Singapore records lowest unsold private home stock in seven quarters

There were 17,029 units in the inventory of unsold private homes by the end of Q3.

Despite the stronger residential sales in Singapore, Kelvin Fong, CEO of PropNex, said the private housing market continued to navigate a period of moderate price increase in Q3 2025 – with a sustainable price growth trajectory that is supported by market fundamentals including healthy demand, an influx of attractive new launches, easing interest rates and a growing economy.

“With the robust take-up of new homes, the inventory of unsold uncompleted private homes stood at 17,029 units (ex. EC) as at the end of Q3 2025 – down by 7.9% from 18,498 units in the previous quarter. This is also the lowest unsold stock in seven quarters. We believe the present level of unsold inventory remains manageable; it represents a supply that may potentially be absorbed by the market in around two years, taking an annual average developers’ sales over 10-years (2015-2024) at 8,768 units (ex. EC) each year,” Fong added.

Here’s more from PropNex:

In the first nine months of 2025, developers sold a combined 7,875 new homes (ex. EC), driven particularly by sales in Q1 and Q3 2025. We expect the new private home sales momentum to be sustained in Q4 2025, with three projects launched in October - Skye at Holland, Penrith, and Faber Residence - having sold a total of nearly 1,450 units on their launch weekend. 

Two more projects, the 706-unit Zyon Grand and 347-unit The Sen in the RCR will be launched in the coming weeks, and we expect healthy interest from buyers. PropNex expects developers’ sales for the full-year 2025 may potentially exceed 10,000 units (ex. EC), up markedly from the 6,469 units shifted in 2024. Meanwhile, the overall private home prices may rise by 4% to 5% - close to the 3.9% increase in 2024.

We believe sensitive pricing and a focus on keeping price quantum affordable continues to be a driving force of demand. Based on caveats lodged, the average transacted price of new condos sized 600 to 700 sq ft – which is roughly equivalent to two-bedders – was around $1.74 million in Q3 2025, while that of units sized 800-1,000 sq ft (generally three-bedders) came in at about $2.29 million. These price points are comfortably within the housing budget of many prospective buyers. To this end, we observe that two- and three-bedroom units tend to be among the most popular unit types at project launches.

Overall, the tailwinds for private home sales include the moderating mortgage rates, resilient underlying demand from Singaporeans and Singapore PRs, household formation, healthy public housing resale activity, competitive pricing, and ample liquidity in the market. With many new launches performing well this year, we expect developers to become more active in land acquisition, such as via the government land sales programme to build up their land inventory and development pipeline.

In the private home leasing market, we expect leasing demand to be stable and there may be potential marginal upside for rentals amid tight supply completions. There were 4,105 private homes (ex. EC) that have been completed in 9M 2025, with another 1,144 units (ex. EC) slated for completion in Q4 2025 – taking the total tally to 5,249 units for 2025 which is substantially below the 8,460 units completed in 2024.