New condo launch One Marina Gardens sells 38% of units amid cautious buyer sentiment

SINGAPORE - Prime residential project One Marina Gardens sold 38 per cent of its 937 units at an average selling price of $2,953 per sq ft (psf), while Bloomsbury Residences in Media Circle sold 25.1 per cent of its 358 units at $2,474 psf, on the first weekend of sales.

Market watchers said that both project launches have done reasonably well, despite concerns about a trade war and potential global recession intensifying.

The launches came shortly after the US unveiled sweeping tariffs on April 2 in a move expected to significantly impact Singapore’s growth.  

In comparison, seven major residential projects launched in the first three months of 2025 had an average sales percentage of 71.2 per cent, said Mr Nicholas Mak, chief research officer at Mogul.sg.

The Business Times understands some 863 cheques were collected for One Marina Gardens but, with uncertainty in the air, some buyers chose to stay on the sidelines and wait before they committed to purchasing units.

Huttons Asia’s chief executive Mark Yip said: “The on-and-off tariffs created uncertainties and unease, leading to a temporary pullback among a small group of buyers.” 

One Marina Gardens is the first residential development in Marina South.  

More than 16 plots are set to launch in the precinct, but the One Marina Gardens site is one of the few located next to the MRT station, said ERA Singapore’s CEO Marcus Chu. 

Within the vicinity, four projects, with nearly 1,500 homes, are under construction: Skywaters Residences, W Residences Singapore – Marina View, One Bernam and Newport Residences.

Kingsford Group acquired the Marina Gardens plot for $1.03 billion in a state tender in June 2023. Its bid, at about $1,402 psf per plot ratio (ppr), was some 40 per cent higher than the next highest offer.

According to the PropNex sales team, the bulk of the units sold were one- and two-bedroom units.

Indicative prices at One Marina Gardens started from $1.16 million for the one-bedroom units, $1.8 million for the two-bedroom units, $2.45 million for a three-bedder, and $4.45 million for the four-bedroom units.  

Singaporeans made up about 83 per cent of the purchasers, while permanent residents and foreigners accounted for the rest, Kingsford Group said. 

Meanwhile, Bloomsbury Residences sold 90 out of its 358 units over the same weekend. The project is being developed by Qingjian Realty and Forsea Holdings. 

More than 70 per cent of the units sold were two-bedders, a spokesman for the developers said. 

Several three- and four-bedroom units as well as a six-bedroom penthouse were also sold.

Observers said the one-north area project may have been a harder sell owing to the development’s accessibility – the nearest MRT station is one-north, which is 1.2km away.

BT understands agents were offered a higher commission for the project than for One Marina Gardens.

The commission rate for One Marina Gardens was said to be 2.2 per cent.

Meanwhile, Bloomsbury Residences paid a 2.8 per cent commission, with an incentive of between $5,000 and $10,000. 

There was a good mix of owner-occupiers comprising professionals, managers, executives and technicians and young families with children, as well as investors, picking up units at the Bloomsbury Residences launch, said PropNex CEO Ismail Gafoor.  

Qingjian Realty and Forsea Holdings acquired the 10,632.1 sq m Media Circle site for $395 million in a state tender in January 2024, valuing the land at $1,191 psf ppr.  

In 2024, neighbouring project The Hill @ One North sold about a third or 43 units on the first booking day at an average price of $2,595 psf. Blossoms by the Park moved more than 70 per cent of its 275 units when it was launched in April 2023.

Meanwhile, all 760 units at Sim Lian Group’s executive condominium Aurelle of Tampines have been sold as at April 12. Some 52 units were sold during the second-timer booking exercise. 

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

THE BUSINESS TIMES