Disappointment, though not despair, hangs over the launch weekend of One Marina Gardens, the first residential project in Singapore’s shiny new Marina South precinct. Only 353 of the 937 units sold, hitting a take-up rate of about 37-38%, which, frankly, pales compared to the 71.2% average for seven major launches earlier in 2025.
Still, at an average price of S$2,953 per square foot, it’s holding its own in the luxury market, and 83% of buyers being Singaporeans shows strong local interest. But why the hesitation? Let’s unpack this.
Global economic jitters, like fears of a trade war and looming recession, have buyers playing it safe, especially after US tariffs were announced in early April. Many adopted a ‘wait-and-see’ mindset, evident in the 41% conversion rate from 863 expressions of interest to actual sales.
Economic uncertainties, including trade war fears and US tariffs from April, have led buyers to hesitate, with only a 41% conversion from interest to sales.
It’s not all gloom, though—market watchers called the results “reasonably good” given the climate, and nearby Bloomsbury Residences fared worse with just a 25.1% take-up. Clearly, caution is the name of the game right now. Additionally, the majority of units sold were one and two-bedroom types, catering to smaller households and investors seeking compact options one and two-bedroom.
Location, however, remains a big draw for One Marina Gardens. Nestled in District 1, Singapore’s core CBD, it’s steps from Gardens by the Bay, Marina Coastal Park, and a future pedestrian mall. With over 16 plots in Marina South slated for future launches, the area is poised for significant growth future launches.
With direct access to Marina South MRT on the Thomson-East Coast Line, and the Urban Redevelopment Authority pitching it as a “10-minute living” car-lite hub, the appeal is obvious. The anticipated 3% modest decline in housing prices for 2024 may also be influencing buyer sentiment, particularly in light of cooling measures aimed at maintaining market stability. Buyers, especially investors and smaller households, snapped up compact units, while high-floor homes saw stronger demand—a classic top-down buying trend.
Kingsford Group, the developer, seems to have played its cards right despite headwinds. Having snagged the 99-year leasehold site for a record S$1.03 billion in 2023, they’ve priced strategically to match CBD luxury benchmarks.
That first-mover advantage in Marina South, plus a focus on long-term value, kept interest alive. Sure, sales didn’t soar, but resilience is the word analysts are tossing around.
