Singapore Private Home Sales Drop 53% to Five-Month Low in May

Singapore's private new home sales fell sharply to a five-month low in May 2025, with just over 310 units sold, marking a drop of more than 50% from April, mainly due to a lack of new project launches and cautious developer activity. The Urban Redevelopment Authority reported that despite the month-on-month decline, sales were still about 40% higher than in May 2024, with the Rest of Central Region leading sales. Developers held back launches amid external economic uncertainties, including global trade tensions driven by U.S. tariff policies and the impact of Singapore's general election, contributing to subdued buyer interest. The government also reduced its confirmed land supply for private housing in the second half of 2025 by about 6%, while increasing land on the reserve list to manage market demand cautiously. Market analysts expect sales to rebound in the coming months with new project launches planned and potential improvements in global trade relations, particularly between the U.S. and China. However, concerns about a global economic slowdown and risks of recession persist, influencing cautious sentiment among buyers and developers alike.