Private New Home Sales Slow to 447 Units in May as Market Awaits Fresh Launches

Developers sold 447 private homes (excluding ECs) in May 2026, a sharp 71.1% decline from the 1,548 units moved in April but still 43.3% higher than the 312 units sold in May 2025. The month-on-month drop was widely expected after April’s outsized performance, which was fuelled by multiple project launches.

Only 357 units were launched in May, down 75% from April’s 1,426 and reflecting a quieter launch calendar. Hudson Place Residences at Media Circle in one-north was the sole new project, selling 209 of its 327 units at a median price of $2,465 per square foot. The project accounted for roughly 47% of all developer sales during the month, underscoring the market’s reliance on a single launch to anchor activity.

Beyond Hudson Place, contributions came mainly from earlier launches. Tengah Garden Residences and Narra Residences each added about 14 units to the monthly tally. The top trophy transaction in May was a $19.8 million detached house at Mount Rosie.

The Rest of Central Region (RCR) dominated sales with 334 units, surging 108.8% month-on-month and 74.9% year-on-year, driven largely by Hudson Place Residences. The Outside Central Region (OCR) saw the steepest decline, falling 93.3% month-on-month to just 91 units as the post-April correction took hold. The Core Central Region (CCR) recorded 22 units, a modest 46.7% improvement year-on-year but remaining a niche segment.

Buyer nationality data showed Singaporeans accounting for 89.6% of purchases, while foreigners made up just 1.8%, consistent with the post-cooling-measure landscape where local demand drives the market.

Executive condominium (EC) sales eased to 46 units in May, down roughly 54% from April. Coastal Cabana was the top-selling EC project with 29 units. With only about 155 unsold EC units remaining across the market, the segment is nearly depleted ahead of new supply expected later in the year.

In the first five months of 2026, developers have sold approximately 4,008 private units (excluding ECs), putting the market on a measured pace. Sales are likely to remain subdued through the June school holidays before rebounding in July and the second half of 2026.

The near-term pipeline includes Lentor Gardens Residences (502 units) due for preview in July, along with Dunearn House (380 units) in Bukit Timah, Amberwood at Holland (212 units), and Lucerne Grand (575 units) in the OCR. Three new EC sites at Woodlands Drive 17, Senja Close, and Sembawang are also expected, sitting outside the new classification rules. The main risk to watch remains AI-driven restructuring and its potential impact on employment.