Despite the gathering clouds from escalating geopolitical trade tensions, Singapore’s private new sale market continues to thrive. The Ministry of Trade and Industry has projected gross domestic product growth of 1 to 3 per cent in 2025, following a 4.4 per cent expansion in 2024, and may further downgrade forecasts after US President Donald Trump’s sweeping tariffs landed on Apr 3.
While the outlook for economic growth has moderated, demand for new private properties is showing strength, with sales performance exceeding expectations since October 2024.
Several high-profile condominium launches over the last several months demonstrated the resilience of the market. Chuan Park sold 76 per cent of its units at an average price of S$2,579 per square foot (psf), only to be surpassed by Emerald of Katong, which sold nearly 99 per cent at S$2,621 psf. The momentum carried into 2025, with Parktown Residence recording sales of more than 1,000 units during its launch weekend, a feat last achieved by High Park Residences in 2015.
