Singapore Sellers Face Longer Waits, Steeper Discounts as Market Cools

Sellers of private condos in Singapore are waiting longer to close deals, with the average days on market rising to 57 in June—the highest level since late 2021—while median vendor discounts edged up to 4.2% from 3.8% earlier this year, new data from SRX and 99.co show.

This trend comes as buyers face higher mortgage costs and new launches in Jurong and Tengah siphon attention from older resale stock. Price-sensitive demand and economic jitters linked to geopolitical instability have knocked some heat out of the market, with sellers in key segments now competing harder for each buyer.

Orchard, Queenstown: Prime Areas Lag as Resale Heats Up

Luxury condos along Orchard Boulevard and Bukit Timah Road have seen some of the sharpest jumps in sales timelines. Agents point to one 2-bedroom unit at Ardmore Park lingering for over 110 days before finally settling at a 6% discount versus its initial asking price. By contrast, the HDB resale market—especially in mature estates like Queenstown—remains brisk, as families opt for more affordable options amid persistent cost-of-living anxieties. Median days on market for 4-room HDB flats in Queenstown fell to 28 in June, down from 34 in March, according to HDB transaction records.

Executive condo (EC) projects in Tengah and Jurong Lake District continue to attract brisk interest from upgraders, with agencies like PropNex and ERA reporting most new EC units closing within three weeks of launch. This has kept EC resale values relatively resilient, even as older suburban condos look to sweeten deals with fresh incentives for buyers, from partial furnishing to subsidised legal fees.

Data: Discounts Widen, Median Prices Hold Steady

SRX-99.co’s latest report puts June’s median resale condo price at S$1.8 million. However, sellers rarely achieve published prices, particularly in Districts 9, 10, and 11—often regarded as the city’s gold-plated postcodes. The average vendor discount in these districts is now 5.6%, up from just over 4% at the end of 2025. Even in city fringe areas like Novena and Balestier, where transaction volumes remain respectable, typical discounts are creeping towards 4% as well.

Huttons data shows the number of resale condos with over 60 days on market is now up 23% year-on-year islandwide. Yet, the overall supply of newly launched high-end units—especially in the CCR—has not adjusted downward, with the Urban Redevelopment Authority noting over 2,200 unsold luxury units as of Q2 2026.

For prospective buyers, especially those eyeing a home in River Valley or Newton, the message is clear: patience pays. Industry watchers expect more room for negotiation through the rest of 2026, with potential buyers gaining leverage each month units remain unsold. Sellers, meanwhile, are advised to set realistic expectations—particularly for older units or those outside walking distance of the MRT—and to consider smaller, targeted price adjustments at the outset to avoid longer holding costs.