Singapore Home Sales Slump to Five-Month Low as Government Dials Back New Supply

New private home sales in Singapore hit their lowest level in five months in May amid a drought of project launches, according to data released Monday by the Urban Redevelopment Authority.

Excluding the public-private hybrid executive condo segment, developer sales totalled 312 units last month, down from 663 sold in April but up from 223 transacted in the same month a year earlier, the URA said. The news came after the agency on Friday revealed plans to trim private housing supply under the Government Land Sales confirmed list by 6.1 percent to 4,725 units (including ECs) in the second half of 2025, while upping supply from the GLS reserve list.

The lower sales in May were expected, according to local property agency SRI, as builders held back launches amid external events like the Trump administration’s tariff shock and Singapore’s general election.

“This strategic pause underscores their intent to time launches for maximum impact,” said Mohan Sandrasegeran, head of research and data analytics at SRI.

City Fringe Out Front

New home sales in May were led by the city-fringe Rest of Central Region with 191 units sold, including 62 transacted at the top-selling project of the month, One Marina Gardens on Marina Gardens Lane, at a median price of S$2,975 ($2,324) per square foot.

The site next to the future Marina South MRT station was acquired by a consortium led by Chinese builder Kingsford in 2023. Kingsford announced in April that it had sold 353 homes during the 937-unit project’s launch weekend at a median of S$2,953 per square foot.

Sales in the Core Central Region continued to underwhelm, easing to 15 new homes transacted in May from 17 the previous month. UOL Group’s Watten House in Bukit Timah was the top performer with four units sold at a median price of S$3,255 per square foot.

“Developers’ sales are projected to climb in July and August with a clutch of new projects lined up across the mass market to luxury home segments,” said Wong Siew Ying, head of research and content at local broker PropNex Realty.

Those projects potentially include IOI Properties’ W Residences Singapore Marina View, CapitaLand’s LyndenWoods on Science Park Drive and UOL Group’s Upperhouse at Orchard Boulevard, Wong said.

Projected Pipeline

The GLS confirmed list supply in the second half will bring total private housing supply launched in 2025 to about 9,800 units, according to the URA, and raise the total supply of private residential units (including ECs) in the overall pipeline to roughly 56,700 homes.

The agency views the “robust pipeline” as sufficient to help meet the medium-term housing needs of Singapore’s population.

“The supply consists of a good spread of sites across various geographical locations, supporting the development of both conventional private residential units and long-stay serviced apartments, to cater to both owner-occupation and rental housing demand,” the URA said.