New Private Home Sales Fell by Nearly 50% in February — But Not Because Buyers Stayed Away

The luxury Newport Residences on Anson Road is the best-selling new project for the second month this year, taking the lead again last month after it topped the list of developer sales in January. The freehold project on Anson Road in the Central Business District moved 32 units and set a median price of $3,059 psf.

Overall, developer sales of new condominium units fell 47.2% month-on-month (m-o-m) in February 2026, with only 246 units (excluding executive condos) transacted in the primary market.

But the dip in developer sales was expected on account of the Chinese New Year festivities and the lack of new launches in the month. Nevertheless, on a yearly basis, developer sales are down 84.6% compared to the 1,597 units sold in Feb 2025.

“Developers’ sales tend to move in tandem with launch activity, and with no new projects introduced during the month, the transactions were correspondingly lower,” says Wong Siew Ying, head of research and content at PropNex.

Looking ahead, anticipation is gearing up that the monthly sales figure for March 2026 will see a spike in new private home sales, headlined by three new project launches, namely River Modern, Rivelle, and Pinery Residences.

Newport Residences two-thirds sold

Newport Residences remained the best-selling new project in terms of number of units sold. The development launched for sale over the Jan 31-Feb 1 weekend, selling 132 units and setting a median price of $3,070 psf.

With sales continuing in February, the 246-unit development has sold at least two-thirds (66%) of its total units and its median selling prices has adjusted somewhat to $3,059 psf.

Developed by City Developments, the luxury project is a redevelopment of the former Fuji Xerox Towers. The freehold residence forms part of Newport Plaza, a mixed-use development designed as a ‘vertical town’, with Newport Residences occupying the upper half of the tower – from the 23^rd to 45^th floors – and serviced apartments, offices, and retail spaces on the lower floors.

New private home sales in the Core Central Region (CCR) will likely surge this month, following the successful sales launch of River Modern by GuocoLand on March 7 and 8. The 455-unit riverfront project on River Valley Green sold more than 90% of its units, and set an average selling price of $3,266psf.

“We note that the proportion of units transacted in the CCR that are priced below $2.5 million – being the pricing sweet-spot for many homebuyers today – remained fairly substantial at 62% in February despite not having a new launch in the month,” says Wong.

This is a good indication that there is a stable demand for competitively priced new private homes in prime locations in the CCR, and that developers are calibrating their offerings and pricing strategy to match prevailing affordability levels, she says.

Rebound in developer sales in the OCR

Developer sales in the suburbs, or Outside Central Region (OCR), also look set to spike this month with the upcoming launch of Rivelle, an executive condo (EC) on Tampines Street 95, and the launch of Pinery Residences on Bedok Reservoir Road in the same precinct.

Last month’s developer sales in the OCR saw a substantial fall with no new launches to drive transactions. In January, sales in this segment were led by the launch of Narra Residences, which sold 122 units at a median price of $2,148 psf.

Instead, buyers turned their gaze to several previously launched projects like Chuan Park, ELTA, The Lakegarden Residences, and Parktown Residences.

“February’s sales activity may have been modest, but it has contributed to bringing some existing projects closer to sell-out, such as Pinetree Hill (520 units) and Chuan Park (916 units),” says Marcus Chu, CEO of ERA Singapore.

Based on ERA’s internal sales data, these projects have achieved take-up rates of 99.2% for Pinetree Hills and 92.1% for Chuan Park, respectively, as of mid-March. 

Meanwhile, in the city-fringe region, also known as the Rest of Central Region (RCR), previously launched projects continued to underpin sales. However, no new project is expected to hit the RCR market until 2Q2026 with the launch of Hudson Place Residences in Media Circle.

Upcoming launch-ready projects in the coming months include the 515-unit Vela Bay and the 863-unit Tengah Garden Residences.

“Suburban condo buyers are primarily locals and HDB upgraders, who tend to be more influenced by factors like employment and income growth,” says Christine Sun, chief researcher & strategist at Realion (OrangeTee & ETC) Group. “Moreover, the current interest rates remain low while condo projects in the OCR are priced more affordably than those in the CCR and RCR”.

Weaker quarterly sales as new launch supply shrinks

Over the first two months of this year, developers have sold a total of 712 new private residential homes. This is a steep decline compared to the 2,680 new private homes sold over the first two months of 2025 – a fact attributed to the fewer number of new projects hitting the market this year.

It is clear based on the latest sales figures that developer sales in 1Q2026 will underperform on two fronts – on a quarter-to-quarter and year-on-year basis – even if transactions rebound sharply in March.

“Although the unfolding conflict in the Middle East has introduced much uncertainty into the global economy, we are cautiously optimistic about home sales in Singapore,” says Wong.

She adds that this is because buying demand is mostly underpinned by owner-occupiers whose purchasing decisions are driven by genuine housing needs, and these buyers take a longer-term view of their property purchases.

Looking ahead, some of the key economic factors that will support the housing market will be the tight labour market, Singapore’s long-term economic fundamentals, and moderate interest rates.

“While geopolitical tensions have introduced some near-term caution, we believe the underlying drivers of private housing demand in Singapore remain largely intact,” says Wong.

Given the pipeline of launch-ready projects in 2026, Sun expects prices of new homes to moderately increase by 2-4% in 2026, potentially selling between 8,500 and 9,500 new homes, in light of the demand for suburban units and the tighter supply.