New private home sales ease in May amid quieter launch calendar

After a noteworthy April that saw developers move more than 1,500 new private homes, May 2026 was always expected to be a quieter month.

Developers sold 447 new private homes excluding executive condominiums (ECs) in May, marking a considerable decline from the 1,548 units transacted in April. Including ECs, total sales reached 493 units. While the month-on-month drop appears significant, it largely reflects a much thinner launch calendar rather than a deterioration in buyer demand.

In fact, compared to the same period last year, developers sold 43.3% more private homes than the 312 units recorded in May 2025. Meanwhile, the market has already crossed the 4,000-unit mark for new private home sales in the first five months of 2026, suggesting that buyers remain active despite ongoing economic uncertainties.

Sales activity eased as launch supply shrank

According to Luqman Hakim, Chief Data & Analytics Officer at 99.co, the decline in sales should not be interpreted as weakening demand. “The driver here is supply, not demand. Sales track launches closely: when developers release projects, volumes rise, and when they don’t, the monthly figure falls back.”

He noted that May’s pullback was widely anticipated because there was simply less new stock available for buyers to choose from. Only two projects released fresh units during the month. These were Hudson Place Residences, which launched 327 units, and Union Square Residences, which released an additional 30 units after its earlier launch.

Consequently, developers launched just 357 units in May, a substantial drop from the 1,426 units launched in April. 

Hudson Place Residences was May’s top-selling project 

Located in Media Circle within the one-north area, Hudson Place Residences accounted for 209 of the 447 private homes sold during the month. In other words, nearly half of all new private home transactions in May came from a single development. The project sold 209 units out of its 327-unit launch inventory, achieving a take-up rate of around 64%.

Luqman highlighted that Hudson Place’s pricing played a significant role in its performance. Among the 21 Rest of Central Region (RCR) projects that recorded transactions in May, Hudson Place Residences ranked as the sixth-lowest in terms of median price per square foot. More importantly, the five projects that were priced below it each sold 12 units or fewer. This suggests that among projects generating substantial transaction volumes, Hudson Place offered one of the most accessible entry points in the RCR market.

Its location also likely contributed to buyer interest. The development sits within the one-north precinct, an area supported by major employment clusters and research facilities. In addition, it enjoys convenient access to both one-north and Buona Vista MRT stations, making it attractive to owner-occupiers seeking connectivity and long-term growth potential.

Another notable point is that a large majority of homes sold at Hudson Place Residences fell within a price range that remains comfortable for many private home buyers. Nearly 80% of all units sold were transacted below S$2.5 million, suggesting that buyers continue to respond strongly to projects that offer a combination of reasonable pricing, good accessibility and strong liveability.

RCR takes centre stage

The Rest of Central Region emerged as the strongest-performing market segment in May. Developers sold 334 units in the RCR, accounting for around three-quarters of all new private home sales during the month.

The strong showing was driven largely by Hudson Place Residences. However, several other city-fringe projects also continued to attract buyers. Projects such as The Continuum, Union Square Residences, One Marina Gardens and Bloomsbury Residences collectively helped reduce unsold inventory across the region.

Compared to May 2025, RCR sales rose from 191 units to 334 units, making it the primary driver behind the year’s overall improvement. The continued popularity of city-fringe developments reflects a trend that has been visible for some time. Many owner-occupiers are seeking homes that offer a balance between accessibility, amenities and pricing, making RCR projects particularly appealing.

OCR activity cooled after April’s surge

Meanwhile, activity in the Outside Central Region slowed considerably. Developers sold 91 units in the OCR, accounting for about one-fifth of total new home sales in May.

The slowdown was largely expected after April’s launch-driven surge, which was fuelled by Tengah Garden Residences and Vela Bay. Without another major OCR launch to anchor sales, transactions became more dispersed across existing developments.

