16 March 2026, Singapore - New private home sales were muted in February on account of the Chinese New Year festive period and a lack of new launches in the month. Developers sold 246 new homes (excluding executive condominiums) in February, marking a 47% fall from the 466 units transacted in January and a decline of 85% year-on-year from 1,597 units shifted in February 2025. This takes developers sales to a total of 712 units (ex. EC) in the first two months of 2026.

The softer monthly sales in February do not indicate a slowdown in housing demand but rather a dearth of fresh launches. The sales momentum is expected to rebound quickly with developers' sales set to rise substantially in March - the transactions done at River Modern alone during its launch weekend (7/8 March) have already surpassed the entire month's sales in February.

During the month, developers placed 15 new units (ex. EC) for sale from previously-launched landed housing development Pollen Collection II. This is vastly lower than the 786 new units (ex. EC) put on the market in January.

Developers' sales fell across the three sub-markets from January to February. The sharpest decline was observed in the Core Central Region (CCR) where new home sales decreased by 61% month-on-month (MOM) to 63 units in February - down from 162 units in the previous month where the launch of Newport Residences in the central business district had boosted transactions then. In fact, freehold development Newport Residences emerged as the top-selling project for the second month running, moving 32 units at a median price of $3,059 psf in February (see Table 2). Since its launch in January 2026, the 246-unit Newport Residences which is part of a mixed-use development has sold 66% of its total stock by end-February, as per the developers' sales data. Sales in the CCR will surge in March following the successful launch of River Modern recently where 90% of its 455 units were snapped up during its launch.

The Outside Central Region (OCR) also saw a substantial fall in new home sales in February with no new launches to drive transactions. There were 80 new units (ex. EC) sold in the month compared with 183 units that changed hands in January, where the launch of Narra Residences had helped to lift sales. In February, the best-selling OCR projects were Chuan Park which sold 14 units at a median price of $2,674 psf, followed by Narra Residences where 12 units were transacted at a median price of $2,146 psf. With the upcoming 588-unit Pinery Residences - part of a mixed-use development that is connected to the Tampines West MRT station via an underground link - set to be launched in end-March, OCR sales are similarly expected to rebound.

Over in the Rest of Central Region (RCR), developers sold 103 new units, down by about 15% MOM from the 121 units shifted in January. Previously-launched projects continue to underpin sales in the RCR which has not had a fresh project come on in three months, since The Sen made its debut in November 2025. Pinetree Hill was the most popular RCR project in February, selling 19 units at a median price of $2,576 psf, followed by One Marina Gardens which moved 13 units at a median price of $2,989 psf. In February, the priciest new private home sold was a 4,833-sq ft unit on the 40th floor at Union Square Residences in the RCR for $18.5 million. Given that the next major RCR project launch is potentially Hudson Place Residences in Media Circle in Q2 2026, new home sales in this segment will remain driven by existing launches in March.

In the EC market, sales fell markedly to 20 new units in February from 524 units in the previous month, where the launch of Coastal Cabana EC in Pasir Ris had supercharged EC transactions. The top-seller in the EC segment during the month was Otto Place EC in Tengah which moved 10 units at a median price of $1,760 psf. PropNex expects the EC market to get livelier in March with the upcoming launch of the 572-unit Rivelle Tampines EC in Tampines Street 95.

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

"New private home sales in February fell substantially from the previous month, largely due to a lack of major project launches, which limited the supply of new units available for purchase. Developers' sales tend to move in tandem with launch activity, and with no new projects introduced during the month, the transactions were correspondingly lower. We expect sales to pick up significantly in March as new launches return to the market, offering a wider selection of homes to prospective buyers. Following the strong sales at River Modern in the CCR, we anticipate keen buying interest in upcoming launches Rivelle Tampines EC and Pinery Residences, both in Tampines West.

In February, the proportion of non-landed new private homes (ex. EC) sold that are priced at below $2.5 million came in at around 42% - lower than the 66% proportion in January (See Table 1). This is not surprising in the absence of new launches in February. In months with no new launches, the units remaining for sale in existing projects are often larger or higher-value units that were not taken up earlier. These may include bigger apartments or premium units that carry a higher overall price quantum. As such, the transactions that do occur in such months may contribute to a larger proportion of sales recorded in the higher price brackets.

Table 1: Proportion of non-landed private new home sales (ex. EC) by price range by region in January and February 2026

We note that the proportion of units transacted in the CCR that are priced below $2.5 million - being the pricing sweet-spot for many homebuyers today - remained fairly substantial at 62% in February despite not having a new launch in the month. This perhaps points to the continued accessibility of CCR homes, a stable demand for competitively-priced homes in prime locations, and that developers are calibrating their offerings and pricing strategy to match prevailing affordability levels.

Foreigners (non-PR) accounted for 3.3% of the non-landed private new home sales (ex. EC) in February, corresponding to eight units in absolute terms comprising two units each at Newport Residences and Orchard Sophia, and one each at 8@BT, Elta, Promenade Peak, and River Green. Meanwhile, Singapore PRs and Singaporean buyers made up 10.2% and 86.5% of the sales, respectively.

Taken together, developers sold 712 new private homes (ex. EC) in the first two months (2M) of 2026 - sharply lower than the 2,680 new units sold in the corresponding period in 2025 due to the tighter supply of new homes launched for sale in 2026. For comparison, 2,590 new units (ex. EC) were launched for sale in 2M 2025 versus 801 units in 2M 2026. In all likelihood, developers' sales look set to underperform in Q1 2026 on both quarter-on-quarter and year-on-year basis - even if transactions were to rebound in March. Developers sold 3,375 new units (ex. EC) in Q1 2025 and 2,940 units in Q4 2025.

Although the unfolding conflict in the Middle East has introduced much uncertainty into the global economy, we are cautiously optimistic about home sales in Singapore as demand is mostly underpinned by owner-occupiers whose purchasing decisions are driven by genuine housing needs, and they tend to take a longer-term view of their property purchases. The key factors that will support the housing market continue to be the tight labour market, Singapore's long-term economic fundamentals, and moderate interest rates. So, while the geopolitical tensions have introduced some near-term caution, we believe the underlying drivers of private housing demand in Singapore remain largely intact."

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