15 September 2026, Singapore - Private new home sales momentum pulled back in August amid a dearth of project launches during the Lunar seventh month, traditionally regarded as a quieter period for property transactions. Developers sold 153 new homes (ex. EC) during the month, marking a 79.1% plunge from the 731 units transacted in July, and a sharp 92.9% decline year-on-year from the 2,142 units shifted in August 2025. This marked the lowest monthly sales volume since February 2024, when developers similarly sold 153 units. Developers' sales are expected to pick up from the second half of September onwards, as new launches come up.

There were no fresh launches put on the market in August. Developers placed 116 new units on the market during the month, all from Union Square Residences. This was markedly lower than the 889 new units that were launched for sale in July.

The Rest of Central Region (RCR) led sales in August, with developers moving 72 new units - down from the 162 units sold in the previous month. The most popular RCR projects in August were The Sen which sold 12 units at a median price of $2,305 psf and Union Square Residences which transacted 10 units at a median price of $2,762 psf (See Table 2).

Over in the Outside Central Region (OCR), developers sold 57 new units (ex. EC) in August which represent an 82.9% drop from the 334 units transacted in July, where the robust demand at the new launch project, Lentor Gardens Residences then had spurred sales. That project was also the best-selling OCR development in August, shifting 15 units at a median price of $2,367 psf.

Meanwhile, developers' sales in the Core Central Region (CCR) also fell significantly, with 24 new homes sold in August, down sharply from 235 units in the previous month. Dunearn House was the top-selling CCR project as well as the best-selling project across the primary market during the month, with 18 units sold at a median price of $3,008 psf. Sales at Dunearn House accounted for about 75% of total CCR new sales in August. Sales activity in the segment is expected to pick up in September, with the 212-unit Amberwood at Holland slated to be launched.

In the EC segment, developers shifted 18 EC units in August, 33% lower than the 27 units sold in July. Coastal Cabana EC was the top-seller, moving 12 units at a median price of $1,830 psf in August. The slower EC sales can be attributed to a lack of fresh EC launches, as well as the tight supply of unsold EC units on the market. Based on URA figures, there were 157 units of unsold new ECs from launched projects, as at the end of August.

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

"August was among the quietest months for developers' sales so far this year, and it is mainly due to the launch drought amid the Lunar seventh month, where developers tend to schedule launches around it. The last time where new home sales (ex. EC) fell below the 200-unit mark this year was in June, where no new units were put on the market amid the June school holidays. Given that launches drive developers' sales, it is not unexpected that the transaction volume came in softer in August.

Without new launches, buyers are largely purchasing units from previously launched projects. The continued take-up of residual inventory is an encouraging sign, as it indicates that demand is not entirely dependent on the novelty of new launches, with some buyers remaining willing to transact based on available products and pricing.

We expect quantum play to remain an important consideration in developers' pricing strategies for upcoming launches. Based on URA Realis caveat data, around 60.1% of new private non-landed homes (excl. EC) transacted in August were priced below $2.5 million (see Table 1), slightly up from 58.5% in July. This was also evident at Dunearn House, where about 77.8% of units sold in August were priced below $2.5 million, up from 42.6% in July when the project was launched. Smaller units made up the bulk of August's transactions at Dunearn House, at a median size of 635 sq ft against 872 sq ft in July.

Table 1: Proportion of new non-landed private homes (ex. EC) sold by price range in July vs August 2026

Source: PropNex Research, URA Realis (figures may not add up to 100% due to rounding, data retrieved on 15 September 2026)

The new home sales buyer pool continues to be predominantly local, with foreign buyer participation declining further in August. Based on caveats lodged, Singaporeans and Singapore PRs accounted for 82.4% and 16.9% of new non-landed private home sales (ex. EC) respectively, while foreigners (non-PRs) accounted for less than 1%, with just one transaction recorded in August. This is the lowest monthly number of transactions by foreign buyers (non-PRs) since 1995, with the sole transaction involving a unit at River Modern.

August's developers' sales bring the new home sales tally for the first eight months of 2026 to an estimated 5,038 units (ex. EC). We expect sales to recover from the second half of September as new projects come to market. Two are expected to preview: the 212-unit Amberwood at Holland, the first project in the new Holland Plain precinct, and Lucerne Grand in Lakeside. Upcoming launches are likely to see healthy buying interest from first-time homebuyers, HDB upgraders, and those who may be looking at right-sizing from a private home.

Developers' sales are likely to remain uneven in the near-term, with monthly transaction volumes heavily influenced by the timing and scale of new project launches. On the whole, we think demand for new homes has held up reasonably, given that this has been an unsettled year, with the conflict in the Middle East, energy price shock and trade uncertainties.

Going forward, a couple of factors that could potentially influence buyer sentiment bear watching, including employment conditions. In July, the Manpower Ministry said that retrenchments rose to 4,500 in Q2 2026, the highest quarterly figure since end-2020, although unemployment remains low at 2.0% and employment expanded for a 19th consecutive quarter. Meanwhile, the inflationary impact of higher energy prices and potential implications on the broader interest-rate environment could also introduce uncertainty to the market.

That said, the market heads into the final months of 2026 with a fuller launch slate. More than 2,000 new units (ex. EC) may be launched in the rest of the year, offering more choices to prospective buyers who will be assessing projects on the strength of their location, pricing, and value proposition."

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

Source: PropNex Research, URA (15 September 2026)