December 2025 Monthly Developer Sales Report: Softer Performance Amid Seasonal Slowdown

December 2025’s monthly developer sales report 197 new private homes (excluding ECs), reflecting an 39.4% month-on-month (m-o-m) decrease in transaction volume. The fall in new home sales was primarily due to no new launches in the month, as compared to November and October, which saw one and four new launches respectively. 

In total, 4Q 2025 saw a combined total of 2,946 new homes sold, the third highest quarter in 2025, which closed out with 10,951 new homes sold. This is the highest number of private non-landed new sale transactions in a year since 2021.

With no new launches in the month, The Continuum (31), Nava Grove (15), Pinetree Hill (8), and Canberra Crescent Residences (8) took the top spots for units sold in the month.

Meanwhile, the Executive Condominium (EC) market saw a strong turnout with 37 units sold, the highest in the quarter. Otto Place sold 28 units, making up 75.7% of the total number of ECs sold this month. Following EC sales this month, there is currently no more EC stock in the market, and aspiring buyers will have to look out for the next EC launches in 2026, namely Coastal Cabana and Rivelle Tampines.

Table 1: New home sales over the last six months

RCR units continue to sell steady

Five of the top six projects sold in the month are in the Rest of Central Region (RCR), which continued to register healthy buyer interest despite the quieter year-end period. With a total of 110 units sold, they made up 55.8% of all new sale transactions in the month.

This steady uptake suggests that buyers remain confident in the RCR market segment, even as overall transaction volumes moderate. The stronger preference for RCR developments may be due to the right balance between price, location, and lifestyle offerings.

Table 2: Remaining new stock at D15 new launches from 2024 to 2025

The Continuum Continues to Sell Amid Low D15 New Home Stock

Among the top performers were The Continuum (FH), selling 31 units in the month. Units transacted at a median price of $2,498 psf, which was lower than November’s median of news sale units at the same project ($2,567 psf), and the overall RCR median in December ($2,613 psf). The opportunity to purchase a freehold mega-development in District 15 considerably below the RCR median likely drove buyers to purchase homes at The Continuum. This is especially so as new home stock in D15 is currently low, with only 417 units left available and no upcoming new launches in the highly coveted RCR district.

D21 Homes Draw Interest Ahead of 2026, Expecting Low RCR Supply

Despite the tepid demand for new homes in December also saw several homes transacted in D21, particularly at Nava Grove (15), Pinetree Hill (8), The Sen (5), and 8@BT (5). D21 is a RCR district on the fringe of Bukit Timah and is known for being a quaint private estate featuring close proximity to amenities in the Bukit Timah/Holland neighbourhoods as well as good schools.

These projects featured median transaction prices in the month just around the aforementioned RCR median of $2,613 psf, apart from The Sen, which provided buyers with a value option at $2,341 psf. With a fair price, these projects offer stronger value propositions among buyers looking for a new home in RCR, especially in anticipation of benchmark prices likely to be set by future new launches.

With only 4 launches expected next year, the RCR market will likely see further activity as buyers look to secure units at existing ahead of potential price movements upwards.

Table 3: Top performing new non-landed projects (excluding ECs) in December

Executive Condominiums (ECs) sell out all remaining stock to end the year

December clocked in 37 Executive Condo (EC) sales, a 76.2% uptick from the previous month, which saw 21 EC transactions. With no new EC launches, buyers have been snapping up the remaining stock on the market. Overall, ECs this month were transacted at a median price of $1,783 psf, with most transactions taking place at Otto Place, selling 28 out of 37 overall EC units in the month.

Following the sales in the month, there is currently no more EC stock available islandwide, and all eyes will be on the upcoming launches for aspiring EC upgraders.

The next EC launch is the 748-unit project Coastal Cabana, located at Jalan Loyang Besar and Rivelle Tampines (560 units), located at Tampines Street 95. These projects are expected to perform well due to strong pent-up demand for ECs and their affordability relative to private homes, as well as their coveted East-side locations.
Buyer Profile 

Chart 1: Buyer profile for all new non-landed homes (excluding EC)

With the steep Additional Buyer’s Stamp Duty still in place, demand from foreign buyers for new private homes remained subdued. December saw only three non-landed private home (excluding ECs) transactions made by foreign buyers, making up a meagre 1.3% of the month’s total deals. Meanwhile, Singapore Permanent Resident buyers purchased 25 new non-landed private homes, accounting for 10.6% of all new private home (excluding ECs) purchases in the month. 

Lastly, Singaporeans continued to dominate the market in December, accounting for 88.1% of new private home sales (excluding ECs), or 208 units.

Luxury Homes

Chart 2: Buyer profile for homes transacted at $5mil and more 

In December, the luxury home market saw a decrease in activity. A total of five new private residential transactions were recorded for homes priced at $5 million and above. There were a total of two transactions from Singapore Permanent Residents and locals, and a sole transaction by a foreigner. 

This month saw one transaction above $20 million, which was made by a foreigner at 21 Anderson. The 4-bedroom 4,488 sq ft unit was sold for $23.3 million. The freehold project offers large floor plate units at a prime CCR address, which makes it appealing for buyers looking to purchase a unit for long-term own-stay and legacy planning reasons.

The rest of the four luxury transactions took place between the $5 million to $10 million price range. While luxury home transactions normally consist of CCR properties, this month, we witnessed two RCR transactions, namely a 5-bedroom (2,530 sq ft) unit at The Reserve Residences and a 4-bedroom (1,518 sq ft) unit at Union Square Residences. Despite being classified as RCR properties, these projects offer advantageous locations in Bukit Timah and Tanjong Pagar respectively, and we can expect future units of these sizes be transacted as luxury homes in the future.

Closing Thoughts and Forecast

As expected, December’s sales in the new private home market remained modest, due to the festive season and school holidays, as well as no new launch activity in the month.

Collectively, the total number of new private homes (excluding ECs) sold across the entirety of 2025 reached 10,682 units. 2025 was a strong year for Singapore’s private residential market, underpinned by resilient demand, steady economic conditions and renewed confidence as global risks eased. Attention now turns to the extent to which this momentum can be sustained into 2026.

In 2026, the private residential market is expected to remain resilient, with moderate price growth supported by strong owner-occupier demand and ongoing right-sizing trends. Buyers can look forward to a pipeline of 19 private residential projects, and 5 EC launches slated for the year.

While this is fewer than 2025, which saw 24 private developments and 2 EC launches, overall homebuying demand is expected to remain healthy. Barring any unforeseen circumstances, ERA Singapore projects new home sales to be between 9,000 to 10,000 units.

Table 4: Upcoming launches in 2025/1Q 2026