The best-performing OCR projects included:

• Narra Residences: 14 units sold at a median price of S$2,151 psf
• Tengah Garden Residences: 14 units sold at a median price of S$2,230 psf
• Chuan Park: 13 units sold at a median price of S$2,641 psf

Even so, demand for recently launched OCR projects appears to remain healthy. Tengah Garden Residences, for instance, had sold around 860 of its 863 units by the end of May, leaving only a handful of units available.

As projects like these approach full sell-out, buyers may increasingly look towards other developments that still have a broader selection of unsold units, helping to support sales across the wider OCR market. 

CCR remains steady but subdued

The Core Central Region recorded 22 transactions in May. Although this represents a modest improvement from the 15 units sold in May 2025, sales activity remained relatively muted.

Transactions were spread across several luxury developments, including River Green, River Modern, Newport Residences, The Robertson Opus and Upperhouse at Orchard Boulevard. Among CCR projects, Newport Residences recorded the highest number of transactions during the month, selling six units at a median price of S$3,150 psf. The most expensive transaction in May occurred at Skywaters Residences, where a unit was sold at S$5,001 psf. 

Despite these headline transactions, the CCR accounted for just 5% of all private home sales in May, continuing its pattern of lower-volume but higher-value transactions.

EC sales also moderated

The executive condominium segment experienced a similar slowdown. Developers sold 46 EC units in May, down from 101 units in April.

Coastal Cabana emerged as the strongest-performing EC project, accounting for nearly two-thirds of all EC sales during the month. The development has now sold more than 80% of its units since its launch earlier this year.

The EC market continues to benefit from a limited supply of unsold units. By the end of May, only 155 unsold new EC units remained on the market, creating a supportive environment for future launches. This tight inventory situation could help sustain demand for upcoming EC projects, particularly among eligible buyers seeking alternatives to private condominiums.

Inventory continues to decline

One of the strongest indicators of underlying demand can be found in unsold inventory levels. Even though monthly sales volumes have fluctuated based on launch activity, the number of launched-but-unsold units has consistently declined throughout the year.

Inventory fell from 4,618 units in January to 3,868 units by the end of May. This steady reduction suggests that buyers have continued absorbing available stock regardless of whether a particular month featured major launches.

Local buyers continue to dominate purchases

Singaporeans remained the dominant buyer group in May. Based on caveat data, Singapore citizens accounted for 89.5% of all new non-landed private home purchases, marking the highest proportion in nine months. Meanwhile, permanent residents made up 8.7% of purchases, while foreign buyers accounted for just 1.8% of transactions. 

The data suggests that demand continues to be driven primarily by local owner-occupiers rather than overseas investors. This aligns with broader market trends seen throughout the year, where practical considerations such as affordability, connectivity and long-term liveability have remained key decision-making factors.

June is expected to be another relatively quiet month

No major private residential launches are currently scheduled, which means transaction volumes may remain subdued in the near term. In addition, the mid-year school holiday period typically sees some buyers postpone property decisions while travelling. 

However, market activity is expected to pick up in the second half of the year. Several significant launches are expected to enter the market from July onwards, including:

Together, these four projects will introduce roughly 1,680 units to the market. Among them, Dunearn House is likely to attract attention as one of the first condominium launches in the Bukit Timah Turf City area, while Lucerne Grand could appeal to buyers seeking direct MRT connectivity. More broadly, industry watchers expect around 11 projects comprising approximately 3,550 units to launch in the second half of 2026.

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Outlook remains constructive despite the slowdown

While May’s sales figures were considerably lower than April’s, the broader picture remains relatively healthy.

The slowdown was largely a result of limited supply rather than a reduction in buyer appetite. This is evident from the strong performance of Hudson Place Residences, the continued reduction in unsold inventory and the resilience shown by buyers across multiple market segments.

As Luqman noted, the primary market remains highly launch-driven. When attractive projects are introduced at sensible price points, buyers continue to respond positively.

Looking ahead, the next wave of launches in the second half of 2026 is likely to provide a clearer indication of underlying market momentum. For now, the data suggests that demand remains intact, even as buyers continue to be selective and price-conscious in their purchasing decisions.

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