New private home sales nearly double in September to 296 units

[SINGAPORE] Developers in Singapore sold 296 new private homes in September, nearly double the 153 units sold in August and 16.1 per cent higher than the 255 units moved in the same month a year earlier, data released by the Urban Redevelopment Authority showed on Thursday (Oct 15).

Developers launched 158 units excluding executive condominiums (ECs) in September, up from 116 units in August. This was also nearly eight times the 20 units launched in September 2025. 

Including ECs, developers sold 319 units in September, versus 171 units in August and 270 units a year earlier.

The rebound came after a quieter August, when activity was affected by the absence of major new launches and the Hungry Ghost Festival period.

Christine Sun, chief researcher and strategist at Realion (OrangeTee & ETC Group), said about two-thirds of September’s transactions took place between Sep 11 and 30, suggesting that buyer activity picked up after the lunar seventh month. 

“As at Oct 15, the number of new sales for October at 380 has already surpassed the 296 deals in September,” she added.

Despite September’s rebound, private home sales fell 44.9 per cent to 1,180 units in Q3, from 2,141 units in Q2, said Nicholas Mak, chief research officer at Mogul.sg.

Even accounting for the Hungry Ghost Festival period, this was the steepest third-quarter decline in 13 years, he said.

Sales across regions

The Rest of Central Region (RCR) accounted for the largest share of new private home sales in September, with 131 units sold, or 44.3 per cent of the total. The Outside Central Region (OCR) followed with 125 units, or 42.2 per cent, while the Core Central Region (CCR) recorded 40 units, or 13.5 per cent.

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The RCR and OCR remain favoured market segments due to their entry prices, said Mark Yip, CEO of Huttons Asia.

Terra Hill in the RCR was September’s best-selling project, with 32 units sold at a median price of S$2,209 per square foot (psf). The Sen followed with 25 units at S$2,386 psf, while Amberwood at Holland sold 24 units at S$3,021 psf, according to Huttons. 

Amberwood at Holland was the only project launched during the month. Of its 212 units, 70 units were released in its first phase of sales and 24 units were sold, Huttons added.

Meanwhile, landed homes also saw activity, with developers selling 19 units in September – the highest monthly volume since April 2018, Yip said.

The mix of new non-landed private homes, excluding ECs) sold also shifted towards higher price bands.

Units priced below S$2.5 million accounted for 38.8 per cent of new non-landed private home sales in September, down from 60.3 per cent in August, said Marcus Chu, chief executive of ERA Singapore, citing URA caveat data as at Oct 15.

The share of homes sold for S$2.5 million to S$3 million rose to 23.1 per cent in September from 13.5 per cent in August.

Chu added: “September’s priciest new non-landed private transaction took place at Skywaters Residences, with a Singaporean buyer paying S$11.48 million, or S$5,498 psf, for a 2,088 sq ft unit.

“Across the wider private residential market, it was also the priciest new home sold that month, topping even the S$8.88 million deal for a 3,942 sq ft semi-detached house at Tuan Sing Park.”

More launches ahead

Mohan Sandrasegeran, head of research and data analytics at SRI, said September’s sales improvement was supported by transactions at previously launched projects, despite limited fresh inventory during the month.

“With several launches expected over the coming months, new home sales activity is likely to be increasingly shaped by the timing, scale and positioning of these projects,” he added.

The fourth quarter is expected to bring more options for buyers, including the 1,268-unit Thomson Reserve along Bright Hill Drive and The Serra Residences on Bassein Road. 

However, full-year new private home sales could fall short of earlier expectations.

Leonard Tay, head of research at Knight Frank Singapore, expects sales to reach 6,500 to 7,500 units, below the earlier projection of 8,000 to 10,000 units, amid fewer launches in Q3 and increasingly selective homebuyers.

In Tay’s view, while Singapore’s private residential market has been resilient through 2026, especially in H1, supported by healthy household balance sheets, accumulated wealth and confidence in the city-state’s long-term prospects, the outlook has turned hazy in Q3.

The US Federal Reserve’s latest interest rate hike has “introduced concerns that borrowing costs will increase in the months and year ahead”, he said. Despite low unemployment, retrenchments rose from 3,830 in Q1 2026 to 4,620 in Q2 2026, he added.