The tepid home sales in June were due to the smaller scale of launches and dampened market sentiment, analysts say.
PHOTO: LIANHE ZAOBAO FILE
New private home sales in Singapore drop for 4th straight month in June
SINGAPORE – New private home sales fell for a fourth straight month in June amid cautious market sentiment and the mid-year school holiday lull.
Excluding executive condominiums (ECs), 272 new private homes were sold in June, down from 312 units in May, even as more newly launched units were put on the market, according to Urban Redevelopment Authority data. Developers launched 187 units across two projects in June, a significant increase from just 20 units in May.
June’s sales were 19.3 per cent higher than the 228 units sold in the same month in 2024.
Including ECs, new private home sales fell to 305 units in June from 336 in the previous month. No new EC units were launched in June.
Mr Marcus Chu, chief executive of real estate agency ERA Singapore, said the tepid performance was due to the smaller scale of the two launches in June.
“Both Arina East Residences and Amber House are freehold developments that appeal to buyers seeking properties for legacy planning,” he noted.
Arina East Residences, a 107-unit development in Tanjong Rhu, and the 105-unit Amber House in East Coast were launched at median prices of around $2,900 per sq ft (psf).
Escalating global trade tensions and geopolitical conflict dampened market sentiment in June, said Mr Leonard Tay, research head of real estate consultancy Knight Frank Singapore.
“The seasonal off-peak period during the June school holidays also contributed to the lacklustre activity,” he added.
In the EC segment, 33 units were sold in June across Aurelle of Tampines, Lumina Grand in Bukit Batok, North Gaia in Yishun and Novo Place in Tengah. Only 18 units remained unsold.
Despite the slower sales, demand for city-fringe projects – Bloomsbury Residences in Media Circle and One Marina Gardens – remained healthy in June, particularly among investors, and continued to lead new home sales, said Mr Lee Sze Teck, senior director of data analytics at real estate agency Huttons Asia.
One Marina Gardens sold 49 units at a median price of $2,962 psf in June, while Bloomsbury Residences sold 30 units at a median of $2,516 psf.
Buyer interest in the luxury and ultra-luxury condominium market also remained steady in June, said Ms Christine Sun, chief researcher and strategist at Realion Group.
Four condo units were sold for more than $10 million each, compared with three transactions in May, and 11 units were sold at between $5 million and $10 million, an increase from the eight units moved in May, she noted.
The most expensive non-landed home was a 5,285 sq ft unit at Skywaters Residences in Shenton Way, which transacted at $30.9 million.
“While some buyers remain cautious amid macroeconomic uncertainties driven by US tariff policies, others are undeterred, encouraged by falling interest rates that have improved mortgage affordability and boosted confidence in entering the housing market,” Ms Sun said.
Property analysts expect private home sales to see an uptick in July amid a robust pipeline of launches. During its launch weekend on July 12 and 13, LyndenWoods, a 99-year leasehold development in Science Park, sold over 94 per cent of its 343 units.
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The upcoming launches are The Robertson Opus in Unity Street, Upperhouse in Orchard Boulevard, and Otto Place, an EC in Tengah. All are slated for launch over the July 19 weekend.
Ms Wong Siew Ying, head of research and content at property agency PropNex Realty, said that the four developments in July can yield 600 new EC units and nearly 1,000 new private homes.
“Following the strong performance at the launch of LyndenWoods, we expect that it could help to generate some buzz in the new home sales market over the next few weeks as more launches come up,” she said.
Ms Wong added that the slower growth in private home prices, lower interest rates and the improvement in Singapore’s economy may also lift buying sentiment in July.
Mr Tay noted that some of the new launches in the third quarter of 2025 are located in prime areas such as Orchard Boulevard, River Valley, Robertson Walk and Zion Road, where there were limited new launches in the past few years.
Even though the additional buyer’s stamp duty rate of 60 per cent for foreigners continues to deter non-residents, local home buyers are expected to support sales in the prime home market segment – largely for their own stay or leasing to foreign professionals, he said.
“New citizens and permanent residents who favour high-rise living will also be scouting for new home opportunities, after choosing to put down roots in a stable Singapore against the backdrop of a destabilising global environment,” he added.
Source: https://www.straitstimes.com/singapore/housing/new-private-home-sales-in-singapore-drop-for-4th-straight-month-in-june
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