Singapore private home sales plummet by 53% to 312 units in May

This is the lowest monthly sales volume for 2025.

Singapore developers’ sales fell to the lowest in five months in May 2025 owing to a lack of new project launches. According to a PropNex release, there were 312 new private homes sold (ex. executive condos) in May, down by nearly 53% month-on-month from the 663 units shifted in April. When compared with May 2024, sales were up by about 40% year-on-year.

“This is the first month in 2025 where there have been no fresh projects put on the market. To this end, the decline in new home sales in May is not unexpected, as fresh project launches tend to drive transactions each month. With launch activity still subdued in June, developers’ sales are expected to remain relatively muted this month,” the analyst said.

Here’s more from PropNex:

In May, developers place 20 new units (ex. EC) for sale – all from previously launched project The Myst. This is sharply down from the 1,344 units launched in April. It is also the joint lowest number of units launched in a month since 2009 - on par with the 20 units rolled out in December 2024.

New home sales in May were led by the Rest of Central Region (RCR) where 191 units were transacted – down by 65% MOM from 551 units in April where the launch of One Marina Gardens and Bloomsbury Residences had boosted sales. The RCR accounted for about 61% of May’s total transactions, with three RCR projects topping sales. One Marina Gardens sold 62 units at a median price of $2,975 psf, Bloomsbury Residences moved 32 units at a median price of $2,506 psf, while The Hill @ One-North shifted 26 at a median price of $2,484 psf. Of note, this is the best monthly sales at The Hill @ One-North since the project sold 39 units in April 2024 - it is likely that the nearby Bloomsbury Residences has helped to generate some buzz and drew in more buyers.

The Outside Central Region (OCR) saw 106 new units (ex. EC) being sold – up from the 95 units transacted in April. This one of the slowest monthly OCR sales this year, following the strong take-up of units at earlier launches, such as Parktown Residence, ELTA, and Lentor Central Residences. The top-selling OCR project in May was Hillock Green which sold 17 units at a median price of $2,285 psf. Meanwhile, Lentor Mansion sold 11 units at a median price of $2,194 psf, and Parktown Residence moved 10 units at a median price of $2,410 psf. It was observed that about 96% of the 2,954 new units at the six projects in Lentor Hills estate have been sold, with 121 unsold units on the market as at end-May.

Developers’ sales in the Core Central Region (CCR) continued to be tepid, with 15 new units transacted in May, marginally lower than the 17 units shifted in the previous month. Watten House was the best-performer in this sub-market, transacting four units at a median price of $3,255 psf. Three CCR units fetched more than $15 million each – representing the priciest new homes sold in May. They comprised a 4,489-sq ft unit at 21 Anderson which was sold for $24.0 million, and two units – 4,209 sq ft and 4,219 sq ft – which were sold for $15.1 million each at 32 Gilstead. The three units were purchased by Singapore permanent residents, according to the URA Realis caveat data. 

In the EC segment, developers sold 24 new units in May, falling by 75% from the 96 units transacted in April. Novo Place EC and Lumina Grand EC were the most popular EC projects during the month, shifting eight units each at median prices of $1,601 psf and $1,513 psf, respectively. As at end-May, there were just 38 units of unsold new ECs from launched projects on the market, according to the URA data. The tight unsold supply bodes well for the upcoming 600-unit Otto Place EC (in Plantation Close in Tengah), which is anticipated to be launched in July 2025.