Developers' sales fell to a three-month low in May 2026 owing to limited new launches in the month. There were 447 new private homes (excluding Executive Condominiums) transacted in May, marking a sharp 71.1% decline from the 1,548 new units sold in the previous month. This is the lowest monthly new home sales tally since 246 units (ex. EC) changed hands in February 2026. On a year-on-year basis, developers' sales were up by 43.3% from the 312 units transacted in May 2025. Collectively, this takes new private home sales to 4,008 units (ex. EC) in the first five months of 2026.

There was only one fresh project launched in May, being the 327-unit Hudson Place Residences in Media Circle. Overall, developers placed 357 new units for sale in May - significantly lower than the 1,426 units launched in April.

The Rest of Central Region (RCR) led home sales in May with 334 units sold, driven by transactions at Hudson Place Residences, which was the first new launch in the RCR in 2026. Hudson Place Residences was the top-seller in the month (see Table 2) shifting 209 units at a median price of $2,465 psf. The Continuum, Union Square Residences, One Marina Gardens, and Bloomsbury Residences also continued to pared down on unsold inventory and supported RCR sales in May.

Over in the Outside Central Region (OCR), developers sold 91 new units (ex. EC) in May, 93.3% lower than the 1,358 units transacted in April, where Tengah Garden Residences and Vela Bay had boosted sales then. The most popular OCR projects during the month were Tengah Garden Residences and Narra Residences which each shifted 14 units at median prices of $2,230 psf and $2,151 psf, respectively. Of note, Tengah Garden Residences is close to selling-out with 860 out of its 863 units (99.7%) transacted as at the end of May. With many recent OCR launches posting strong take-up rates, prospective buyers may turn to existing projects that have a wider selection of unsold units for options, including projects like Narra Residences.

Meanwhile, new home sales in the Core Central Region (CCR) hit a five-month low in May with 22 units being transacted - the lowest since 20 CCR units were sold in December 2025. Newport Residences posted the highest number of CCR new home sales in May with six units sold at a median price of $3,150 psf. As at end-May 2026, Newport Residences which was launched in January this year has shifted 194 of its 246 units (79%). Meanwhile, River Modern which hit the market in March has transacted 423 of its 455 units (93%).

In the EC segment, developers sold 46 new units in May - marking a 54% decline from the 101 units transacted in the previous month. The top-selling EC project in the month was Coastal Cabana EC in Pasir Ris which sold 29 units at a median price of $1,827 psf. Based on the monthly sales data, there were 155 units of unsold new ECs on the market as at the end of May. The tight supply of unsold EC units should provide a favourable demand backdrop for upcoming EC launches. Coupled with their exemption from the new EC measures announced on 8 May 2026, the upcoming EC projects - in Senja Close, Woodlands Drive 17, Sembawang Road, and Miltonia Close - could appeal to eligible buyers who may prefer to secure a unit under the previous EC rules, although take-up will also depend on factors such as pricing, location and project attributes.

Ms Wong Siew Ying, Head of Research and Content, PropNex said:

"To set May's relatively sluggish home sales in context, it is largely due to a quieter project launch calendar - with only Hudson Place Residences launched in the month. We do not think it points to softer demand nor weaker sentiment, and developers' sales are expected to pick up in July where a couple of new projects - Lentor Gardens Residences and Dunearn House - are anticipated to be launched. It is likely that new private home sales may remain tepid in June since there are no major launches lined up amid the June school holidays, where many families may be travelling. This temporary lull in sales may give prospective buyers more time to carefully assess their housing needs, financing position, and evaluate future launches.

The 64% take-up rate achieved at Hudson Place Residences is a key highlight in the month as the project accounted for about 47% of the developers' sales in May. We think it also highlights the importance of pricing discipline in today's market. Notably, URA Realis data showed that about 80% of the units sold at Hudson Place Residences were transacted at below $2.5 million (see Table 1), which is the housing budget pricing sweet-spot for many owner-occupier buyers. Pricing aside, the project's healthy sale performance also suggests that the one-north precinct resonates with homebuyers, and may provide a useful gauge of buying demand in the area when developers evaluate future government land sales sites in the neighbourhood.

Table 1: Proportion of units sold at Hudson Place Residences in May 2026 by price range

The proportion of new non-landed private homes (ex. EC) purchased by Singaporean buyers hit a nine-month high in May at 89.5%. Meanwhile, Singapore permanent residents made up 8.7% of the sales, while foreigners (non-PR) accounted for 1.8% of the transactions in the month, based on URA Realis caveat data. In absolute terms, eight deals were by foreigners (NPR), comprising three transactions at Hudson Place Residences, and one each at Newport Residences, One Marina Gardens, Park Nova, Piccadilly Grand, and Terra Hill.

Based on the URA monthly developers' sales data, 1,995 new units (ex. EC) have been sold collectively in April and May. With no new major launches slated for June, we anticipate June's sales could be relatively muted. That said, new private home sales in Q2 2026 overall could still come in slightly higher than the 2,013 units transacted in the first quarter - riding largely on the robust take-up in April (where 1,548 units were sold).

Despite market uncertainties, buyers have continued to respond positively to well-located and sensitively priced projects, highlighting the strength of underlying housing demand. We believe this resilience is underpinned by genuine owner-occupier demand, healthy household balance sheets, a stable labour market, sensitive pricing by developers, and enduring private housing aspirations among Singaporeans. In addition, interest rates remain low as the 3-Month Compounded SORA (Singapore Overnight Rate Average), which banks used to price home loan packages stood at 1.085% p.a. as at 15 June 2026.

Market activity remains highly supply-driven. In that regard, it is encouraging that the government has continued to maintain a healthy pipeline of residential sites under the 2H 2026 Confirmed List of the government land sales (GLS) programme. It will provide developers with ample opportunities to replenish their land inventory - following strong sales at launches - which may help moderate land bids and contribute to a more sustainable property market."

Table 2: Top-Selling Private Residential Projects (ex. EC) in May 2026