Singapore New Home Sales Fall Sharply in November 2025 After October Surge

• Developers sold 325 new private homes (excluding ECs) in November 2025, down 86.6% month on month and 87.3% year on year

• The drop followed an exceptional October, where 2,424 units were sold, the highest monthly figure in 2025

• Only one new project, The Sen, was launched in November, resulting in just 347 units launched

• Despite the slowdown, 2025 new home sales reached 10,624 units in the first 11 months, already exceeding full-year 2024

• Analysts expect 8,000 to 10,000 units in new home sales for 2026 due to a tighter launch pipeline

Singapore’s new private residential market saw a sharp pullback in November 2025, driven not by weakening demand, but by the absence of major project launches. According to data released by the Urban Redevelopment Authority (URA), developers sold 325 new homes excluding executive condominiums (ECs) during the month.

This represents a steep 86.6% decline from October’s 2,424 units, which marked the strongest monthly performance of the year. Sales were also 87.3% lower compared with November 2024, when 2,560 units were sold.

Why November Sales Fell So Sharply

The primary reason for the decline was supply, not buyer sentiment. Developers launched only 347 units in November, a drop of 84.5% month on month and 87.9% year on year. In contrast, October saw four major project launches, while November recorded just one new launch, The Sen.

Market analysts noted that without fresh inventory, transaction volumes naturally slowed, even though buyer interest remained intact.

2025 Still a Strong Year for New Home Sales

Despite November’s weak showing, overall market performance in 2025 has been resilient. From January to November, developers sold 10,624 new private homes excluding ECs, surpassing the 6,469 units sold in the whole of 2024.

This places 2025 well ahead of the past three years, highlighting the depth of demand when supply is available.

Knight Frank Singapore’s head of research, Leonard Tay, expects full-year 2025 primary sales to come in just under 11,000 units, noting that December sales are unlikely to materially change the annual total.

Key Sales and Launch Figures

Period	Units Sold (Excl. ECs)	Units Launched
October 2025	2,424	2,233
November 2025	325	347
November 2024	2,560	3,375

 

Project	Region	Units sold in the month	Median price (S$psf)
The Sen	RCR	77	2,339
Bloomsbury Residences	RCR	22	2,533
The Continuum	RCR	22	2,567
Zyon Grand	RCR	19	3,211
One Marina Gardens	RCR	18	3,019
Faber Residence	OCR	13	2,162
The Lakegarden Residences	OCR	13	2,226
Grand Dunman	RCR	10	2,538
Canberra Crescent Residences	OCR	9	2,005
Penrith	RCR	8	2,803

Including executive condominiums, 346 units were sold and 347 units launched in November 2025.

Buyer Profile and Price Segments

Singapore citizens made up 84.4% of buyers in November, while permanent residents accounted for 12.8%. The Rest of Central Region (RCR) dominated sales, contributing 66.2% of transactions, followed by the Outside Central Region (24.6%) and the Core Central Region (9.2%).

In terms of pricing:

• 57.1% of non-landed homes sold were priced below S$2.5 million

• This was slightly lower than 59.6% in October

• The S$2.5 million to under S$5 million range remained the largest segment for the fourth consecutive month

Analysts observed that developers continued to price units competitively to remain within affordability thresholds for HDB upgraders and mass-market buyers.

High-End Sales Softened

Sales in the luxury segment slowed during November, partly due to year-end travel. Only 10 units priced between S$5 million and under S$10 million were sold, down from 47 units in October.

Ultra-luxury transactions also eased, with two homes above S$10 million sold, compared with four in the previous month.

What This Means for 2026

While 2025 has been a strong year, analysts broadly agree that the pace is unlikely to be repeated. Fewer project launches are expected in 2026, with estimated new home sales ranging between 8,000 and 10,000 units.

Upcoming launches in early 2026 include:

• Newport Residences (246 units, city area)

• Narra Residences at Dairy Farm Walk (540 units)

• An 860-unit project at Tengah Garden Avenue

PropNex projects around 20 developments totalling 8,400 units in 2026, down from 25 projects with 11,500 units in 2025.

Cooling measures remain a structural factor. Singapore citizens face 20% ABSD on a second home and 30% on a third, while foreign buyers continue to pay 60% ABSD. These policies, together with fewer collective sales, are expected to limit supply expansion.

Bottom Line for Buyers and Investors

November’s sharp drop in sales reflects timing and launch cycles rather than a loss of demand. When projects are released, buyers continue to respond decisively, especially in the RCR and sub-S$2.5 million price range.

With a tighter pipeline ahead, well-located new launches in 2026 may face less competition, potentially influencing buyer behaviour and pricing dynamics.