New home sales slump 71.1% in May on fewer launches

Hudson Place Residences was the sole new launch during the month, selling 209 units.

New private home sales fell sharply in May 2026 as developers launched fewer projects after two months of stronger sales.

Developers sold 447 new private homes, excluding executive condominiums, down 71.1% from 1,548 units in April. However, sales were 43.3% higher than the 312 units sold in May 2025.

Including executive condominiums (ECs), new home sales declined 70.1% to 493 units in May from 1,649 units in April. This was still 46.7% higher YoY.

The weaker monthly performance came as only 357 units were launched in May, 75.0% lower than the 1,426 units launched in April. The only major non-landed project launched during the month was the 327-unit Hudson Place Residences at Media Circle.

Hudson Place Residences was the top-selling project in May, moving 209 units, or 63.9% of its total units, at a median price of $2,465 per square foot (psf). Analysts said the project saw healthy demand due to its competitive pricing compared with Bloomsbury Residences, another Media Circle project.

Huttons said buyers were also drawn to the project’s proximity to one-north, the upcoming Kampong AI development, potential spillover demand from workers in the AI sector, and its green surroundings.

Sales in May were led by the Rest of Central Region, which accounted for 334 units, or about 75% of new private home sales excluding ECs. The Outside Central Region contributed 91 units, whilst the Core Central Region accounted for 22 units.

Other top-selling projects included Coastal Cabana, The Continuum, Union Square Residences, One Marina Gardens, Narra Residences, Tengah Garden Residences, Bloomsbury Residences, and Chuan Park.

Coastal Cabana was the second-best performer, including ECs, selling 29 units at a median price of $1,827 psf. The Continuum sold another 19 units at a median price of $2,752 psf and was 94.5% sold.

Despite the monthly decline, Huttons noted that May marked the fourth straight month where sales exceeded launched units, reflecting underlying demand for new homes.

Developers sold 4,008 new homes in the first five months of 2026, excluding ECs. CBRE said this was 8.1% lower than the 4,362 units sold over the same period in 2025.

Buyers remained price-sensitive. CBRE said the largest share of new private homes sold in May, excluding ECs, was in the $1.5m to $2m range, which accounted for 37% of sales. Huttons said 61.3% of purchases were below $2.5m, which remained the sweet spot for buyers.

Singaporeans made up 89.6% of purchases in May, according to Huttons. Foreigners bought eight units, or 1.8% of total transactions, including an $11m unit at Park Nova.

Luxury sales also softened. Realion said nine new non-landed homes priced from $5m to below $10m were sold in May, down from 26 in April. Three ultra-luxury units priced at $10m and above were sold, unchanged from April.

Analysts expect sales to ease further in June as developers hold back launches during the school holiday period. Knight Frank noted that June sales have not exceeded 300 units from 2023 to 2025, whilst Huttons expects sales to fall to between 150 and 200 units.

Momentum is expected to pick up from July, supported by upcoming launches such as Lucerne Grand, Dunearn House, Lentor Gardens Residences, and Amberwood at Holland.

For the full year, CBRE expects 7,500 to 8,500 new homes to be sold, whilst Knight Frank and Huttons forecast 8,000 to 10,000 units. CBRE expects private home prices to rise 2% to 4% in 2026, whilst Huttons projects price growth of 2% to 5%, barring major shocks.