New Home Sales Shrink in November After October Spike, With Only One Project Launched

New Home Sales Shrink in November After October Spike, With Only One Project Launched

Developers sell 325 units, down 86.6% from October’s high and 87.3% lower year-on-year

15 December 2025

CONDOsingapore.com

Developers in Singapore sold just 325 new homes (excluding executive condominiums) in November, as sales cooled sharply after an exceptional surge the previous month, according to data released by the Urban Redevelopment Authority (URA) on Monday.

New home sales fell 86.6 per cent month-on-month from 2,424 units in October, which marked the highest monthly total for the year. On a year-on-year basis, November sales dropped 87.3 per cent from 2,560 units sold in the same month last year.

The decline was largely due to a lack of major new project launches, analysts noted. Only 347 units were launched in November, an 84.5 per cent drop from October and 87.9 per cent lower than the year-ago period when five major projects entered the market. Just one new project, The Sen, was launched last month after four major condominiums were released in October.

Strong Full-Year Performance

In the first 11 months of 2025, developers sold a total of 10,624 new units (excluding ECs), already surpassing the 6,469 units sold for the entire year of 2024. This puts 2025 on track to be the strongest year for new home sales since 2021.

Knight Frank Singapore’s head of research Leonard Tay expects full-year primary sales to reach just under 11,000 units, as December sales are unlikely to change the overall picture significantly.

Despite global economic headwinds, Singapore’s residential market remained resilient in 2025, supported by robust demand at new launches. Falling interest rates since September 2024 and contained unemployment levels helped encourage buyers, Tay added.

Outlook for 2026

Analysts expect 2025’s strong performance will be difficult to repeat next year, with fewer project launches anticipated. New home sales are projected to moderate to between 8,000 and 10,000 units in 2026.

Key upcoming launches in the first quarter of 2026 include the 246-unit Newport Residences in the city, the 540-unit Narra Residences in Dairy Farm Walk, and an 860-unit project in Tengah Garden Avenue.

PropNex head of research and content Wong Siew Ying projected a tighter launch pipeline in 2026, with around 20 developments offering approximately 8,400 units, compared with 25 projects and 11,500 units launched in 2025.

“The tighter launch supply may have potential to influence buyer behaviour, perhaps reducing the ‘wait-and-see’ attitude among prospective buyers,” she said.

Additional Factors

Current cooling measures remain stricter than pre-pandemic rules, and limited successful collective sales have constrained new development sites beyond government land tenders. The strong sales in 2025 are also expected to absorb a substantial portion of active buyers.

Mogul.sg’s chief research officer Nicholas Mak noted that a slowdown in sales could reduce the likelihood of further property cooling measures by the government.

Regional and Buyer Profile

In November, the Rest of Central Region accounted for 66.2 per cent of new condo and private apartment sales, followed by the Outside Central Region at 24.6 per cent, and the Core Central Region at 9.2 per cent.

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Singaporeans made up 84.4 per cent of buyers, while permanent residents accounted for 12.8 per cent, according to Mark Yip, CEO of Huttons Asia.

More than half (57.1 per cent) of units sold were priced below S$2.5 million, indicating developers are pricing competitively to attract buyers and HDB upgraders. High-end sales softened, with fewer units sold above S$5 million, partly due to year-end holidays.

Including executive condominiums, total sales reached 346 units in November, with 347 units launched.