Monthly Developer Sales - November 2025

There were 325 developer sales (excluding Executive Condominiums (ECs)) in November, 86.6% less than September and 87.3% less than the same period a year ago in November 2024. The Sen located off Jalan Jurong Kechil in the Upper Bukit Timah area was the only launch of the month and the last new launch of the year 2025. In the 11 months of 2025, there is an estimated total of 10,624 primary market sales based on the official count announced for Q1 to Q3 2025 together with the developer sales for the month of October and November. Based on a count of caveats lodged as of today 15 December 2025, there was a total of 10,592 new sales (excluding ECs) recorded during the year up to 7 December. The number of primary transactions should end the year just under 11,000 units as new sale numbers in December are not likely to move the needle by much.

Despite 2025 being characterised with economic uncertainty, political tensions, insular protectionist policies, limited military conflict and extreme climate episodes, Singapore’s residential market not only remained resilient but also defied gravity with buoyant sales, especially at showflats. The declining interest rates since September 2024 motivated homebuyers into purchases as unemployment remained contained, notwithstanding news of layoffs in a few high-profile multinational firms.

However, moving into 2026, it is unlikely that there will be a repeat of developer sales above the 10,000-unit level. 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. For instance, there were 10,566 new sales in 2017 and 13,027 new sales in 2021 (based on the quarterly URA data), but an above 10,000 transaction volume did not materialise in the respective following years. The full suite of cooling measures currently in force is significantly more restrictive than how it was before the pandemic. The lack of successful collective sales in the past few years is not adding many new development sites alongside parcels sold in the government land sales (GLS) programme. The almost 11,000 new sales in 2025 would also have taken quite a substantial chunk of buyers out of the market.

Given the combination of the above factors, Knight Frank projects new sales in 2026 to range from 8,000 to 10,000 units. While lower than the serendipitous total in 2025, the private home market nonetheless remains supported by the continued but slower easing of interest rates, low unemployment rate, largely intact household earnings and savings, as well as wealth that is being passed down from affluent baby boomers and Generation X to their children, facilitating the spinoff of new households.