February developer sales plummet 84.6% y-o-y; units launched lowest since 2007
Newport Residences topped the sales chart for the second-consecutive month, moving 32 units last month at a median price of $3,059 psf. (Samuel Isaac Chua/EdgeProp Singapore)
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After rebounding in January, new private home sales fell in February amid a lack of new launches. Developers sold 246 new homes — excluding executive condos (ECs) — last month, down 47.2% m-o-m, according to data published by URA on March 16.
The latest sales figure also represents an 84.6% decrease from the same period last year, when 1,575 units were sold.
Industry watchers agree that the absence of launch activity last month contributed to the dip in developers’ sales, which saw a total of 15 units launched for sale – the lowest since 2007 – down 98.1% m-o-m and 99.1% y-o-y.
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“This pullback was largely anticipated,” says Mohan Sandrasegeran, head of research and data analytics at SRI. “February coincided with the Chinese New Year festive period, which typically sees fewer marketing activities and softer buyer turnout.”
Wong Siew Ying, head of research and content at PropNex, echoes this sentiment, adding that the softer developer sales in February stemmed from a dearth of new launches rather than weakening housing demand.
In terms of units sold, Newport Residences was the top-performing project in February. The 246-unit development moved 32 units last month at a median price of $3,059 psf, marking the second consecutive month it topped the sales chart with 132 units sold in January.
Top projects by sales in February 2026
Developed by Singapore-listed property giant City Developments, the freehold development along Anson Road was launched on Jan 31, with a 57% take-up rate. Based on lodged caveats, the development has since sold 169 units (69%).
“The project’s continued performance suggests that well-located developments within the CCR (Core Central Region) continue to attract steady interest, particularly from buyers seeking quality city living and long-term value retention,” adds SRI’s Sandrasegeran.
RCR developments drive sales momentum
Sales in the Rest of Central Region (RCR) accounted for more than 41% of total monthly developer sales, followed by the Outside Central Region (OCR) at 32.5%, and the CCR at 25.6%.
Private new home sales (excl. ECs) January and February 2026
Graph: PropNex Research, URA
Four of the top 10 best-performing projects sold in February were located in the RCR. The second best-selling new project was Pinetree Hill, which is located within the RCR, sold 19 units at a median price of $2,576 psf. The 520-unit development sold 150 units (29%) when it was launched for sale in July 2023.
Other notable RCR projects last month include One Marina Gardens (13 units at $2,989 psf), Bloomsbury Residences (12 units at $2,550 psf), and The Continuum (12 units at $2,915 psf).
Marcus Chu, CEO of ERA Singapore, attributes the preference for RCR developments to their “well-balanced offerings” in terms of price, accessibility, and amenities. “This benefit positions them as a strategic ‘sweet spot’ between premium CCR homes and more affordable OCR properties,” he adds.
The second best-selling new project was Pinetree Hill, which sold 19 units at a median price of $2,576 psf. (Photo: Samuel Isaac Chua/EdgeProp Singapore)
More transactions crossing the $2.5 million mark
In February, the proportion of new private homes sold that were priced below $2.5 million sat at 42%, a drop from the 66% recorded the month prior.
On this, PropNex’s Wong notes that the trend is not unexpected given the absence of new launches in February.
In such months, the remaining units in existing projects tend to comprise larger or higher-value homes that were not previously taken up, such as bigger apartments or premium units with higher price quantums, she adds.
New Home Sales (excl. ECs) by quantum
Graph: CBRE Research, URA
Next EC launch may see strong demand
Meanwhile, 20 EC units were sold last month, 10 of which were from Otto Place, marking the project as fully sold.
“With Otto Place now fully sold, Coastal Cabana remains the only EC project with units still available,” says ERA’s Chu. Another nine EC units from Coastal Cabana were sold during February at $1,804 psf. According to caveats, the 748-unit development has since sold 517 units to date, reflecting a take-up rate of 69.1%.
Looking ahead, Chu anticipates considerable demand for the next EC launch – Rivelle Tampines. “During its March preview, the project attracted over 8,000 visitors, indicating strong local demand for well-located ECs,” he notes.
Incoming supply bolstered by major project launches
For the rest of 2026, SRI’s Sandrasegeran expects the supply of new launches to “gain renewed traction” with several projects slated for launch in the next few months.
River Modern, a 455-unit development by GuocoLand, was launched on March 7 with 410 units sold then. This marks the best-selling private residential non-landed project by units and percentage in the CCR in 2026 to date, says Mark Yip, CEO of Huttons Asia.
Upcoming projects expected to launch in March include the 588-unit Pinery Residences. The first integrated mixed-use development in Tampines is jointly developed by Hoi Hup Realty and Sunway MCL and is set to launch on March 28. Also in the pipeline for 2026 are the 515-unit Vela Bay at Bayshore, the 325-unit Hudson Place Residences in Media Circle, one-north, and the 863-unit Tengah Garden Residences in Tengah estate.
Despite the ongoing conflict in the Middle East, Christine Sun, chief researcher and strategist at Realion (OrangeTee & ETC) Group, expects “robust demand” for upcoming launches. “While the situation in the region remains volatile, its impact on consumer sentiment appears to be limited,” she says.
That said, Huttons Asia's Yip cautions that cost pressures, such as higher inflation and rising construction costs, stemming from the conflict could result in higher prices for new projects. He expects new home sales in Singapore to fall between 8,000 and 10,000 units for the whole of 2026, while prices are anticipated to rise by 2% to 5%.
Check out the latest listings for Newport Residences, Otto Place properties
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