Why New Condo Sales Fell 87% In November (And Why It’s Not a Red Flag)

Property developers sold 325 new private residential units (excluding executive condominiums) last month, which translates to an 86.6% m-o-m decline compared to the 2,424 new condo units sold in October, according to the latest developer sales data released by URA on Dec 15.

The plunge in new private home sales comes on the back of fewer new project launches in November. The Sen, a 347-unit development in District 21, was the only new project to launch last month.

In contrast, October saw four new projects enter the market – the 666-unit Skye @ Holland, the 462-unit Penrith on Margaret Drive, the 399-unit Faber Residence in Clementi, and the 706-unit integrated development Zyon Grand on Kim Seng Road.

Wong Siew Ying, head of research and content at PropNex, notes that the slump in sales last month was not unexpected. She expects sales in the primary market to remain tepid this month amid the dearth of launches and should not be taken as a sign of weakening demand.

All in, developers have already sold 10,624 new private home units (excluding ECs) over the first 11 months of 2025. This is only the third time that yearly new home sales in Singapore have crossed the 10,000-unit threshold since 2014, according to data compiled by PropNex. In 2017 developers sold 10,566 condo units, and the market reached a high of 13,027 units sold in 2021.

“It is a relatively rare milestone and it underscores just how resilient the demand has been this year, supported by a confluence of favourable factors such as easing interest rates, competitive pricing, and a slate of well-located launches,” says Wong.

The Sen

According to the latest developer sales data, The Sen emerged as the best-selling new launch project last month in terms of number of units sold. The development sold 77 units (22%) at a median selling price of $2,339 psf.

In our editorial review of The Sen, we pointed out that the development’s launch price compared to other new projects in the Rest of Central Region (RCR) would be one of its best appeal among homebuyers. During its launch, a one-bedroom unit was priced from $993,000 ($2,199 psf) and a three-bedroom unit from $1.94 million ($2,220 psf). We wrote that prices at this level are typically seen in new projects in the Outside Central Region (OCR).

Mark Yip, CEO of Huttons Asia, says that more than 80% of the units sold to date at The Sen were priced below $2.5 million, a ‘sweet spot’ price that appeals to the budgets of most homebuyers looking for a new city-fringe condo today.

About 57.1% of non-landed new private homes (excluding ECs) sold last month transacted for less than $2.5 million. Most of the buying activity in the primary market last month also leaned into projects in the RCR. Wong opines that this suggests that developers could be pricing units competitively to stay within the affordability range of buyers and most HDB upgraders.

Meanwhile, The Continuum, an 816-unit freehold project in District 15, as well as Bloomsbury Residences, a 358-unit 99-year leasehold project in District 5, share second place on the list of best-selling new projects last month. Both developments sold 22 units each with The Continuum setting a median price of $2,567 psf, while the median price at Bloomsbury Residences is $2,533 psf.

Other noteworthy projects include Zyon Grand which sold 19 units at a median price of $3,211 psf, and One Marina Gardens which moved 18 units at $3,019 psf.

With only one new project launched last month, buyers turned to already launched projects in the Outside Central Region (OCR) such as Faber Residence and The Lakegarden Residences, as well as projects in the Core Central Region (CCR) like River Green and The Robertson Opus.

According to data compiled by PropNex Research, there were 1,070 unsold non-landed new private homes (excluding ECs) from recently launched new projects in the OCR. This means that about 90% of the 10,221 units from these new developments in this region have already been sold.

The relatively low level of unsold inventory in the OCR bodes well for upcoming new launch projects in the OCR next year, which are expected to account for 65% of new launch units entering the market in 2026, based on estimates from PropNex.

Pasir Ris EC project Coastal Cabana to launch next month

In the EC market, developer sales were also relatively muted with only 21 units sold last month. Otto Place, a 600-unit EC on Plantation Close in Tengah, was the best-selling EC project last month in terms of units sold. The project sold 16 units at a median price of $1,745 psf. According to URA caveats, Otto Place has sold 581 units (97%) at an average price of $1,758 psf.

Sales in the EC market are expected to pick up swiftly next month when the 748-unit Coastal Cabana in Pasir Ris hits the market on Jan 17. More than 4,000 visitors flocked to the sales gallery when it opened to the public on Dec 6. The project is jointly developed by Qingjian Realty, Forsea Holdings, ZACD Group, and Jianan Capital.

In our review of Coastal Cabana, the Stacked editorial team wrote that the project reflects the character of the Pasir Ris neighbourhood with family-centric amenities, lush landscaping, and views of the coastline. The project will launch on Jan 17.

Other upcoming new projects that are expected to hit the market next month include the 246-unit Newport Residences, which is a freehold mixed-use development on Anson Road, and the 540-unit Narra Residences in Dairy Farm Walk.

Market watchers expect a pipeline of 20 new projects next year which could inject about 8,400 new private home units into the market. In comparison, there were 25 new projects that offered a total of 11,500 new units this year.

“We reckon the tighter launch supply may have a potential to influence buyer behaviour, perhaps reducing the ‘wait-and see’ attitude among prospective buyers while home-hunting,” says Wong.

Market watchers like Huttons Asia estimate that developer sales of the whole of 2025 could top out at close to 11,000 units, with prices forecasted to grow between 3-4% this year.