Photo: Facebook/KC Homes
One Marina Gardens moves 38% and Bloomsbury Residences 25% at over S$2,400 psf despite recession fears — but netizens remain sceptical
SINGAPORE: Two new private residential projects sold at least a quarter of their units during their launch weekend despite recession fears and the ongoing global trade war. One Marina Gardens sold 38% of its 937 units and Bloomsbury Residences 25.1% of its 358 units at S$2,953 per square foot (psf) and S$2,474 per psf, respectively. However, netizens remain sceptical, with one commenting, “That area has never produced capital gains.”
Others echoed similar sentiments, questioning the projects’ resale value. “These 30% of buyers for investment better forgo your deposit. Who will buy higher than your price from you?” one netizen added. Another commented wryly, “Good luck to buyers. Hope they make big bucks.”
According to The Business Times, about 863 cheques were collected for One Marina Gardens, but not all were converted into sales. The launches followed the announcement of new tariffs by the United States on April 2, a move expected to affect the trade-dependent city-state heavily.
Meanwhile, seven major residential projects that launched in the first quarter of 2025 sold an average of 71.2% of their units, according to Nicholas Mak, chief research officer at Mogul.sg.
Huttons Asia CEO Mark Yip said the on-and-off tariffs created “uncertainties and unease,” which led to a temporary pullback from a small group of buyers.
Located in Marina South, One Marina Gardens is the first private residential project in the area. More than 16 plots are set to launch in the area, but One Marina Gardens stands out as one of the few located next to the MRT station, according to ERA Singapore’s CEO, Marcus Chu.
Nearby, four projects — Skywaters Residences, W Residences Singapore-Marina View, One Bernam, and Newport Residences — are under construction, adding nearly 1,500 homes to the area.
Kingsford Group acquired the Marina Gardens in a state tender in June 2023 for S$1.03 billion, or S$1,402 psf per plot ratio (ppr). This bid was around 40% above the next highest offer.
According to PropNex, most of the units sold were one- and two-bedroom units. Prices for One Marina Gardens started from S$1.16 million for one-bedroom units and S$1.8 million for two-bedroom units. Three- and four-bedroom units were priced from S$2.45 million and S$4.45 million, respectively.
Kingsford Group reported that about 83% of buyers were Singaporeans, while permanent residents and foreigners made up the rest.
Meanwhile, Bloomsbury Residences, which observers noted may have faced more challenges due to its accessibility, with the nearest MRT station being 1.2 kilometres (km) away, sold 90 out of its 358 units during the same weekend. Developed by Qingjian Realty and Forsea Holdings, more than 70% of the units sold were two-bedroom apartments. A mix of three- and four-bedroom units, plus a six-bedroom penthouse, was also sold.
The Business Times reported that agents received a higher commission for Bloomsbury Residences than for One Marina Gardens. The commission rate for One Marina Gardens was 2.2%, while Bloomsbury Residences offered 2.8% with an additional incentive of S$5,000 to S$10,000.
Qingjian Realty and Forsea Holdings acquired the Bloomsbury Residences site, which is 10,632.1 square metres (sq m), for S$395 million in a state tender in January last year, valuing the land at S$1,191 psf ppr.
According to PropNex CEO Ismail Gafoor, buyers at the Bloomsbury Residences launch included a mix of owner-occupiers—such as PMETs (professionals, managers, executives, and technicians), as well as young families with children and investors. /TISG
