1,224 Private Homes Sold at Two New Launches – Tengah Garden 99% and Vela Bay 72% in Record Weekend

Tengah Garden Residences led the weekend sales with 99 per cent – or 853 of its 863 units – sold as at Sunday (April 26). The project is the best-selling by units since Parktown Residence in February 2025, and the strongest performer by percentage since Skye at Holland in October 2025, according to Huttons Asia CEO Mark Yip.

Demand was strong across all unit types, with transacted prices ranging from S$1,779 to S$2,340 psf. Singaporeans accounted for 90 per cent of buyers. All unit types were fully sold at launch, except for the largest four-bedroom premium units with yard, which have 10 units remaining. Analysts attributed the strong showing to the project’s proximity to the future Hong Kah MRT station, on-site retail offerings, and first-mover advantage in the developing Tengah estate.

ERA Singapore CEO Marcus Chu said HDB upgraders, particularly those in Bukit Batok and Choa Chu Kang, drove sales. ERA data showed that the two towns will see a combined pipeline of more than 2,100 HDB three-room and larger flats reaching their minimum occupation period between 2025 and 2028 – providing a steady stream of potential upgraders.

In the east, the 99-year leasehold Vela Bay sold 72 per cent, or 371 of its 515 units, at an average of S$2,886 psf, said developer SingHaiyi in a statement on Saturday. Vela Bay is the first private condominium in the new Bayshore housing precinct and the first major new launch in the area in more than 20 years, following Costa Del Sol in 2000.

PropNex’s Fong noted that the limited supply of new private housing over the period likely led to pent-up demand. Sales were mainly led by the two- and three-bedders, which collectively made up about 83 per cent of the transactions at the launch. Two- and three-bedroom units were priced from over S$1.4 million and S$2.2 million, respectively.

Justin Quek, deputy group CEO of Realion (OrangeTee & ETC Group), reckoned that limited new private residential supply in Bayshore, where about 3,000 private homes are planned, contributed to strong demand. A mega mixed-use site at Bayshore Drive, which could yield about 1,280 homes, was recently launched with its tender closing in July.

This run of standout launches is a strong signal of underlying resilience and buyer confidence in Singapore’s private housing market, said PropNex chief executive Kelvin Fong. He noted that demand remains firmly anchored by genuine owner-occupiers and investors who are taking a long-term view on their property purchase.

In the first quarter of 2026, the OCR led overall new home sales with 916 units, marking its strongest quarterly performance since Q3 2025, when 1,295 units were sold. Tengah Garden Residences is the fourth project this year to post a launch take-up rate above 90 per cent. In March, River Modern sold 90 per cent of its units at an average price of S$3,266 psf, while Rivelle Tampines executive condo sold about 93 per cent at S$1,893 psf. Pinery Residences also sold 92.5 per cent at S$2,546 psf.

Parktown Residence moved more than 87 per cent, or 1,041 of 1,193 units, at an average price of S$2,360 psf at launch, while Skye at Holland moved 98.8 per cent, or 658 of 666 units, at S$2,953 psf. The moderate prevailing interest rates and project pricing discipline in today’s market have provided an environment where buyers are ready to commit, especially for well-located developments with a good value proposition.

Huttons’ Yip reckoned that Tengah Garden Residences’ attractive entry price of S$980,000 or S$2,025 psf for one-bedders, and S$1.1 million or S$1,779 psf for two-bedders – comparable to the prices of some executive condominiums in 2026 – appealed to buyers. Pointing to the developer’s S$821 psf per plot ratio land bid, which is among the lowest in the OCR currently, Chu said the cost savings had been passed on to buyers, contributing to the strong sales performance.

Mohan Sandrasegeran, head of research and data analytics at SRI, noted that the OCR led overall new home sales in Q1 2026 with 916 units. The strong sales figures across multiple launches suggest that the OCR segment remains the sweet spot for volume – driven by HDB upgraders entering the private market, moderate interest rates, and developers’ ability to keep absolute quantum within reach of mass-market buyers.