Despite a quiet November, developers’ sales in 2025 have already crossed 10,600 units

Even with a sharp slowdown in November, the new private home market in 2025 has already crossed a significant threshold. Developers have sold 10,624 new private homes (excluding executive condominiums) in the first 11 months of the year — a level that has been reached only a handful of times over the past decade.

The milestone highlights how resilient buyer demand has been throughout 2025, supported by a steady pipeline of well-located launches, competitive pricing strategies, and more favourable financing conditions, even as month-on-month sales fluctuate with the launch calendar.

New private home sales plunged by 87% MoM in November

Developers’ sales fell sharply in November after hitting an 11-month high in October. New private home transactions (excluding ECs) dropped to 325 units for the month, down nearly 87% from October’s 2,424 units. On a year-on-year basis, sales were also significantly lower compared to November last year.

However, it is important to note that November’s slowdown came on the back of a much quieter launch pipeline, rather than any sudden deterioration in buyer sentiment.

Developers placed just 347 new private homes on the market in November, representing an 84% drop from October. Notably, only one project was launched during the month: The Sen near Beauty World.

This stands in stark contrast to October, when four separate projects collectively introduced more than 2,200 units for sale. With far fewer new units available, it is hardly surprising that transaction volumes fell almost in tandem.

In fact, November’s sales closely mirrored the number of new units launched, reinforcing the view that demand remains intact when supply is present.

10 top-selling private condo projects in November 2025

City fringe projects continued to dominate buyer activity

Even in a quiet month, the Rest of Central Region (RCR) remained the primary engine of market activity. RCR projects accounted for 215 units sold in November, down from over 1,200 units in October but still far ahead of other regions.

The Sen emerged as the top-selling project, followed by The Continuum and Bloomsbury Residences. Other city fringe developments, such as Zyon Grand and One Marina Gardens, also contributed meaningfully to the November sales.

This continued concentration in the RCR reflects buyers’ preference for locations that balance proximity to the city with more palatable price points compared to the Core Central Region. For many HDB upgraders and private home buyers, the city fringe remains the middle ground where affordability and convenience intersect.

OCR sales softened, but unsold inventory is now extremely tight

Sales in the Outside Central Region (OCR) fell to 80 units in November, down from 475 units in October. Faber Residence and The Lakegarden Residences jointly led the OCR segment, each recording 13 transactions during the month.

While volumes were modest, the supply situation in the OCR paints a more constructive picture. By the end of November, only about 1,070 non-landed private homes remained unsold from launched OCR projects. This means close to 90% of existing OCR stock has already been absorbed.

Such tight inventory conditions are significant, especially with the OCR expected to account for a substantial share of new launches in 2026. With limited unsold units and steady upgrader demand, upcoming OCR projects may face less pricing resistance than in earlier years.

CCR activity retreated after October’s launch-driven surge

The Core Central Region saw sales slip to 30 units in November, a sharp drop from October when a major city launch had driven activity.

In the absence of a new CCR project, transactions reverted to lower, more typical levels. Still, select projects continued to see steady take-up. River Green and The Robertson Opus led CCR sales for the month, with both projects recording multiple transactions despite the quieter backdrop.

River Green’s performance is particularly notable. Since its launch in August, more than 90% of its units have been sold, highlighting sustained demand for well-located CCR projects. This strong absorption could also help build confidence for the neighbouring River Modern development slated for launch in 2026.

EC sales held steady ahead of a major launch in January

In the EC segment, developers sold 21 units in November, broadly in line with October’s figures. Otto Place accounted for the bulk of these transactions, continuing to attract steady interest.

However, EC sales are widely expected to pick up in the coming months. Coastal Cabana in Pasir Ris is set to launch in January and has already generated strong preview interest, drawing thousands of visitors over its first preview weekend. As the first EC launch in Pasir Ris in more than a decade, pent-up demand could translate into a meaningful boost in EC transactions early next year.

Read more: Comparing Coastal Cabana with older ECs and private condos in District 18

Affordable prices and local buyers remained the backbone of demand

Despite the dominance of RCR projects, affordability remained a key theme in November. Around 57% of non-landed private homes sold during the month were priced below S$2.5 million.

This suggests that developers are continuing to calibrate prices carefully, even in mid-tier locations. Rather than pushing boundaries, many appear focused on staying within the financial comfort zone of mass-market buyers and HDB upgraders, particularly in a month where demand is more selective.

Singaporeans continued to make up the bulk of new private home buyers in November, accounting for more than four-fifths of all transactions. Permanent residents formed the next largest group, while foreign buyers represented a small but slightly higher share compared to the previous month.

Foreign purchases were spread across a range of projects, from city developments to city fringe locations, indicating selective participation rather than broad-based re-entry into the market.

Overall, buyer composition in November reinforces the broader 2025 trend: domestic demand remains the primary driver of new home sales.

New private condo launches in early 2026

While December is expected to remain quiet due to a lack of new supply, market attention is already shifting toward January, when several new private condo projects are expected to enter the market.

Among the launches potentially coming onstream is Newport Residences, a 246-unit freehold mixed-use development along Anson Road. Its positioning as a freehold project within the CBD fringe could attract interest from buyers looking for long-term tenure in a central location — especially in a market where new freehold supply remains limited.

Over in the OCR, Narra Residences, a 540-unit development at Dairy Farm Walk, is also expected to launch. As an OCR project with a larger unit count, it is likely to draw demand from HDB upgraders and family buyers who have been facing increasingly limited choices in the mass-market segment.

These January launches will feed into what is shaping up to be a much tighter new launch pipeline in 2026. Based on market estimates, around 20 private residential projects (excluding ECs), comprising roughly 8,400 units, could be launched next year. This is a notable step down from 2025, which saw about 25 projects offering a combined 11,500 units.

Wrapping up

With fewer projects and a slimmer supply pipeline, buyers may become less inclined to adopt a prolonged wait-and-see approach, particularly if upcoming launches are well located and priced competitively. In that sense, the quieter November and December periods may set the stage for renewed urgency once fresh supply returns to the market in early 2026.

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