One Marina Gardens Sells 38% of Units Amid Global Uncertainty

Newly launched One Marina Gardens, the first residential development in the Marina South precinct, sold 38% of its 937 units over its launch weekend at an average price of S$2,953 per square foot (psf). Despite a volatile global backdrop, including fresh US tariffs and fears of a trade war, analysts say the project performed reasonably well given current market sentiment.

Meanwhile, Bloomsbury Residences by Qingjian Realty and Forsea Holdings moved 90 out of 358 units—a 25.1% take-up rate—at an average price of S$2,474 psf.

Global Headwinds, Local Optimism

The subdued sentiment followed a major policy move from the United States on April 2, which saw sweeping tariffs introduced—raising concerns about a global economic slowdown and its ripple effect on Singapore’s property market.

Still, property watchers highlighted that both projects showed resilience. “The launches have done reasonably well considering the economic uncertainties,” said Nicholas Mak, chief research officer at Mogul.sg, noting that projects launched in Q1 2025 averaged a stronger 71.2% sales take-up.

Although some 863 cheques were collected for One Marina Gardens, market caution caused many potential buyers to adopt a “wait-and-see” approach. Huttons Asia CEO Mark Yip observed, “The on-and-off tariffs created unease, leading to a temporary pullback among a small group of buyers.”

Strategic Location and Buyer Profile

Developed by Kingsford Group, One Marina Gardens is one of the few residential sites in Marina South located directly beside an MRT station. With Marina South MRT just steps away and an underground link to Gardens by the Bay, the 99-year leasehold development offers future residents unrivalled connectivity.

Units ranged from:

• One-bedroom (420 sq ft) from S$1.16 million
• Two-bedroom (646 sq ft) from S$1.8 million
• Three-bedroom (904 sq ft) from S$2.45 million
• Four-bedroom (1,647 sq ft) from S$4.45 million

The majority of sales comprised one- and two-bedroom units, according to the PropNex sales team. Notably, 83% of buyers were Singaporeans, with the remainder made up of permanent residents and foreigners.

The site was acquired in June 2023 by Kingsford for S$1.03 billion, at S$1,402 psf per plot ratio (ppr)—a bid 40% higher than the next closest offer.

Bloomsbury Residences: Moderate Uptake in One-North

In Media Circle, Bloomsbury Residences saw a more tempered response, with 25.1% of its 358 units sold. Over 70% of those units were two-bedders, alongside sales of several three- and four-bedroom units and even a six-bedroom penthouse, said a developer spokesperson.

Though the project features appealing layouts, accessibility may have been a hurdle—the nearest MRT station, one-north, is 1.2 km away.

To incentivize agents, Bloomsbury Residences offered a 2.8% commission, with bonuses between S$5,000 and S$10,000, compared to 2.2% at One Marina Gardens.

According to PropNex CEO Ismail Gafoor, the launch attracted a healthy mix of owner-occupiers, including PMETs and young families, as well as investors.

Qingjian and Forsea acquired the 10,632.1 sq m site in a January 2024 tender for S$395 million, equating to S$1,191 psf ppr.

Comparative Project Performance

Nearby, The Hill @ One-North moved 43 units (about 33%) on its first day of sales in 2024 at S$2,595 psf. In 2023, Blossoms by the Park achieved a 70% sales rate on launch weekend for its 275 units.

Aurelle of Tampines: Executive Condo Sellout

Over in the executive condominium (EC) segment, Aurelle of Tampines—developed by Sim Lian Group—has fully sold all 760 units as of April 12. Some 52 units were booked during the second-timer eligibility exercise.

“The strong performance of Aurelle @ Tampines reaffirms the appeal of well-located executive condominiums offered at affordable prices,” said ERA Singapore’s key executive officer Eugene Lim.

While overall take-up at One Marina Gardens and Bloomsbury Residences trails earlier 2025 launches, both projects remain solid performers in a cautious market. With more plots set to launch in Marina South and one-north, market watchers will be observing closely whether momentum picks up in the coming months.