December 2025 marked a seasonal pause in developer sales, but the broader outlook for the private residential market remains constructive. Developer sales excluding Executive Condominiums totalled 197 units for the month, moderating from the 325 units recorded in November. This moderation was largely expected and seasonal in nature, as the year-end holiday period typically coincides with fewer project launches and softer buyer activity. Importantly, the slower pace reflects timing and launch dynamics rather than any deterioration in underlying demand fundamentals.

Buyer activity in December was driven mainly by existing projects rather than fresh supply. With limited new project introductions during the month, sales momentum concentrated around ongoing launches. The Continuum emerged as the top selling project with 31 units sold at a median price of $2,498 psf, underscoring sustained demand for well-located Rest of Central Region developments that offer a balance between accessibility, lifestyle amenities, and relative affordability compared to Core Central Region options. Other projects across both the RCR and Outside Central Region also recorded steady transactions, highlighting continued buyer engagement even during a quieter month.

While December activity moderated, the full year performance of the primary market tells a much stronger story. New private home sales rebounded firmly in 2025, with total transactions reaching an estimated 10,821 units. This represents a 67.3% year on year increase compared to 6,469 units in 2024, signaling a broad based recovery following a more subdued prior year. The improvement was observed across all regions, pointing to a more active and balanced primary market environment.

Several structural factors supported this rebound. A key driver was the ramp up in Government Land Sales supply from earlier awarded sites, which translated into a larger and more visible pipeline of project launches. In 2025, an estimated 11,482 private residential units were launched, marking the highest annual launch volume since 2013. This expansion in supply widened buyer choice and helped anchor price expectations, contributing to a more orderly growth environment.

At the same time, developers have remained measured in their launch strategies. Rather than releasing supply aggressively, project launches have generally been paced in line with prevailing market conditions and absorption rates. This disciplined approach has supported healthier take up patterns and reduced volatility in the new sales market. A strong GLS pipeline has also provided developers with opportunities to replenish land banks, supporting continuity in development activity without placing undue pressure on pricing.

Looking ahead, these dynamics have set a stable foundation entering 2026. While sales volumes may ease from the exceptional levels seen in 2025, buyer demand is expected to remain resilient. With a diverse slate of upcoming projects and a steady flow of new supply, the primary market is likely to continue operating within a more balanced and sustainable growth phase.

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg