By Kimberley Kao

Singapore's private home sales fell in the third month of the year, as rising uncertainty dims the city-state's economic prospects, potentially softening property-sector activity.

Fewer unit launches likely also contributed to the downbeat sales figures last month, said the data analytics team at private real-estate agency Huttons Group.

Excluding executive condominiums, developers sold 729 units in March, down 54% compared to a month ago, data from the Urban Redevelopment Authority showed Tuesday. The number of units put on sale fell 67%.

Heightened global trade tensions around U.S. tariffs are set weigh on Singapore's small, open economy, with officials downgrading growth projections for the year.

That could turn homebuyers more cautious in the short-term, "as they weigh the risks linked to an unpredictable economic landscape," said Christine Sun, chief researcher & strategist at real-estate enterprise OrangeTee Group.

However, buying activity could be supported in the longer term as investors look for havens amid market volatility.

Singapore property is a prime example of a stable investment asset, Sun wrote in a note, adding that upcoming project launches could underpin buying too.

Developer sales excluding executive condominiums in the first three months of this year rose to the highest since 2021, Huttons Data Analytics estimated.

"As with past major events such as [Singapore's property-]cooling measures, financial crises, there will be some temporary pullback in the market," said Lee Sze Teck, Huttons Asia's senior director of dataanalytics. "It will be business as usual after some months."

Write to Kimberley Kao at kimberley.kao@wsj.com

(END) Dow Jones Newswires

April 15, 2025 05:00 ET (09:00 GMT)

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