Singapore new private home sales slump in November on launch shortage: analysts

Looking ahead, PropNex, Realion, and Knight Frank expect December 2025 sales to remain subdued.

Singapore’s sharp slowdown in new private home sales in November 2025 was driven mainly by a lack of project launches, rather than a deterioration in underlying demand, according to market commentators.

Knight Frank said the softer monthly performance came despite supportive fundamentals, including interest rate declines since late 2024, low unemployment, and healthy household savings.

Realion noted that from July to November 2025, developers sold 6,086 units excluding executive condominiums (ECs), marking the strongest performance for those five months since 2021.

Against this backdrop, November sales fell to 325 new private homes excluding ECs, down 86.6% MoM and 87.3% YoY, largely because only one project, The Sen, was launched during the month, according to PropNex.

Including ECs, total developer sales reached 346 units, Realion said.

By region, the Rest of Central Region (RCR) accounted for the bulk of transactions with 215 units, followed by the Outside Central Region (OCR) with 80 units and the Core Central Region (CCR) with 30 units, based on data from PropNex and Realion.

The Sen was the top-selling project, with 77 units sold at a median price of $2,339 per sq ft, whilst other active developments included The Continuum and Bloomsbury Residences.

Affordability remained a key feature of November transactions. PropNex said 57.1% of non-landed homes sold during the month were priced below $2.5m, whilst Huttons noted that more than 80% of The Sen’s sales fell under this threshold.

Buyer profiles were largely unchanged. Singapore citizens made up about 84% of buyers, permanent residents around 13%, and foreigners about 2.8%, or roughly nine units, according to PropNex and Huttons.

Huttons added that foreign purchases were mainly concentrated in the RCR. The luxury segment recorded four transactions priced at $10m or more, spanning both landed and non-landed homes.

In the EC segment, 21 units were sold in November, with unsold EC inventory declining to 44 units, Huttons said. PropNex highlighted strong interest in the upcoming EC supply, citing more than 4,000 visitors at the preview of Coastal Cabana in Pasir Ris.

For the year to date, PropNex said developers sold 10,624 new private homes excluding ECs in the first 11 months of 2025, placing the year among the few since 2014 to exceed 10,000 units.

Huttons projected that full-year 2025 developer sales could reach around 11,000 units, the highest since 2021, with private home prices estimated to have risen 3%–4% over the year.

Looking ahead, PropNex, Realion, and Knight Frank expect December 2025 sales to remain subdued, before activity picks up in January 2026 as new launches return to the market.

Estimates for 2026 new-home sales range from about 8,000 to 10,000 units, reflecting a smaller launch pipeline, fewer en-bloc redevelopments, and the continued impact of cooling measures.