April developers’ sales hit six-month high as OCR launches dominate market activity

Developers’ sales for private homes climbed to a six-month high in April, supported by the launch performance of two major Outside Central Region (OCR) projects, Tengah Garden Residences and Vela Bay. Mr Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that “both results showcase that the depth of demand from HDB upgraders and first-time private buyers remains intact”.

Excluding executive condominiums (ECs), developers sold 1,548 new private homes during the month, up 19% from the 1,300 units transacted in March. The figure also marks the strongest monthly performance since October 2025, when 2,424 units were sold.

Top developers’ sales in April 2026

Including transactions from the first quarter, developers have now sold a combined 3,561 new homes (excluding ECs) in the first four months of 2026. This already accounts for roughly one-third of the total 10,815 units sold throughout the whole of 2025.

OCR accounted for nearly 88% of April’s total sales

Mr Luqman noted that April’s story was written almost entirely in the OCR, which accounted for around 88% of the monthly volume. The OCR recorded 1,358 transactions in April, more than doubling the 665 units sold in March.

It also marked the strongest monthly OCR performance in over a year since February 2025, when Parktown Residence drove suburban sales activity.

Tengah Garden Residences emerged as April’s top-performing project after selling 855 out of its 863 units during launch weekend, translating to an almost complete sell-out at a median price of S$2,111 psf.

Meanwhile, Vela Bay moved 370 of its 515 units at a median price of S$2,865 psf, setting a fresh pricing benchmark for the emerging Bayshore precinct. These two new launches accounted for about 79% of the new home sales in April.

Connectivity and future growth potential drive demand

The strong launch performances of the two OCR developments also reinforce how buyers are increasingly prioritising projects with strong MRT access and long-term transformation potential.

Tengah Garden Residences benefits from proximity to the future Hong Kah MRT station, while Vela Bay sits directly beside Bayshore MRT station along the Thomson-East Coast Line.

The healthy take-up at Vela Bay was particularly notable given that the project achieved a median launch price of S$2,865 psf — a relatively firm benchmark for an OCR development. Still, buyers appeared willing to absorb higher price points in exchange for connectivity and first-mover advantage within the new housing precinct.

Pricing also remained relatively manageable for many upgrader households. Based on URA Realis caveat data, around 87% of units sold at Tengah Garden Residences were priced below S$2.5 million. At Vela Bay, approximately 66% of transactions still fell below that threshold despite its higher psf pricing.

RCR and CCR markets remained relatively subdued

Outside the OCR, sales activity remained relatively muted due to a lack of major launches. The Rest of Central Region (RCR) recorded 160 new home sales in April, slightly lower than the 163 units sold in March.

The best-performing RCR project was The Continuum, which sold 34 units at a median price of S$2,796 psf. Other active RCR projects included One Marina Gardens, Bloomsbury Residences, and Arina East Residences.

Over in the Core Central Region (CCR), sales fell sharply to just 30 units, down from the 472 units transacted in March when River Modern boosted luxury market activity. River Modern still emerged as one of April’s best-selling CCR projects, having moved 11 units at a median price of S$3,363 psf.

At the ultra-luxury end, 21 Anderson recorded the month’s two priciest transactions at S$22.5 million and S$21.9 million respectively, while a unit at Skywaters Residences changed hands for around S$12.5 million.

Existing EC supply continued drawing strong demand

Developers sold 101 new EC units in April, lower than the 637 units transacted in March when Rivelle Tampines first entered the market. The slower monthly figure was largely expected, given the absence of new EC launches during the month.

In April, Rivelle Tampines continued to dominate the segment after selling another 76 units at a median price of S$1,918 psf. The project opened bookings to a wider pool of second-timer buyers in late April, following the end of the initial priority allocation phase for first-time applicants.

The take-up in April effectively pushed the 572-unit project to a full sell-out barely a month after its public launch on 21 March 2026. This makes Rivelle Tampines the third EC project in recent years to fully clear remaining inventory during its second round of balloting, following Aurelle of Tampines in 2025 and Copen Grand in 2022.

The strong absorption also reflects how demand for affordably positioned hybrid housing products remains deep, particularly among HDB upgraders navigating today’s widening price gap between ECs and fully private condominiums.

New EC rules could redirect upgrader demand towards OCR condos

However, the dynamics within the EC market may soon begin shifting following the government’s latest round of policy revisions announced on 8 May.

The new framework includes:

• a longer 10-year Minimum Occupation Period (MOP)
• the removal of the Deferred Payment Scheme (DPS)
• a stricter 90% allocation quota for first-timer buyers during the first two years of launch

According to Mr Luqman, these measures could soften future EC demand momentum while indirectly boosting interest in well-priced OCR private condos, which remain favoured by upgraders.

At the same time, the handful of EC projects still exempt from the revised rules may enjoy a temporary marketing advantage. He noted that these projects now have a “short but powerful window” to position themselves as the last batch of ECs offering the traditional “flip-after-five” investment narrative before the tighter rules take effect.

Expected lower sales in May amid thinner new supply

Following April’s strong performance, developers’ sales may moderate in May due to a relatively limited launch slate. Currently, the only project expected to enter the market is the 327-unit Hudson Place Residences in Media Circle. The project will also mark the first RCR launch of 2026.

Its launch could help revive activity within the RCR segment, where transaction volumes have remained relatively subdued for several months due to a lack of fresh supply – no new RCR project has been launched since The Sen entered the market in November 2025.

Later in the third quarter of 2026, more projects are expected to hit the market, including the 499-unit Lentor Garden Residences in OCR and the 380-unit Dunearn House in the CCR.

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