Something smells off at Singapore’s new condo launches — and it’s not the paint. Between September 2024 and October 2025, agents snapped up 635 units through priority queues before regular buyers even knew the showflat doors were open. That’s 4.2% of all new private homes launched in that period. Doesn’t sound massive. But zoom into Emerald of Katong, and nearly 20% of units — 173 out of 846 — went to agents first. Norwood Grand saw roughly 10%. You’d be furious if you queued three hours at a hawker centre and discovered half the char kway teow was already reserved for the uncle’s friends.
At Emerald of Katong, agents quietly claimed 173 units before regular buyers could even step inside.
Here’s the thing. Developers actually love this arrangement. Early sales cut their holding risk, stabilise cash flow, and reduce marketing headaches before the public launch even begins. So there’s a real commercial logic at play. But what does it cost regular buyers? Plenty.
The damage runs deeper than most realise:
- Public booking boards already show high sell-through rates before you arrive
- Lower-priced units get picked clean first, narrowing your options
- The apparent scarcity triggers FOMO, pushing buyers to decide faster and pay more
- Price expectations get skewed by insider momentum that isn’t entirely organic
And the conflict of interest? Enormous. An agent advising you to buy a unit they personally purchased to flip later isn’t your trusted adviser — they’re your competitor wearing a consultant’s badge. The Council for Estate Agencies requires written disclosure when agents buy units they’re marketing, but enforcement feels like speed bumps on the PIE. Technically there, largely ignored. Beyond commissions, developers sweeten the deal further by offering agents bonuses and incentives to move units quickly, making it even more lucrative to secure early access for personal gain.
The CEA has acknowledged the issue and is in ongoing discussions with agencies. Two of the top four agencies confirmed they were engaged by CEA on sales practices at new condominium launches. But no purchase caps exist yet. No mandatory public breakdown of how many units went to agents at each launch. Critically, priority access remains entirely unregulated, meaning developers can freely offer it as an operational incentive to accelerate early sales with no oversight whatsoever.
What’s actually needed is straightforward. Cap agent purchases at 5% per launch. Force developers to publish agent-bought unit percentages publicly. Audit the priority access lists independently. These aren’t radical ideas. They’re basic fairness — the kind Singapore prides itself on delivering. The question is whether anyone acts before the next launch sells out before you finish your morning kopi.
