Commentary on August 2026 Monthly Developer Sales

In August 2026, developers sold just 153 new private homes (excluding ECs), as limited launch activity during the Hungry Ghost Festival period left buyers with fewer new options to consider. New home sales consequently fell 79.1% month-on-month (m-o-m) from the 731 units recorded in July. This performance also marks the lowest number of new homes sold this year, fewer than the previous low in June when 156 units were transacted.

New private home supply also fell sharply by 87% m-o-m to 116 units, down from the 889 homes released with the debuts of Dunearn House and Lentor Gardens Residences last month. This also marks the third-lowest monthly launch volume for 2026, with only February and June recording fewer new private homes launched (excluding ECs) at 15 and zero units, respectively.

“New project launches are typically a key driver of transaction activity in a healthy market. The decline in sales therefore reflected a seasonal lull and a wait-and-see approach among buyers, rather than a weakening in underlying demand,” said Marcus Chu, Chief Executive Officer of ERA Singapore.

“Buyers are awaiting 4Q 2026, which brings fresh projects with more locations, layouts and price points.”

In September, in addition to Belgravia Ace (23 units) and Amberwood At Holland (230 units), three more projects are expected to launch by year-end: Lucerne Grand (575 units), The Serra Residences (133 units) and Thomson Reserve (1,268 units).

Recent projects continue to draw buyers amid lack of major launches in August

With no new major projects entering the market in August, earlier launches continued to lead new home sales. Dunearn House recorded the most transactions, with 18 units sold, followed by Lentor Gardens Residence with 15 units.

On Dunearn House:

In August, the 18 units sold at Dunearn House achieved a median price of $3,008 psf, below the $3,059 psf median for new non-landed homes sold in the CCR, based on caveats lodged in August.

“This price gap may have helped seal the deal for some first-movers, particularly those interested in Bukit Timah Turf City’s long-term potential. Future housing demand in the area will strengthen as it matures into a precinct of 15,000 to 20,000 homes, served by Sixth Avenue MRT station on the DTL and by Turf City MRT station on the CRL.”

On Lentor Gardens Residences:

With 15 more units sold in August at a median price of $2,367 psf, Lentor Gardens Residences has now sold 282 of its 499 units, representing roughly 57% of its total supply.

While sales at Lentor Gardens Residences were more measured in August, buyer interest could pick up in the coming months as available stock at existing Lentor projects continues to dwindle.

“Of the six earlier launches in Lentor, only Hillock Green and Lentoria have stock remaining, with two and 17 units unsold, respectively, as at the end of August.”

It will also be some time before buyers see the next launch in the precinct, as the Lentor Central GLS site awarded in March might not debut until 2H 2027. This could support continued take-up (at Lentor Gardens Residences) in the interim.

Dwindling EC inventory sets the stage for Wynwood Grand

In August, developers sold only 18 new ECs, marking a further 33.3% m-o-m decline from the 27 units sold in July. Against a backdrop of a shrinking new EC inventory, this is the segment’s weakest monthly performance so far this year, below even the previous low of 20 units sold in February.

Chart 1: Number of unsold EC units and EC units sold

Source: URA as of 15 September 2026, ERA Research and Market Intelligence

“New EC supply remains tight, with only 157 units unsold as at the end of August. This is likely to constrain sales through the rest of 2026, until the expected launch of Wynwood Grand next year revives buyer interest.”

“Wynwood Grand is currently slated for a 4Q 2026 preview and is expected to attract strong interest from HDB upgraders and first-timers, as Woodlands’ first EC launch in over a decade.”

Buyers could be further motivated to act, as the project remains eligible under the previous EC rules, which include a five‑year MOP and access to the Deferred Payment Scheme.”

Top purchases and nationality breakdown

Across the new private home market, August’s priciest transaction was a freehold semi-detached house on Gallop Park Road, sold to a Singaporean for $12.8 million.

Within the non-landed private home segment alone, the priciest transaction occurred at Canninghill Piers, where a 2,788 sq ft unit was purchased for $8.4 million by a PR.

According to URA caveats data as at 15 Sep 2026, Singaporeans accounted for 85.2% of new private home purchases (including ECs) in August, while PRs accounted for 14.2%. A foreigner made only one purchase in August: a four-bedroom unit (1,830 sq ft) at River Modern, priced at $6.8 million.

Closing thoughts and forecast

Earlier in August, the Ministry of Trade and Industry (MTI) raised its GDP growth projection to 4.5% to 5.5%, up from its previous 2% to 4%. This improved outlook mainly stemmed from better-than-expected economic performance in 1H 2026, driven by AI-related capital expenditure.

Additionally, the economic impact of the ongoing conflict in the Middle East has been less severe than expected, allowing Singapore’s GDP to grow by 6.1% y-o-y in 1H 2026.

“Despite concerns about AI-driven job losses, local homebuying sentiment remains underpinned by Singapore’s strong economic fundamentals and low unemployment rate. The stronger 2026 growth forecast should also boost homebuyers’ confidence, although they are likely to remain selective on pricing and value.”

In September, sales are expected to pick up modestly, with the relaunch of Belgravia Ace (23 units) and the debut of Amberwood At Holland (230 units).

“As Holland Plain’s first private residential launch, Amberwood At Holland may appeal to buyers seeking an early foothold in a new precinct. The project also offers the exclusivity of a predominantly low-rise setting near Good Class Bungalow enclaves, including Brizay Park and Garlick Avenue.”

In light of current economic and market conditions, ERA Singapore expects new private home sales (excluding ECs) to reach approximately 9,000 units in 2026, barring any unforeseen disruptions. 

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Eugene Syn
PR Manager
eugene.syn@era.com.sg