New private home sales shrank in May, with just one new launch in one-north

SINGAPORE – New private home sales slowed sharply in May following two straight months of robust growth, as developers put out just one launch – the 327-unit Hudson Place Residences in Media Circle – amid macro-economic uncertainty.

Developers launched just 357 new units in May – significantly lower than April’s 1,426 units.

Excluding executive condominiums (ECs), non-landed home sales fell to 447 units, down 71.1 per cent from 1,548 units in April. But compared with May 2025, sales are up more than 43 per cent from the 312 units then.

But this does not mean new launch demand has weakened, analysts say.

Instead, May’s softer sales data reflects that “transaction volumes tend to fluctuate based on the timing and number of new projects introduced”, Singapore Realtors Inc head of research and data analytics Mohan Sandrasegeran said.

Demand for city fringe projects remains intact, he noted, with Hudson Place Residences moving nearly 64 per cent or 209 units at a median price of $2,465 psf. The project accounted for 46.8 per cent of new home sales in May.

PropNex head of research and content Wong Siew Ying noted that the project’s healthy sales suggest that “the one-north precinct resonates with home buyers, and may provide a useful gauge of buying demand in the area when developers evaluate future government land sales sites in the neighbourhood”.

In the EC segment, developers sold 46 new units in May, a 54 per cent drop from the 101 units transacted in April.

But with new rules that will give first-timers priority in future launches, interest grew in already launched projects like Coastal Cabana in Pasir Ris, analysts say.

The new measures include the introduction of a 10-year minimum occupation period and the removal of the deferred payment scheme for EC projects built on land sold after May 8.

“This may have prompted some eligible buyers to accelerate their purchasing decisions, viewing the development as an opportunity to secure an EC under the previous framework,” Sandrasegeran said.

Coastal Cabana was the second best-selling project in May, with 29 units sold at a median price of $1,827 psf. This brought cumulative sales to over 81 per cent since its launch in January 2026.

The new rules will also not apply to three upcoming EC launches at Woodlands Drive 17, Senja Close and Sembawang, as tenders for the sites were awarded before the policy changes.

These sites should also see strong buyer interest, especially among second-timers, ERA Singapore chief executive officer Marcus Chu said.

In the suburbs, developers sold 91 new units, excluding ECs, in May, down from 1,358 units transacted in April.

Contributing to this sub-market’s May sales were Tengah Garden Residences and Narra Residences, which each sold 14 units at median prices of $2,230 psf and $2,151 psf respectively.

But new home sales in the prime district saw just 22 units transacted – a five-month low since 20 core central region units were moved in December 2025.

New private home sales in June could remain below 500 units as developers are expected to resume launching new projects after the June school holidays.

Market activity could pick up in the second half of the year with new launches such as Lentor Gardens Residences, Amberwood at Holland, Lucerne Grand in Jurong Lake District and Dunearn House – the maiden launch in Dunearn Road, which is part of the Bukit Timah Turf City rejuvenation.

“Amberwood at Holland is expected to be popular as it is the first condo launch in the new Holland Plain precinct. Dunearn House is the first condo to be launched in the new Turf City precinct,” said Christine Sun, chief researcher and strategist at property firm Realion (OrangeTee & ETC) Group.

But Leonard Tay, head of research at Knight Frank Singapore, warned that companies in certain industries have been announcing layoffs recently.

“And while not yet widespread, should job security be affected by the AI revolution causing unemployment to rise above current stable levels, home-buyer sentiment could be restrained,” he said.