Stretched Days on Market and Rising Vendor Discounts: Singapore Property Update

Singapore’s private residential sellers are watching listings linger as median days on market climb past 60 for the first time since 2021, according to new figures from the Urban Redevelopment Authority (URA). Combined with a steady uptick in vendor discounts—now averaging above 4% for mid-tier condominiums—the data points to a shift in negotiating power after two years of brisk price gains.

The latest trends come at a critical point for the island’s property market. With a record 4,200 new private homes due for launch by December, and the rising cost of financing squeezing affordability, sellers from Bukit Timah to Holland Road are facing impatient buyers who have more options and leverage than at any point since the pandemic recovery began. Competition is especially keen in established mass-market enclaves and popular upgrade locales such as Toa Payoh and Queenstown.

Discounts Deepen in Core Central Region

Stroll along Orchard Boulevard or visit new launches near Novena, and the mood is noticeably more subdued than even six months ago. Agency data reviewed by The Daily Singapore shows luxury units in Ardmore Park and Nassim Road are averaging 80 days on market, with developers and individual vendors regularly conceding 5-7% below asking—a marked change from the sub-2% discounts seen mid-2025. ERA Realty head of research Shawn Lim attributes the reversal partly to a raft of ABSD (Additional Buyer’s Stamp Duty) tweaks and nervier sentiment among premium buyers, many of whom cite heightened global uncertainties and juggling portfolios across multiple cities.

On the mass-market front, the HDB resale segment also shows signs of cooling acceleration. PropNex reports the median resale flat now spends 31 days on the market—up from 24 days a year ago—with units in Bishan, Clementi and Serangoon most affected. Four-room HDB flats in Punggol and Sengkang saw vendor discounts hit a two-year high in June, averaging $31,000 below last transacted price. The URA’s Q2 2026 property index, released 28 June, shows islandwide non-landed private property prices dipping 0.4% quarter-on-quarter: the first consecutive quarterly drop since 2020.

Data Points to a Patient Buyer’s Market

Market watchers are keeping a close eye on supply, as heavy new launches in Tengah and Jurong continue to divert demand. “With 7,500 Build-To-Order flats coming up in Tengah town this year, HDB upgraders are in no rush,” one analyst said, pointing to the way units at Park Nova (Tomlinson Road) and Klimt Cairnhill have slowed despite deepening incentives. Across city-fringe condos, median discounts have crept up to 4.2% in June, compared to just 2.9% last Christmas. Sellers on Meyer Road, for example, saw almost half of transactions in Q2 closing at least 5% below original list price.

For homeowners thinking of selling, the market’s new normal demands flexibility. Agents recommend realistic pricing from the outset, shorter exclusive mandates, and enhanced presentation—staging and professional photography can meaningfully reduce days on market. “Listing at a slight discount to recent transactions yields a better outcome than chasing yesterday’s prices,” says a veteran agent in Tanjong Rhu. For buyers, a less frenetic pace means greater choice and bargaining room—especially as the government keeps its eye firmly on cooling, and no new policy relaxation appears imminent this year.