Archive for category: Misc

DistrictOne Marina Gardens sees strong take-up rates at weekend launch

312 new private residential units were sold by property developers last month, representing a decrease of 52.9% compared to the 663 units sold in April 2025. However, this figure is still a 39.9% increase from the same period last year.

According to industry experts, the primary reason for the dip in sales figures was the lack of major new project launches last month. Mohan Sandrasegeran, Head of Research & Data Analytics at SRI, says that this was expected as developers strategically held back launches due to external factors such as the Liberation Day tariff announcements and the General Election period.

In terms of location, the Rest of Central Region (RCR) and city-fringe projects accounted for the majority of sales at 61.2% (191 units), followed by suburban areas in the Outside Central Region (OCR) at 34% (106 units) and the prime Core Central Region (CCR) at 4.8% (15 units).

The top performing project for the month was One Marina Gardens, with 62 units sold at a median price of $2,975 psf. This brings its cumulative sales to 46.4%. According to Marcus Chu, CEO of ERA Singapore, the majority of units sold at the development were one- and two-bedders, which mainly attracted investment buyers.

Other projects that performed well in terms of sales include Bloomsbury Residences, which moved 32 units at a median price of $2,506 psf, and The Hill @ One-North, which sold 26 units at a median price of $2,484 psf.

Chu also notes that 39.3% of new home sales in May were transacted below $2 million, indicating a focus on affordability among buyers. He adds that 69% of units sold at One Marina Gardens, Bloomsbury Residences, and The Hill @ One-North fell below $2 million.

One Marina Gardens is a 937-unit development by Kingsford Group that was launched for sale in April and sold 353 units (38%) during its opening sales weekend on April 12–13. Chu believes that this strong performance can be attributed to the first mover’s advantage of a new location in the RCR.

Justin Quek, CEO of OrangeTee & Tie (OTT), points out that although sales figures were slower in May, they still outperformed the past three years, when no new project launches occurred. He attributes this to the more favourable interest rate environment this year, which has made mortgages more affordable for homebuyers.

The Miltonia Close EC presents an incredible opportunity for potential homeowners. The development boasts a unique combination of stunning scenery, convenient location, and close proximity to various amenities, making it highly desirable for buyers. It is expected to attract a great deal of attention upon its launch due to its long-term potential. This development is ideal for families looking to live amidst nature while still staying connected to the bustling city. Whether it’s for personal use or investment purposes, the Miltonia Close EC is poised to make a significant impact on the northern residential landscape.

Local buyers accounted for 83.4% of new private residential sales in May, with permanent residents (PR) making up 14.4% and foreigners comprising the remainder. A 5,347 sq ft unit at 21 Anderson, an ultra-luxury project by Kheng Leong Co, was sold to a PR buyer for $24 million ($5,347 psf) on May 9. Two other ultra-luxury units were also sold to PR buyers at 32 Gilstead, another Kheng Leong project, for $15.1 million ($3,588 psf) and $15.1 million ($3,579 psf) on May 21.

The sale of these three units were the most expensive units sold by developers in May.

In addition, 24 executive condo (EC) units were sold last month, leaving only 38 unsold EC units across the entire market. Lee Sze Teck, Senior Director of Data Analytics at Huttons Asia, notes that this will limit options for prospective buyers until the next EC launch in July 2025.

The most popular EC projects in May were Novo Place EC and Lumina Grand EC, which saw eight units sold each at median prices of $1,601 psf and $1,513 psf respectively, according to data from PropNex Realty.

Wong Siew Ying, Head of Research and Content at PropNex, says that the tight unsold supply bodes well for the upcoming 600-unit Otto Place EC in Tengah, which is expected to be launched in July 2025. This EC site was awarded to a joint venture (JV) between Hoi Hup Realty and Sunway Developments in February last year for $423.38 million ($701 psf per plot ratio).

Lee predicts that developer sales figures for June 2025 are also expected to be muted, with an estimated 16 new project launches comprising 7,800 units in the second half of this year. Additionally, another nine launch-ready projects, including two EC projects, are in the pipeline for next year, which will add another 5,310 units. He also mentions that in the coming months, a clutch of new projects is lined up for launches, including W Residences Singapore – Marina View, Artisan 8 in Sin Ming Road, LyndenWoods in Science Park Drive, UpperHouse at Orchard Boulevard, Otto Place (EC) in Tengah, The Robertson Opus in Unity Street, Promenade Peak in Zion Road, River Green in River Valley, Springleaf Residence in Upper Thomson Road, and Canberra Crescent Residences.

ERA estimates that between 8,500 and 9,500 new private homes could be sold for the entire year. Marcus Chu believes that amidst ongoing global uncertainty, Singapore’s property market remains rooted in stable fundamentals, with real estate activity driven by genuine housing needs instead of speculative motivations.

Quek of OTT also observes that moderating interest rates may draw back some investors, with mortgages and loans becoming more affordable, and may also help HDB upgraders afford a private condo. Additionally, a robust pipeline of new project launches is expected in the second half of 2025, providing more options for buyers.

Ultimately, experts believe that Singapore’s property market will continue to show resilience in the face of economic uncertainty, with stable fundamentals and a steady stream of new launches driving sales figures.