One Marina Gardens drives RCR strength; new home sales dip but remain higher year-on-year

Developers Sell 663 New Private Homes in April, More Than Doubling Year-on-Year as Luxury Market Shines Against the Tide

According to data released by the Urban Redevelopment Authority (URA) on 15 May, local developers sold 663 new private residential units (excluding Executive Condominiums, or ECs) in April. While this represents a 9.1% month-on-month dip from the 729 units sold in March, it marks a more than two-fold surge compared to the 301 units moved in April last year.

Market momentum was largely driven by three key new launches: One Marina Gardens, Bloomsbury Residences, and the ultra-luxury development 21 Anderson.

Strong Debut for One Marina Gardens: 384 Units Snapped Up

Developed by Kingsford Group, One Marina Gardens emerged as April’s top-selling project. Located along Marina Gardens Lane, it is the first residential launch in the Marina South precinct, offering a total of 937 units. During its launch weekend, the project moved 353 units, or about 38% of its total inventory. Across the entire month, sales reached 384 units—accounting for 41.9% of total developer sales islandwide—at a median price of $2,948 psf.

As the pioneering residential development among 16 planned plots in the Marina South precinct, One Marina Gardens drew strong interest from investors seeking a first-mover advantage. The development boasts exceptional locational appeal, sitting close to Marina South MRT station, Gardens by the Bay, Marina Bay Sands, and the central business district (CBD).

Steady Performance by Bloomsbury Residences

Coming in next was Bloomsbury Residences, jointly developed by Qingjian Realty and Forsea Holdings. Situated at Media Circle in District 5, the project moved 107 units in April (around 30% of its total units) at a median price of $2,454 psf.

Both developments opened for previews and launched over the weekend of 12–13 April, injecting much-needed vitality into the market.

Nevertheless, despite the commendable take-up rates of these new launches, overall market sentiment remained relatively cautious, with homebuying appetite weighed down by US-China trade tensions and ongoing global macroeconomic uncertainties.

Ultra-Luxury 21 Anderson: Three Out of Just 18 Units Sold

In the luxury segment, Kheng Leong Co's ultra-prime development 21 Anderson made its debut in April. The boutique project, which comprises just 18 exclusive units, transacted three four-bedroom apartments measuring 4,489 sq ft. Prices ranged between $20.97 million and upwards of $23 million, translating to unit prices of $4,672 to $5,127 psf.

This was the sole new launch in the Core Central Region (CCR) in April, and its three transacted units were the highest-priced non-landed private residential sales for the month.

During the same period, a unit at 32 Gilstead was also transacted for $15 million to a Singapore Permanent Resident (PR) buyer.

CCR Price Premium Expands Over OCR; RCR Closes the Gap

The sales of prime CCR properties in April further widened the region's price premium over the Outside Central Region (OCR), with the average price gap widening from 34.9% in March to 44.6% in April.

Conversely, in the Rest of Central Region (RCR), propelled by robust sales at major launches like One Marina Gardens and Bloomsbury Residences, the price gap with the CCR narrowed from 13.1% to 11.3%.

Uptick in Foreign and PR Homebuyer Activity

Data showed that 16 units were purchased by foreign buyers in April, double the tally recorded in March. Purchases by Singapore PRs also climbed from 67 units to 80 units.

Amid periodic de-escalations in US-China trade tensions, select tranches of global capital may be returning to Singapore, attracted by its safe-haven appeal and long-term capital preservation.

Outlook for 2025: Full-Year Sales Could Reach 9,000 Units with Modest Price Growth

Looking ahead, full-year new home sales (excluding ECs) are projected to hit between 8,000 and 9,000 units, with overall private home prices estimated to climb by 4% to 7% for the year.

Moving forward, around 17 upcoming launches—including Arina East Residences and W Residences Singapore - Marina View—are slated to roll out in the coming months, providing sustained impetus to the private residential market.