Singapore Homes Linger Longer on Market as Vendors Cut Prices to Lure Buyers

Private residential condominiums in Singapore are now taking an average of 63 days to find a buyer—up from just 39 days a year ago—according to June transaction data from SRX Property. Sellers from River Valley to Tampines are increasingly offering significant price discounts to close deals, as stiffer borrowing rules and cautious sentiment dampen appetite among buyers.

This shift signals a marked slowdown from the red-hot post-pandemic years, when new and resale units were snapped up in under a month. It comes at a time when the market is adjusting to a wave of new completed supply, higher mortgage rates, and persistent global uncertainties.

Discounts Rise From Orchard to Pasir Ris

Some of the most pronounced price reductions are surfacing in sought-after city core areas as well as mass-market suburban estates. On River Valley Road, an owner at The Cosmopolitan recently settled for $3.05 million—$250,000 below the initial asking—after 10 weeks on the market. In Pasir Ris, three-bedroom units at Coco Palms are typically closing at discounts averaging 3.8% off list, SRX's June summary shows.

HDB resale flats are also showing slower turnover, particularly in mature towns like Toa Payoh and marine-facing Queenstown. ERA Realty’s chief analyst noted bulkier negotiation margins, with median HDB vendor discount rates widening to 2.7% in Q2, compared to just 1.6% a year prior. The shift is most apparent in resale executive condominiums (ECs) in Punggol and Choa Chu Kang, where developers and individual owners alike have trimmed asking prices by up to 4% to spur interest from hesitant upgraders.

Data Points to Cooling Momentum

URA’s Q2 flash estimates back up sentiment on the ground: the private non-landed resale index slipped 1.1% quarter-on-quarter, despite a stable headline price for new launches. Tengah's upcoming BTO crop is also contributing to the trend, siphoning eligible buyers away from resale HDB and EC stock. Agents active in Jurong East report typical listing periods stretching past two months, a reversal from the rush witnessed during the 2023 peak when HDB 5-room flats in the Lake District sometimes closed in under three weeks.

Property portals also report a swelling number of listings, with 99.co showing a 15% increase in active resale condo advertisements since April. Median transaction values for city fringe homes in District 14—covering Geylang and Eunos—fell to $1,463 per square foot in June, compared to $1,494 psf three months ago.

Market watchers say this new pattern could persist if borrowing costs remain firm and sellers hang on to 2023’s price expectations. For those considering selling this year, agents recommend realistic pricing strategies and factoring longer holding periods into plans. Buyers, meanwhile, are advised to view multiple units and negotiate more aggressively, especially in neighborhoods with high inventory like Bukit Timah and Sengkang.

As Singapore’s market shifts from frenetic to measured, both sides now face an environment requiring patience—and more pragmatism on price.