Crowd at preview of One Marina Gardens (Photo: Kingsford Group)
According to data published by URA on May 15, developers sold 663 new homes – excluding executive condos (ECs) – during the month of April. This marks a 9.1% fall m-o-m from the 729 new homes sold in March. However, it doubled last year’s April 2024 sales figure of 301 units.
Last month’s new home sales figures were supported by the launch of three new projects: the 937-unit One Marina Gardens by developer Kingsford Group; the 358-unit Bloomsbury Residences by Qingjian Realty and joint venture partner Forsea Holdings; and the 18-unit 21 Anderson developed by Kheng Leong Co, the private property arm of the late billionaire banker Wee Cho Yaw’s family.
One Marina Gardens emerged as the best-selling project in April. Located along Marina Gardens Lane in the Rest of Central Region (RCR), the condo moved 384 units (41.9%) for the month at a median price of $2,948 psf. During its launch weekend, the condo sold 353 units (38%) at an average price of $2,953 psf.
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“As the first residential project among over 16 land plots in the Marina South precinct, this project attracted many investors who were eager to seize the first mover advantage,” says Christine Sun, chief researcher and strategist at OrangeTee Group.
Homebuyers could have also been swayed by the project’s location next to the Marina South MRT station along the Thomson-East Coast Line, as well as nearby amenities such as Gardens by the Bay, Marina Bay Sands, and the Central Business District.
Bloomsbury Residences closely followed as the second-best performing project for the month, moving 107 units (30%) at a median price of $2,454 psf. The project is located along Media Circle in District 5, also within the RCR. During its launch weekend, the condo moved 90 units an average price of $2,474 psf.
Both condos shared an April 12-13 launch weekend.
Marcus Chu, CEO of ERA Singapore describes last month’s project launches as “falling short of expectations”. He adds, “it reflects a more subdued market response amid escalating trade tensions that weighed on customer confidence.”
Lee Sze Teck, senior director of data analytics at Huttons Asia concurs, “The shock therapy from fears of global tariffs generated tensions and uncertainties, leading to a temporary hiatus in the sales momentum.”
In total, 1,344 new homes were launched for sale in April, a slight bump from the 1,315 homes launched in March.
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Meanwhile, ultra-luxury freehold condo 21 Anderson recorded three units (16%). According to URA caveats, all three units were four-bedroom apartments of 4,489 sq ft, priced from $20.97 million ($4,672 psf) to over $23 million ($5,127 psf).
The project was the only new launch in the Core Central Region (CCR) last month. It is located along Anderson Road in prime District 10.
The units sold at 21 Anderson were also the top three priciest non-landed residential properties sold last month in terms of absolute price.
The only other unit to be sold for above $10 million was at 32 Gilstead, where a permanent resident (PR) purchased an 4,176 sq ft, four-bedroom apartment for $15 million.
Transactions in the CCR helped the segment pull away from the average price of units in the Outside of Central Region (OCR), ending the month with a 44.6% price gap – up from 34.9% in March.
However, sales at One Marina Gardens and Bloomsbury Residences have helped the RCR keep pace with the CCR, narrowing the price gap to 11.3% from 13.1% last month.
Read also: Developers’ sales dip 54% m-o-m in March with 729 units sold
Mohan Sandresegeran, head of research and data analytics at SRI, believes that the continued geopolitical uncertainties and global trade tensions could have drawn in more international capital.
April recorded an uptick in foreign buyers. At least 16 units were acquired by foreigners, doubling from 8 in March. PRs also stepped up their buying activity, purchasing 80 units, up from 67 units the month before.
“Macroeconomic uncertainties remain despite an easing in the trade war between China and the US following their agreement to reduce their retaliatory for at least 90 days,” explains OrangeTee’s Sun.
Therefore, local and foreign investors may continue to invest their capital in safer assets, such as Singapore's private properties – drawn by the long-term benefits despite the prevailing cooling measures.
Looking down the road, PropNex projects that new home sales, excluding ECs, could come in at 8,000 to 9,000 units for the year, supported by an ample supplu of new launches.
Huttons’ Lee projects similar figures, adding a forecasted price growth of between 4% and 7% by the end of the year. In the coming months, Lee estimates that 17 new projects, including an EC, could launch for sale – including Arina East Residences and W Residences Marina View that could launch as early as May.
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