Singapore resale condo market slows as new launches pull buyers away
Singapore's condominium resale market experienced a significant slowdown in October 2025, with transaction volumes dropping to a 16-month low as buyers flocked to new property launches instead.
According to data from ERA Research and Market Intelligence and the Urban Redevelopment Authority (URA), only 753 resale condo units were sold in October—a sharp 35.3 percent decline from September's 1,163 units. This marked the third consecutive monthly drop and the weakest performance since June 2024.
New launches dominate market attention
Eugene Lim, key executive officer at ERA Singapore, pointed to several high-profile new developments that captured buyer interest: Zyon Grand at River Valley, Faber Residence in Clementi, Penrith in Queenstown, and Skye at Holland in Holland Village. These four projects achieved impressive take-up rates between 84 and 99 percent during their launch weekends.
The contrast was stark—developers moved 2,424 new homes in October, nine times September's figure and the year's highest monthly total, excluding executive condominiums.
Sellers face extended waiting periods
Property agents report a noticeable shift in market dynamics. Homes that once sold within weeks are now lingering for months.
"When the market is hot, properties sell in under a month and some even on the first day of showing," said Vivian Chong, associate senior district director at Huttons Asia.
Economic concerns and job market uncertainty have made buyers more cautious. With over 20 new condo launches this year adding to an already substantial resale inventory, purchasers have become increasingly selective.
Jack Sheo, senior associate division director at PropNex, described 2025's buyer sentiment as volatile. His longest-running listing—a three-bedroom unit at D'Leedon in the prime Farrer area—has been on the market for more than seven months, partly due to existing tenancy limiting viewing opportunities.
Price adjustments become necessary
For sellers needing to move quickly, accepting lower prices has become unavoidable.
Sales manager Ric Kua experienced this firsthand. After listing his 872-square-foot two-bedroom unit in March, he expected a quick sale similar to his previous home, which moved within six weeks. Instead, finding a buyer took nearly three months.
He ultimately accepted S$1.6 million (US$1.23 million)—approximately 5 percent below his target—conscious of the time needed to secure new accommodation for his family returning from overseas.
A buyer's market emerges
Chong characterized the current environment as a "buyer's market," where sale speed depends on each unit's value proposition—location, layout, and pricing.
One-bedroom apartments have seen particularly soft demand since the pandemic shifted preferences toward larger homes, though competitively priced units with attractive features can still sell quickly.
Property agents are feeling the squeeze. One experienced agent estimated spending 20 to 30 percent more on listing promotions this year, with her River Valley one-bedroom unit listed for three months.
Market fundamentals remain solid
Despite agent experiences, broader data suggests the market isn't in serious decline.
Approximately 11,515 condo units changed hands in the first ten months of 2025, compared to 8,701 during the same period in 2024 and 11,037 for all of last year.
Average resale prices have also risen roughly 2 percent year-to-date, from S$1,605 per square foot in January to S$1,632 in October.
"Unless we see a drop consistently over a six-month period, there's nothing to be worried about," Lim said.
Christine Sun, chief researcher and strategist at Realion (OrangeTee & ETC) Group, dismissed concerns about a persistent slowdown, noting that many sellers remain firm on higher asking prices, creating a "persistent price gap" that slows transactions.
Outlook for 2026
New project launches are expected to decline sharply next year. Realion Group forecasts just 16 launches with 8,223 units in 2026, down from 26 launches with 11,430 units this year, excluding executive condominiums.
This reduced supply could redirect buyers back to the resale market, particularly in areas where demand begins to outpace supply, Sun said.
Additional positive factors include Singapore's economic stability and lower borrowing costs, with two- and three-year fixed home loan rates from local banks currently ranging from 1.55 to 1.65 percent.
Some buyers are already returning to the resale market after failing to secure favorable queue numbers at new launches, Sheo observed, though it remains to be seen whether the trend continues into 2026.
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