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[SINGAPORE] Developers in Singapore sold 312 private homes in May, up 39.9 per cent from the 223 units moved a year earlier, data released by the Urban Redevelopment Authority (URA) showed on Monday (Jun 16).

Still, the latest May sales figure – which excludes executive condominiums (ECs) – was less than half the 663 units sold in April this year.

It was also the lowest level recorded in the year thus far, due to an absence of new project launches and slower sales amid the general election frenzy, said OrangeTee & Tie chief executive Justin Quek.

Nicholas Mak, chief research officer at Mogul.sg, added that ongoing uncertainties in the economy and job market dampened private housing sales on both the demand and supply sides.

“Developers are waiting for a more favourable market condition to launch their residential projects, while homebuyers are waiting for choice project launches and lower prices,” he said.

Including ECs, 336 units were sold in May with just 20 units launched, versus the 263 units sold and 238 units launched in the same month in 2024. In comparison, 759 units were sold and 1,344 units launched in April.

Nonetheless, Quek noted that there was still interest in the ultra-luxury market, with three transactions of more than S$10 million recorded in May – similar to the previous month.

The priciest deal was for a 4,489-square-foot unit at the freehold 21 Anderson condominium, which changed hands at S$24 million. There were also nine new non-landed homes sold for between S$5 million and S$10 million in May, up from the two units that transacted for the same price range in April.

Among the three market segments, the Rest of Central Region led condo and private apartment sales, accounting for 61.2 per cent of sales in May.

This was followed by the suburban Outside Central Region, which accounted for 34 per cent of primary sales, and the prime Core Central Region, which made up just 4.8 per cent of new sales last month.