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 on a year-on-year basis
[SINGAPORE] Developers in Singapore sold just 325 new homes (excluding executive condominiums or ECs) in November, as sales receded from an extraordinary surge in the month before, data from the Urban Redevelopment Authority (URA) showed on Monday (Dec 15).
Month on month, new home sales fell 86.6 per cent from 2,424 units in October, when the number of units sold per month was the highest in the year. November sales were also 87.3 per cent lower than the 2,560 units sold in the year-ago period.
The fallback came largely from the absence of major new launches during the month, said analysts.
Developers launched 347 units for sale in November, down 84.5 per cent month on month and 87.9 per cent from the year before, when five major projects hit the market. Only one new project was launched last month: The Sen, after developers pushed out four major condo projects in October.
In total, some 10,624 new units – excluding ECs – were sold in the first 11 months of 2025, surpassing the 6,469 units recorded in the whole of 2024, placing 2025 well ahead of the past three years, said Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc.
Knight Frank Singapore’s head of research Leonard Tay expects primary transactions for the full year to come in at just under 11,000 units, as December sales are unlikely to significantly affect the total.
Despite multiple global headwinds in 2025, Singapore’s residential market held firm, posting robust sales, particularly at new launches, said Tay.
He added that falling interest rates since September 2024 encouraged buyers to act, while unemployment stayed largely contained despite layoffs in several prominent multinational firms.
But analysts reckon that 2025’s stellar showing is unlikely to be matched next year, with fewer project launches expected, and new home sales projected to range between 8,000 and 10,000 units.
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Wong Siew Ying, PropNex head of research and content, projected a tighter new launch pipeline in 2026, with about 20 developments totalling around 8,400 units, compared with 25 projects offering 11,500 units that were launched this year.
She added: “The tighter launch supply may have potential to influence buyer behaviour, perhaps reducing the ‘wait-and-see’ attitude among prospective buyers while home-hunting.”
Knight Frank’s Tay noted that the current cooling measures are far stricter than pre-pandemic rules. Few successful collective sales in recent years have also constrained the supply of new development sites beyond those offered through state tenders.
“The almost 11,000 new sales in 2025 would have also taken quite a substantial chunk of buyers out of the market,” said Tay.
“While annual primary sales recorded five-digit volumes in consecutive years between 2009 and 2013, a repeat of more than 10,000 new sales per annum has not been repeated since, and an encore should not be expected next year.”
Mogul.sg’s chief research officer Nicholas Mak reckoned that a slowdown in housing sales could reduce the policy risk of more property cooling measures by the government.
Additional buyer’s stamp duty (ABSD) rates were ratcheted up in 2023 to cool buying fervour. Singapore citizens pay 20 per cent on a second home and 30 per cent on a third or subsequent home, while permanent residents pay 30 per cent and 35 per cent, respectively. Foreign buyers are subject to 60 per cent ABSD on any purchase.
In November, the Rest of Central Region led in condo and private apartment sales, accounting for 66.2 per cent of sales. This was followed by the Outside Central Region, which accounted for 24.6 per cent, and the Core Central Region, which made up 9.2 per cent of new sales last month.
Mark Yip, chief executive officer at Huttons Asia, said that Singaporeans made up 84.4 per cent of buyers in November, and permanent residents accounted for 12.8 per cent.
The proportion of sales in the range of S$2.5 million to below S$5 million continued to make up the biggest chunk for the fourth month running, he added.
In November, 57.1 per cent of the non-landed, new private homes sold were priced at below S$2.5 million, down slightly from the 59.6 per cent proportion in October.
That more than half of developers’ sales in November were sealed at below S$2.5 million indicates that developers are pricing units competitively to stay within the affordability thresholds of buyers and HDB upgraders, said PropNex’s Wong.
Sales at the high end softened in the month, with just 10 new homes priced between S$5 million and under S$10 million sold, down from 47 units in the previous month, as many prospective buyers were away on year-end holidays.
Ultra-luxury condo sales of S$10 million and above also edged lower, easing from four to two units island-wide, said Christine Sun, chief researcher and strategist at Realion (OrangeTee & ETC).
Including ECs, 346 units were sold in November, with 347 units launched, versus the 2,894 units sold and 3,375 units launched in the same month in 2024. In comparison, 2,446 units were sold and 2,233 units were launched in October 2025.
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