1,224 private homes sold at 2 new launches; Tengah Garden Residences 99% taken up at average S$2,120 psf

[SINGAPORE] Two highly anticipated suburban condo launches notched more than 1,220 units in sales over the weekend, with Tengah Garden Residences nearing sell-out at an average price of S$2,120 per square foot (psf).

Vela Bay, the first private residential project in the Bayshore precinct, recorded a 72 per cent take-up rate at S$2,886 psf.

The strong sales reflect sustained demand in the Outside Central Region (OCR), particularly for well-located and competitively priced projects, said Mohan Sandrasegeran, head of research and data analytics at SRI.

In the first quarter of 2026, the OCR led overall new home sales with 916 units, marking its strongest quarterly performance since Q3 2025, when 1,295 units were sold, he pointed out.

Tengah Garden Residences led the weekend sales, with 99 per cent, or 853 of its 863 units sold as at Sunday (Apr 26).

It is the fourth project this year to post a launch take-up rate above 90 per cent. In March, River Modern sold 90 per cent of its units at an average price of S$3,266 psf, while Rivelle Tampines executive condo sold about 93 per cent at S$1,893 psf and Pinery Residences sold 92.5 per cent at S$2,546 psf.

This run of standout showings is a “strong signal of underlying resilience and buyer confidence” in Singapore’s private housing market, said PropNex chief executive Kelvin Fong.

“Demand remains firmly anchored by genuine owner-occupiers and investors, who are taking a long-term view on their property purchase,” he said.

“We believe the moderate prevailing interest rates and project pricing discipline in today’s market have also provided an environment where buyers are ready to commit, especially for well-located developments with a good value proposition.”

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Tengah Garden Residences: Blockbuster sale

Tengah Garden Residences is the best-selling project by units since Parktown Residence in February 2025, and the strongest performer by percentage since Skye at Holland in October 2025, said Huttons Asia CEO Mark Yip.

Parktown Residence moved more than 87 per cent, or 1,041 of 1,193 units, at an average price of S$2,360 psf at launch, while Skye at Holland moved 98.8 per cent, or 658 of 666 units, at S$2,953 psf.

Analysts attributed the strong showing to Tengah Garden Residences’ proximity to the future Hong Kah MRT station, on-site retail offerings and first-mover advantage in the developing Tengah estate, which will benefit from planned infrastructure and major employment hubs including the Jurong Lake District.

Demand was strong across all unit types, with transacted prices ranging from S$1,779 psf to S$2,340 psf. Singaporeans accounted for 90 per cent of buyers, developer Hong Leong noted.

All unit types were fully sold at launch, except for the largest four-bedroom premium units with yard, which have 10 units remaining.

ERA Singapore CEO Marcus Chu said HDB upgraders, particularly those in Bukit Batok and Choa Chu Kang, drove sales. ERA data showed that the two towns will see a combined pipeline of more than 2,100 HDB three-room and larger flats reaching their minimum occupation period between 2025 and 2028.

Huttons’ Yip reckoned that Tengah Garden Residences’ “attractive entry price” of S$980,000, or S$2,025 psf, for one-bedders and S$1.1 million, or S$1,779 psf for two-bedders – comparable to the prices of some EC units in 2026 – appealed to buyers.

Pointing to the developer’s S$821 psf per plot ratio land bid, which is among the lowest in the OCR currently, Chu said the cost savings had been passed on to buyers, contributing to the strong sales performance.

Vela Bay: Healthy take-up

In the east, the 99-year leasehold Vela Bay sold 72 per cent, or 371 of its 515 units at an average S$2,886 psf, said developer SingHaiyi in a statement on Saturday.

Vela Bay is the first private condominium in the new Bayshore housing precinct and the first major new launch in the area in more than 20 years, following Costa Del Sol in 2000, said PropNex’s Fong, adding that the limited supply of new private housing over the period likely led to pent-up demand.

Sales were mainly led by the two and three-bedders, which collectively made up about 83 per cent of the transactions at the launch, said Fong. Two and three-bedroom units were priced from over S$1.4 million and S$2.2 million, respectively.

Yip added that all unit types garnered “good interest” from buyers, with one of the two penthouses sold. One-bedroom plus study units were “almost sold out”.

Analysts attributed the healthy showing to a cocktail of factors, including right-sizers from larger homes, investors eyeing long-term rental demand, proximity to Bayshore MRT station and schools.

Justin Quek, deputy group CEO of Realion (OrangeTee & ETC) Group, reckoned that limited new private residential supply in Bayshore, where about 3,000 private homes are planned, contributed to strong demand.

The success of Vela Bay could set the tone for upcoming developments in the area, said SRI’s Sandrasegeran. A mega mixed-use site at Bayshore Drive, which could yield about 1,280 homes, was recently launched, with its tender closing in July.