Singapore’s property market experienced a notable decline in March 2025, with developer sales dropping by 54.4% compared to January, according to Knight Frank Singapore. The Executive Condominium (EC) Aurelle of Tampines emerged as the top seller, with all 705 units sold, reflecting strong demand from new family formations and upgraders.
The overall demand for private homes, which began in the final quarter of 2024, continued into the first quarter of 2025, with 729 developer sales recorded in March. The new project Lentor Central Residences also saw brisk sales, with 460 units sold. Leonard Tay, Head of Research at Knight Frank Singapore, attributed the sustained buyer sentiment to more favourable interest rates, which encouraged homebuyers to transition from a cautious stance to making purchases.
However, the ongoing global trade tensions, particularly the US-China tariff war under the Trump administration, pose a threat to the market’s resilience. The tariffs are expected to impact Singapore’s export-reliant economy, potentially affecting the manufacturing, electronics, and logistics sectors. Tay noted that the immediate impact on the real estate market could mirror previous economic crises, with potential delays and a decrease in transaction volumes as buyers adopt a wait-and-see approach.
Despite the uncertainty, domestic demand may remain supported if unemployment stays low and household balance sheets remain strong. However, should a recession occur, accompanied by job losses and pay cuts, potential homebuyers may retreat to focus on essential needs. The situation remains fluid, with future developments likely to influence market dynamics.
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