The latest developer sales figures for May 2025 show a sharp 52.9% month-on-month drop in private new home sales, with just 312 units transacted—down from 663 units in April. However, this represents a 39.9% year-on-year increase, showing that while the month was quiet, it performed better than the same time last year.
💬 What Happened in May?
Analysts point to the lack of new project launches as the key reason for the muted activity. Developers held back launches in response to external events such as the Liberation Day tariffs and the General Elections. This cautious stance gave May a rare dynamic—no major launches, yet moderate transaction activity.
📊 Infographic: May 2025 Developer Sales at a Glance
🏠 Total Units Sold: 312 units
📉 MoM Change: -52.9%
📈 YoY Change: +39.9%
📍 Sales by Region:
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RCR (Rest of Central Region): 191 units (61.2%)
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OCR (Outside Central Region): 106 units (34%)
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CCR (Core Central Region): 15 units (4.8%)
🌟 Top Performing Projects:
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One Marina Gardens: 62 units at $2,975 psf
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Bloomsbury Residences: 32 units at $2,506 psf
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The Hill @ One-North: 26 units at $2,484 psf
💰 Pricing Insight:
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39.3% of all units sold were below $2 million
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69% of units sold at top 3 projects were also below $2 million
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Strong demand for 1- and 2-bedders—especially among investors seeking first-mover advantage
🌐 Buyer Profile:
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83.4% Local buyers
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14.4% PRs
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Small share of foreigners
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Notable luxury purchases by PRs:
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$24M unit at 21 Anderson ($5,347 psf)
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Two $15.1M units at 32 Gilstead
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🏗️ EC Market Snapshot
Only 24 EC units were sold in May, with just 38 EC units remaining unsold islandwide.
Top Selling ECs in May:
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Novo Place EC: 8 units at $1,601 psf
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Lumina Grand EC: 8 units at $1,513 psf
🚨 Upcoming EC to watch:
Otto Place EC in Tengah—launching July 2025
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600 units by Hoi Hup & Sunway
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Land bid: $423.38M ($701 psf ppr)
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Follows near sell-out success of adjacent Novo Place (97% sold)
💡 Commentary: What's Next for the Market?
While May was quiet, it wasn’t weak. The numbers underscore a more cautious but still active market, especially with buyers staying below the $2M price point.
Developers are aligning launches with clearer macroeconomic signals. Interest rates are stabilising, which could reinvigorate demand in the coming months. And while June is also expected to be soft, the second half of 2025 promises fireworks.
🔜 Estimated 16 launches (7,800 units) lined up in 2H2025
🔮 Another 9 projects (including 2 ECs) will inject 5,310 units in 2026
Notable Upcoming Launches:
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W Residences Singapore – Marina View
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UpperHouse @ Orchard Boulevard
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Otto Place (EC)
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The Robertson Opus
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River Green @ River Valley
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Promenade Peak @ Zion Road
✅ Summary Highlights
✅ Developer sales down 53% MoM but up 39.9% YoY
✅ No major launches drove the quiet May
✅ One Marina Gardens leads in sales with investor-friendly small units
✅ 39.3% of units sold under $2M, showing buyer focus on affordability
✅ EC market extremely tight with only 38 units left islandwide
✅ Otto Place EC primed for strong demand in July
✅ Interest rates stabilising, encouraging both investors and HDB upgraders
✅ Strong 2H2025 pipeline of 7,800 new units and 5,310 more in 2026
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