New home sales plunge 71.1% m-o-m in May, with 447 units sold
The best-performing project last month was Hudson Place Resiences, a 327-unit project at Media Circle. The development sold 209 units at a median price of $2,465 psf. (Photo; Samuel Isaac Chua/EdgeProp Singapore)
Ask Buddy
New private home sales retreated in May as developers rolled out just one new project during the month. According to data published by URA on June 15, developers sold 447 new homes — excluding executive condos (ECs) — last month. This marks a 71.1% fall m-o-m from the 1,548 units moved in April.
Despite the slower sales momentum, May marked the fourth consecutive month in which new home sales outpaced new launches, reflecting a "strong underlying demand for new homes", says Mark Yip, CEO of Huttons Asia. Developers launched 357 units during the month, down 75% m-o-m but 17.9 times higher than a year ago.
Industry watchers attribute May's softer developer sales figures to the absence of new project launches. The month saw the launch of one major project: the 327-unit Hudson Place Residences at Media Circle.
Get the latest details on available units and prices for Hudson Place Residences
Units launched and sold (excl EC) in last 12 months
Source: URA, Huttons Data Analytics (data downloaded on June 15, 2026)
Developed by a consortium led by Qingjian Realty and Forsea Holdings, the project emerged as the best performer in May, with 209 units moved at a median price of $2,465 psf. During its launch weekend, the condo sold 201 units (61.5%) at an average price of $2,458 psf.
“The healthy response to Hudson Place Residences also suggests that buyer interest remains intact, particularly for projects that are well located and offer strong connectivity,” notes Mohan Sandrasegeran, head of research & data analytics at SRI.
Existing RCR stock drives May sales
Unsurprisingly, Hudson Place Residences drove developer sales in Rest of Central Region (RCR), which accounted for 74.7% (334 units) of all private new homes sold in May.
Meanwhile, the Outside Central Region made up 20.4% of new home sales (91 units), while the Core Central Region trailed at 4.9% (22 units).
Private new home sales (excluding ECs) by region, April and May 2026
Source: PropNex Research, URA (as of June 15, 2026)
ERA Singapore’s CEO Marcus Chu notes that projects in the RCR made up more than half of the top ten best-selling developments during the month.
The Continuum, a 816-unit project on Thiam Siew Avenue in District 15, ranked second with 19 units moved at a median price of $2,752 psf. Chu opines that the development's median price has begun to look "more attractive" to buyers, given its freehold tenure and the lack of new launches in the surrounding area since 2024.
Top projects by sales in May 2026
Source: URA, Huttons Data Analytics as of June 15, 2026
Looking ahead, Chu expects upcoming launches in RCR to set new benchmark prices for new homes, supported by the high land rates achieved at Government Land Sales sites such as Dover Drive and Tanjong Rhu Road. The sites were awarded at top bids of $1,556 psf per plot ratio (psf ppr) by a joint venture comprising Forsea Holdings, Qingjian Realty and Jianan Capital, and $1,455 psf ppr by a joint venture between City Developments and Woh Hup, respectively.
“Buyers interested in making an upgrade to city fringe precincts might therefore be compelled to do so before the next wave of RCR new launches that look set to push the region’s prices upwards,” he says.
Luxury home sales remain subdued
Within the luxury condo segment (units priced between $5 million and $10 million), new home sales fell for the second consecutive month to nine units, down from 26 transactions a month earlier.
According to Christine Sun, chief researcher and strategist of Realion (OrangeTee & ETC) Group, the most expensive unit transacted within the segment involved a 1,830 sq ft unit at River Modern at $6.2 million ($3,359 psf) on May 28. The 455-unit development by GuocoLand saw a take-up rate of over 90% during its launch weekend in March at an average price of $3,266 psf.
In the ultra-luxury segment (priced at $10 million and above), the most expensive sale was a 4,219 sq ft unit at 32 Gilstead that fetched $14.49 million ($3,434 psf) on May 7. This was closely followed by a 2,896 sq ft, four-bedroom unit at Skywaters Residences, which sold for $14.48 million ($5,001 psf) on May 20. Both units were purchased by permanent residents.
New home sales to stay muted in June
Looking ahead, SRI’s Sandrasegeran expects new home sales to remain “relatively subdued” in June, weighed down by the seasonal lull of the mid-year school holidays and a lack of project launches scheduled for the month.
“This moderation is not unexpected and reflects a temporary pause in market activity rather than a deterioration in underlying demand,” he adds.
That said, new launches are expected to pick up in the second half of the year, including the 380-unit Dunearn House and the 499-unit Lentor Gardens Residences. Both projects are set to launch in July.
Notably, the month of September will see the launch of the 230-unit Amberwood at Holland, the first condo project in the Holland Plain precinct. Realion Group’s Sun expects the project to attract interest from both homebuyers and investors looking to enter a new growth area.
Against this backdrop, Huttons’ Yip believes developers could log between 8,000 and 10,000 new home sales for the whole of 2026, with prices estimated to grow by 2% to 5%.
Additionally, Leonard Tay, head of research at Knight Frank Singapore, expects underlying demand for new launches to remain supported amid stabilising global conditions with the emergence of a potential peace pathway in the US-Iran conflict.
“Households who held back amid uncertainty may be encouraged into a buying decision, with the perception that current prices still offer long-term value,” he notes.
CBRE’s Singapore and Southeast Asia head of research, Tricia Song, echoes this view, noting that a healthy pipeline of attractive new launches, solid household balance sheets and low mortgage rates could also support demand.
Barring major economic shocks, CBRE Research projects full-year developers’ sales to come in at between 7,500 and 8,500 units.
Check out the latest listings for Hudson Place Residences properties
Ask Buddy
Follow Us
Property updates, 24/7.
Subscribe to Newsletter
Market insights, delivered weekly.
Top Articles
Search