Due to the lack of major project support, new private residential sales in May fell by 52.9% month-on-month

Li Side, Senior Director of Data Analytics at Huttons, said: "The main reason for the month-on-month decline in sales is the lack of large real estate projects coming to market."

ERA's President Zhu Yongqiang believes that despite the sluggish market sentiment, buyers remain highly interested in investment projects.

One Marina Gardens Reigns as Sales Champion Again

Among them, One Marina Gardens, located in the southern part of Marina South, Bloomsbury Residences in the Emerging Media Park, and The Hill@One-North at Slim Barracks Rise lead the top three sales in May.

With the sales data for May released, developers have sold a total of 4,350 private residential units (excluding EC) in the first five months of this year, far exceeding the 1,688 units sold in the same period last year.

Analysts believe that the trade framework agreement reached between China and the United States in London is expected to enhance market sentiment in the coming months, boosting the local property market.

In May, developers launched only 20 new private residential units, a sharp month-on-month decrease of 98.5% and a year-on-year drop of 92.6%.

Looking ahead to sales this month, Zhu Yongqiang predicts: "June is a seasonal off-peak period, and many families will travel during the school holidays, so private residential sales will be similar to May."

Mohan Sandrasegeran, Head of Research and Data Analysis at SRI, believes that buyers continue to have confidence in well-located urban fringe projects, which is a good sign for the upcoming waterfront project W Residences Marina View.

Analysis: Property Market Expected to Rebound in July

"The swift conclusion of the China-U.S. trade framework agreement will enhance market confidence and sentiment in the coming months, which will have a positive impact on the real estate market."

In May, foreign buyers and Singapore permanent residents purchased 7 and 45 new private residential units respectively, down from 16 and 80 in April.

After its launch in April, One Marina Gardens sold 62 units in May at a median price of SGD 2,975 per square foot, retaining its title as the "sales champion" for the month. Following closely is Bloomsbury Residences, which sold 32 units at a median price of SGD 2,506 per square foot. The Hill@One-North sold 26 units at a median price of SGD 2,484 per square foot. Zhu Yongqiang pointed out that 69% of the units in the three projects are priced below SGD 2 million.

Further Reading

Compared to April, sales of private residential units outside the central region increased, while sales in the other two regions declined.

Li Side also noted that 16 projects are expected to be launched in the second half of this year, totaling over 7,800 units, although some may be postponed until the first quarter of next year. He expects developers to sell between 7,500 and 8,500 units throughout the year.

The Urban Redevelopment Authority released preliminary data on Monday (June 16) showing that sales of non-landed new private residential units, excluding executive condominiums (EC), decreased by 52.9% month-on-month last month However, compared to May last year, sales have increased by 39.9%.

In terms of individual regions, mid-range private homes in the Rest of Central Region (RCR) remain the best sellers, with 191 units sold in May this year. Sales outside the central region came in second, with 106 units sold. High-end private homes in the Core Central Region (CCR) sold 15 units.

Recently, there have been no large projects launched in the Singapore property market. Developers sold 312 new private home units in May, a decrease of over 50% month-on-month, marking the third consecutive month of slowdown.

In July, many new projects are expected to be launched. Zhu Yongqiang predicts that the property market is likely to rebound, especially for the executive condominium project Otto Place located at Plantation Close in the Tengah area