New home sales fall 53% in May amidst launch slowdown

Singapore’s new private home sales fell sharply in May, dropping 53% MoM to just 312 units, as developers held back launches during the general election period. Despite the steep decline, sales were still 41% higher YoY, reflecting a low base in May 2024.

According to Morgan Stanley’s latest ASEAN Property: Singapore: May 2025 Home Sales Tracker, the weak showing was largely due to the near absence of new launches—only 20 units came to market in May, compared to over 1,300 units in April.

Leading the sales chart was One Marina Gardens by Kingsford, which moved 62 units at a median price of $2,975 psf. Other notable performers included Bloomsbury Residences, The Hill @One-North, and Hillock Green, with most activity concentrated in the Rest of Central Region and Outside Central Region.

Meanwhile, the executive condominium segment remained sluggish, with just 24 units sold, indicating muted interest in this hybrid public-private housing type.

​Looking ahead, Morgan Stanley expects June sales to stay subdued due to the school holiday season, when developers typically delay launches.

However, activity is forecast to rebound in the second half of 2025, with approximately 7,800 units from 16 projects likely to enter the market starting July, according to estimates cited from Huttons.

Despite a strong start to the year, year-to-date sales are up 158% YoY, reaching 4,350 units. Morgan Stanley analysts believe that overall sales growth will moderate in the coming months as market conditions normalise.