2,194	98.3%
PARKTOWN RESIDENCE	TAMPINES STREET 62	99 yrs	OCR	10	$2,410	89.9%
THE ORIE	LORONG 1 TOA PAYOH	99 yrs	RCR	10	$2,631	91.0%
PINETREE HILL	PINE GROVE	99 yrs	RCR	9	$2,662	84.6%
HILLHAVEN	HILLVIEW RISE	99 yrs	OCR	9	$2,098	91.8%
CHUAN PARK	LORONG CHUAN	99 yrs	OCR	9	$2,641	83.1%

Source: CBRE Research, URA

There were no new launches in May 2025. As such, the top performing projects were all existing launches. The top performing launch was One Marina Gardens (937 units) developed by Kingsford Group and located in the Marina South precinct at the fringe of the CBD. Recently launched in Apr 2025, the project moved another 62 units at a median price of $2,975 psf and is now 46% sold. 

The second best-selling private project was new launch Bloomsbury Residences (358 units) at Media Circle in the one-north precinct which was also launched in Apr 2025. The project sold another 32 units in May 2025 at a median price of $2,506 psf. This was followed by another one-north project The Hill @One-North (142 units) which was launched in Apr 2024. The project sold another 26 units at a median price of $2,484 psf.

New Home Sales (excl. ECs) by quantum

Source: CBRE Research, URA
*Based on Realis new sales (excl. EC) caveats extracted on 16 Jun 2025. 

By market segment, May 2025’s developer sales (excluding ECs) were led by the Rest of Central Region (RCR) which recorded the sale of 191 units (61.2%) from 551 units (83.1%) of total new sales in Apr 2025. This was largely attributed to One Marina Gardens and Bloomsbury Residences. 

This was followed by the Outside Central Region (OCR) where 106 units or 34.0% of total May new home sales were from, up from 95 units (14.3%) in Apr 2025.

Lastly, the Core Central Region (CCR) continued to underperform, moving 15 units (4.8% of May sales), down marginally from 17 units (2.6%) in Apr 2025.

Based on quantum size, the new sales transactions appear to be quite evenly distributed across different budgets in May. The largest proportion of new private homes sold (excl. ECs) were in the S$1.00 – 1.50 mil range at 20.1% which is the sweet spot for buyers of single-bedder units at One Marina Gardens and Bloomsbury Residences. This was followed by the S$2.00 mil – S$2.50 mil bracket at 19.5%. 14 units above $5 mil were recorded in the month, of which 2 were from luxury project 21 Anderson Road which was just launched in April 2025, at a median price of $4,160psf.

Outlook and forecasts