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[SINGAPORE] Developers in Singapore sold 663 private homes in April, down 9 per cent from the month before, but up 120 per cent from the 301 units a year earlier, data released by the Urban Redevelopment Authority on Thursday (May 15) showed.

Analysts attributed the month-on-month decline to the macroeconomic uncertainties brought on by US President Donald Trump’s tariffs, which dampened consumer sentiment.

However, ERA Singapore’s chief executive Marcus Chu noted that the housing market remains stable even amid ongoing global uncertainty.

“Singapore’s property market has continued to show resilience, supported by the mid-to-long-term outlook held by most domestic buyers. This remains a significant factor in keeping local buying activity grounded in actual housing needs, as opposed to speculative demand,” he said.

Sales were driven by two major launches in city-fringe locations in the Rest of Central Region last month – Bloomsbury Residences at Media Circle and One Marina Gardens in Marina South. The two projects made up almost three-quarters of total sales in April.

One Marina Gardens was the best-selling project in April, with 41 per cent of its 937 units sold during the month at a median price of S$2,984 per square foot (psf).

Still, CBRE’s head of research in Singapore and South-east Asia Tricia Song said this was a “lukewarm response” for the development, with other major launches in the first quarter of 2025 recording an average sell-through rate of 68 per cent over their launch weekends.

Bloomsbury Residences sold under 30 per cent of the project – 107 of its 358 units – at a median price of S$2,454 psf.

While Wong Siew Ying, PropNex’s head of research and content, acknowledged that take-up rates for April’s launches were lower than projects that hit the market in Q1, she believes sales were “commendable”, especially in a time of uncertainty and market volatility.

“One Marina Gardens’ performance has been very positive, given that the project is not near schools nor HDB estates, which tend to offer a demand catchment for new launches from HDB upgraders,” she said.

Overall, sales at One Marina Gardens propped up the median unit price of non-landed new private homes sold in the RCR, said Wong. This led to a wider 29.9 per cent price gap against the median unit price in the Outside Central Region (OCR).

Based on caveats lodged, the priciest new homes sold were at 21 Anderson, an ultra-luxury residential non-landed project in the Core Central Region.

Huttons Asia’s senior director of data analytics Lee Sze Teck noted that 21 Anderson, an ultra-luxury residential non-landed project, sold three units last month for more than S$60 million in total, with one unit going for S$5,127 psf.

“Being able to achieve these prices is a reflection of the confidence the ultra-high-net-worth individuals have in Singapore’s ultra-luxury homes and Singapore’s status as a safe haven in times of instability,” he said.

Mohan Sandrasegeran, head of research and data analytics, said the largest deal in 21 Anderson – a four-bedder which sold for S$23 million – set a benchmark in the Tanglin planning area. It was the “highest recorded transaction in the district since 2023, when a unit at Les Maisons Nassim fetched S$30.7 million”.

“It reaffirms that high-net-worth buyers remain active, selectively targeting rare offerings that deliver both long-term value and lifestyle prestige in one of Singapore’s most sought-after residential enclaves.”

Including executive condominiums (EC), 759 units were sold in April with 1,344 units launched, versus 363 units sold and 278 units launched in the same month in 2024. In comparison, 1,510 units were sold and 1,315 units were launched in March 2025.

Singaporeans made up 85.5 per cent of buyers in April 2025, while permanent residents accounted for 12 per cent, said Lee.

Subdued sales ahead

Analysts expect lower sales in May with no sizeable projects launched.

In the pipeline are projects including the 107-unit Arina East Residences, the 348-unit The Robertson Opus, as well as the 941-unit Springleaf Residence.

“Developers might choose to wait out the current period of heightened economic uncertainty and delay their launches until there is more clarity on the global trade and economic situation,” said CBRE’s Song.

CBRE maintains its full-year new home sales at between 7,000 and 8,000 units. It projects a slowdown in new home sales in the next few quarters.

New home sales may be driven by launches in the CCR and RCR, but these projects have higher price points and may not generate the same buzz as the attractively priced and voluminous OCR projects seen in Q1, said Song.

OrangeTee’s chief researcher and strategist, Christine Sun, reckoned that even amid global uncertainty, demand from homeowners seeking to upgrade from their HDBs may remain resilient, provided employment and income growth are not adversely affected.