The Singapore Urban Renewal Authority (URA) released relevant data on Thursday that the number of new private condominium sales fell to 259 units in November from 313 units in October, the lowest level since December 2014.

Only about 4,024 private condominiums were put on the market in the first nine months of this year, a figure that is about half the number sold in the same period over the past three years, according to the URA.

The Singapore government regularly sells state-owned land to the private sector for residential and commercial development in response to market demand.

Builders are also launching fewer projects this year due to the low supply of land for private residential development in 2020 and 2021.

To meet buyer demand, the Singapore government last week increased the supply of state-owned land available for sale in the first half of next year, which could provide a residential supply of up to 7,715 units.

Some 33,600 private and executive condominiums will also be completed in the next two years, far more than the 11,500 units built since 2021.

The Singapore government says the completion of these projects will help meet both owner-occupied demand and rental demand in the short term.