Developer Kingsford Group announced that it sold 348 units — or 37.1% — of its 937-unit One Marina Gardens on the first day of sales booking on April 12. The units were transacted at an average price of $2,953 psf.
According to the developer, Singaporeans made up about 83% of buyers, with the remainder comprising permanent residents (PRs) and foreigners.
“We are greatly heartened by the market response to One Marina Gardens, especially given the current global uncertainties and recent volatility stemming from unpredictable US tariff policies,” said a spokesperson for One Marina Gardens.
“In such a globally challenging environment, the anticipated decline in interest rates and the reallocation of capital from more volatile financial instruments to safe-haven assets such as Singapore real estate will likely bode well for property investment in Singapore,” the spokesperson added.
During the preview period, the developer reportedly collected about 863 cheques as expressions of interest. Based on the 348 units sold, this represents a conversion rate of 40.3% — higher than the typical range of 30% to 35%.
“The strong response reflects buyer confidence and sustained demand in the local market,” says Ken Low, managing partner at SRI.
One Marina Gardens is the first residential project in the Marina South, a mixed-use precinct envisioned as a sustainable and community-centric district (Photo: Samuel Isaac Chua/EdgeProp Singapore)
One- and two-bedrooms most sought-after
Low notes that one- and two-bedroom units make up 70% of the units at One Marina Gardens. On launch day, one- and two-bedroom units — priced from $1.163 million to $2.168 million — accounted for about 83% of the units sold. The remaining sales comprised three-bedroom, three-bedroom premium, and four-bedroom premium units, which were priced from $2.459 million to $4.977 million.
Investors snapped up most of the one- and two-bedroom units, says Low. He adds that they were drawn to One Marina Gardens’ competitive pricing — on par with some projects in the city fringe or the Rest of Central Region (RCR) and even higher-tier offerings in the Outside Central Region (OCR).
“The starting prices for these units are fairly competitive compared to other projects in the city centre and Downtown Core,” says Ismail Gafoor, CEO of PropNex. “They also set a positive benchmark for future developments in the Marina South precinct.”
Based on URA Realis caveat data as of April 12, the average transacted price for new, non-landed private homes in the Downtown Core, sized between 650 and 750 sq ft, stood at approximately $1.84 million this year, Gafoor notes. Two-bedroom units at One Marina Gardens range from 646 sq ft to 732 sq ft.
High-floor units with views of the CBD, Gardens by the Bay and Marina Bay Sands Integrated Resort were the most popular among homebuyers
‘Top-down’ sales trend
The average price of $2,953 psf achieved was slightly above the earlier indicated range of $2,850 to $2,900 psf ahead of the project’s preview on March 25.
“The incremental price increase per floor was one of the gentlest we’ve seen, offering exceptional value for higher-floor units,” remarks SRI’s Low.
This “top-down” sales trend saw buyers snapping up higher-floor units first. “The pricing approach enabled savvy buyers to secure better-facing units at attractive entry points,” Low adds.
Apart from investors, there was also a healthy mix of owner-occupiers, says Marcus Chu, CEO of ERA Singapore. Two-, three-, and four-bedroom units with views of the CBD, Gardens by the Bay, and Marina Bay Sands Integrated Resort were particularly popular among potential owner-occupiers.
Kingsford Group’s One Marina Gardens is one of the few sites located directly next to the Marina South MRT station on the Thomson-East Coast Line (Source: EdgeProp Landlens)
‘First-mover advantage’
Although the Marina Gardens precinct in Marina South comprises more than 16 development plots that could eventually yield around 10,000 new homes, Kingsford Group’s One Marina Gardens is one of the few sites located directly next to the Marina South MRT station on the Thomson-East Coast Line (TEL), Chu notes.
“As the first residential project in the precinct, One Marina Gardens has attracted strong interest from forward-thinking homebuyers and investors,” he observes. Chu believes buyers are capitalising on a “first-mover advantage” — positioning themselves for future capital appreciation and rental returns as the area matures.
Based on prevailing market rents for similar unit types in the Central Area, Mark Yip, CEO of Huttons Asia, estimates that investors at One Marina Gardens could achieve gross rental yields of up to 4%.
The URA has designated Marina South as a 10-minute, car-lite neighbourhood — where amenities such as public transport, retail outlets, offices, and community facilities are accessible within a 10-minute walk or bicycle ride.
“The project enjoys strong locational attributes, being situated within Marina South, a mixed-use precinct envisioned as a sustainable and community-centric district,” says PropNex’s Gafoor. “Over time, as more homebuyers evaluate the market and gain a clearer understanding of the area’s potential, we believe One Marina Gardens will continue to attract interest.”
One Marina Gardens comprises two residential towers — one rising 30 storeys and the other 44 storeys. The development offers 52 lifestyle facilities and commercial space on the first level, featuring two restaurant units, two shop units, and a childcare centre. The project is expected to obtain its Temporary Occupation Permit (TOP) in the third quarter of 2028.
Artist’s impression of One Marina Gardens, which has two residential towers — one rising 30 storeys and the other 44 storeys — with 52 lifestyle facilities and commercial space on the first level, featuring two restaurant units, two shop units, and a childcare centre (Picture: Kingsford Group)
‘Long-term value’
While some buyers temporarily held back due to uncertainty stemming from the on-again, off-again tariff announcements, Mark Yip, CEO of Huttons Asia, says such behaviour is consistent with past major events — including cooling measures, the Covid-19 pandemic, and financial crises. “Buying sentiment typically returns once buyers have enough data to assess the potential impact,” he notes.
Huttons expects more foreign buyers to turn to Singapore as a safe-haven destination, particularly those who prioritise political and economic stability. “Many buyers continue to believe in the long-term value of Singapore property,” Yip adds. “The country’s stable environment stands in stark contrast to the extreme volatility seen in global stock markets.”
Construction costs in Singapore are expected to rise in 2025 and 2026, fuelled by major infrastructure projects such as Changi Airport Terminal 5 and the expansion of Marina Bay Sands Integrated Resort, which have substantially increased demand in the construction sector. “This suggests that future selling prices are likely to trend upwards,” notes Mark Yip, CEO of Huttons Asia.
In line with this outlook, Huttons’ data analytics team is maintaining its forecast for new private home sales in 2025 at between 7,500 and 8,500 units, with projected price growth of 4% to 7%.
