Four out of the five best-selling residential projects in Singapore in Q1 were new launches

The remaining project was launched in 2021.

In Q1/2025, among the top five best-selling projects in the primary market, Savills revealed in a report that the top four were the new launches in the quarter. The remaining project was One Bernam, which sold 102 units after the developers HY Realty and MCC Group offered attractive discounts ranging from 15% to 27% on the remaining units. For this project, the sales in Q1/2025 were the highest since its launch in Q2/2021.

“During the quarter of launch (usually has the highest take-up), 78 units were sold. In the subsequent quarters, around 4 to 23 units were taken up each quarter. By now, all of its 351 units have been fully sold,” the report said.

Here’s more from Savills:

Since the implementation of higher ABSD rates, the CCR market has been heavily hit, particularly as this market segment is traditionally well-favoured by foreigners and the steep hike in ABSD rates for foreigners may have deterred this group of buyers. However, the sales of One Bernam in this quarter may indicate that there is still demand for CCR properties if the units are attractively priced.

Sales in the secondary market recorded a quarterly decline as well, contracting for the second consecutive quarter by a smaller 3.2% to 3,886 units in Q1/2025. In the previous quarter, secondary sales fell 4.7% QoQ. This was also the first quarter since Q1/2024 when secondary sales fell below 4,000 units. However, compared to the same period a year ago, it was still 26.7% higher. Across the three market segments, only CCR recorded a quarterly increase of 9.4% to 709 units, which came after two consecutive quarters of decline.

As prices of new sale units in RCR and OCR remain high, homebuyers may be looking at resale units in the CCR. On the other hand, secondary sales in both the RCR and OCR declined in the quarter. For the RCR, secondary sales fell 6.8% QoQ to 1,186 units after three consecutive quarters of increase. Secondary sales in the OCR contracted by a smaller 4.8% QoQ to 1,991 units. This was the second consecutive quarter of decline in secondary sales in the OCR.

With both new sales and secondary sales declining, total non-landed residential sales volume contracted for the first time after three consecutive quarters of increase. Home purchases of all residency status fell in the quarter, except for PRs that continued to increase for the second consecutive quarter by 2.1% QoQ to 931 units. Non-landed home sales of Singaporeans and foreigners, on the contrary, declined 2.6% and 17.6% QoQ to 5,699 units and 70 units respectively in Q1/2025. For Singaporeans, the fall came after four consecutive quarters of increase.

Nevertheless, it remained above 5,000 units for the second consecutive quarter. For foreign purchases, while the non-landed sales volume fluctuated across the past few quarters, the transaction volume has largely remained low and had been so since Q2/2023 when the ABSD rates were raised again. In addition, the uncertain global economic conditions may have also added to the cautiousness of all groups of buyers.

As a result of the increase in home sales to PRs, the proportion of non-landed sales by this group of buyers grew 0.6 of a ppt from 13.3% in Q4/2024 to 13.9% in Q1/2025 but remained low compared to pre-Q2/2023 figures. The proportion of nonlanded sales by foreigners declined by a marginal 0.2 of a ppt to 1.0%, the lowest since the data was published by URA.

Similarly, the proportion of non-landed home sales by Singaporeans also contracted by 0.3 of a ppt to 85.0%. While there was a slight decline in the proportion, this was still deemed to be high in comparison to pre-COVID times and historical figures.