New private home sales fall 53% in May amidst pause in launches

 Just 312 units (excluding executive condominiums) were sold, down nearly 53% from April’s 663 units.

New private home sales in Singapore fell sharply in May 2025 to their lowest level in five months, as developers held back fresh launches.

According to the Urban Redevelopment Authority, just 312 units (excluding executive condominiums) were sold, down nearly 53% from April’s 663 units.

Analysts from leading property agencies attributed the drop to the absence of major project launches.

“This is the first month in 2025 where there have been no fresh projects put on the market,” said Wong Siew Ying, Head of Research and Content at PropNex Realty. “The decline in new home sales in May is not unexpected, as fresh project launches tend to drive transactions each month.”

According to Huttons, “20 units were launched for sale in May 2025, 98.5% lower than April 2025 and 92.6% lower than May 2024.” This mirrors December 2024 levels, indicating an unusually quiet period for the primary market.

Despite the dip, Wong noted that “developers’ sales are projected to climb in July and August with a clutch of new projects lined up across the mass market to luxury home segments,” including the anticipated Otto Place EC and W Residences Singapore – Marina View.

Meanwhile, OrangeTee highlighted how the Rest of Central Region (RCR) continued to lead in buyer demand, accounting for about 61% of May's transactions.

“Buying interest was sustained by One Marina Gardens, which transacted 62 units at a median price of $2,975 psf, and Bloomsbury Residences, which moved 32 units at a median price of $2,506 psf,” noted Christine Sun, Chief Researcher and Strategist at OrangeTee.

Sales in the Outside Central Region (OCR) remained modest. Huttons observed that “the RCR made up more than 60% of sales in May 2025 while the OCR accounted for 1/3 of sales.” Projects like Hillock Green and Lentor Mansion led activity in these areas.

In the Core Central Region (CCR), PropNex reported tepid performance, with only 15 units sold, though high-value deals continued. “Three CCR units fetched more than $15 million each,” PropNex stated, with transactions involving Singapore permanent residents at 21 Anderson and 32 Gilstead.

Lee Sze Teck, Senior Director at Huttons Asia, emphasized market resilience despite the monthly dip: “Compared to a year ago, where there were boutique launches, May 2025’s sales numbers were 39.9% higher. This highlighted the resilience of the property market despite the uncertainties.”

Cumulatively, Huttons estimated that developers sold approximately 4,350 units (e.g., ECs) in the first five months of 2025, representing about 54% of Huttons' full-year estimates.