Singapore New-Home Sales Slump in August

Singapore developers sold just 153 new private homes excluding executive condominiums in August 2026, down about 79% from July and 92.9% from a year earlier. The decline coincided with the seventh lunar month, when developers traditionally scale back launches and some buyers postpone major purchases. Private-home prices, however, have yet to follow transaction volumes lower.

Sales fall to a 30-month low

Developers sold 153 new private homes excluding executive condominiums, or ECs, in August, compared with 731 in July and 156 in June. It was the lowest monthly sales figure in about 30 months.

The slowdown coincided with the seventh month of the Chinese lunar calendar, which ran from Aug. 13 to Sept. 10 this year. Some buyers traditionally avoid moving home or making major purchases during the period, while developers often adjust launch schedules. In 2025, the seventh lunar month began later, on Aug. 23, limiting its impact on that month's sales.

The shortage of fresh supply was a major factor. June, another month without major new launches, produced an almost identical 156 sales. Transactions then jumped nearly fivefold in July after Dunearn House and Lentor Gardens Residences came to market before falling back when the launch pipeline dried up in August.

Including executive condominiums, developers sold 171 homes in August, compared with 758 in July. ECs are a hybrid form of housing developed by private companies but subject to eligibility and resale restrictions during the earlier years of ownership. The Business Times reported the latest figures using data from Singapore's Urban Redevelopment Authority. The Business Times

An exceptional 2025 base magnifies the decline

The 92.9% year-on-year fall is amplified by an unusually strong comparison period. Developers sold 2,142 new private homes excluding ECs in August 2025, the highest monthly total since November 2024.

Five projects — Springleaf Residence, River Green, Promenade Peak, Canberra Crescent Residences and Artisan 8 — were launched during the month and accounted for about 88% of sales. Developers brought the projects to market before the seventh lunar month began on Aug. 23.

CBRE said 2,496 units were launched in August 2025, while sales jumped almost 128% from July. CBRE Singapore

The comparison therefore pits a month with almost no major launches against one of the strongest launch periods of 2025.

Developers sold 5,038 new private homes excluding ECs in the first eight months of 2026, compared with 7,669 during the same period last year. That represents a decline of about 34%.

Buyers remain sensitive to total prices

August transactions also show the importance of the total purchase price. About 60.1% of new non-landed private homes sold during the month were priced below S$2.5 million, compared with 58.5% in July.

The Rest of Central Region accounted for about 47% of primary sales, while the Outside Central Region contributed roughly 37%. The Core Central Region, which covers much of Singapore's prime residential market, made up the remaining 16%.

Bloomberg attributed the sharp decline in August activity to the seasonal Hungry Ghost period and the lack of new projects, rather than clear evidence of a sudden collapse in underlying housing demand. Bloomberg

Home prices are still rising overall

Price data present a more resilient picture. Singapore's overall private residential property price index rose 0.5% in the second quarter of 2026 after increasing 0.9% in the first quarter. Prices gained 1.4% in the first half, compared with 1.8% during the same period of 2025.

The performance varied substantially by segment. Landed-home prices increased 2.5% in the second quarter, while prices of non-landed properties slipped 0.1%. Non-landed prices rose 1.8% in the Core Central Region, declined 1.2% in the Rest of Central Region and fell 0.1% in the Outside Central Region.

The resale market also remained considerably larger than the new-home segment. There were 3,813 private-home resale transactions in the second quarter, up from 3,225 in the first. Resales represented 62% of all private residential transactions.

At the same time, Singapore is keeping future housing supply elevated. The confirmed list under the 2026 Government Land Sales programme provides sites capable of yielding about 9,320 private homes, more than 50% above the average annual confirmed-list supply over the previous decade. Around 60,600 private homes, including ECs, are expected to be completed in the coming years, according to the Urban Redevelopment Authority. Urban Redevelopment Authority

Autumn launches will provide a clearer test

The end of the seventh lunar month puts the focus back on new projects. One of the first tests is Amberwood at Holland, a 212-unit development in Holland Plain. Its preview began on Sept. 11, with sales bookings scheduled to start on Sept. 26.

Indicative prices for three-bedroom units start at S$2.568 million, equivalent to about S$2,945 per square foot. Amberwood is the first private residential development to be launched in the wider Holland Plain precinct. EdgeProp Singapore

Other projects expected to reach the market include Lucerne Grand in Lakeside, The Serra Residences in Novena and the much larger Thomson Reserve. Their initial sales rates should offer a more useful measure of underlying demand than August's unusually thin market.

Strong take-up at current prices would support the argument that August was primarily a seasonal and supply-driven dip. Weak launches after the calendar effect has passed would raise a more difficult question about affordability and buyers' willingness to accept current price levels.

As experts at International Investment report, August's 153 transactions should not be treated in isolation as evidence of a Singapore property downturn. The figure reflects an unusual combination of few major launches, the seventh lunar month and an exceptionally strong base in August 2025. The more important risk is the relationship between supply, prices and purchasing power: the development pipeline remains substantial, prices are still elevated and new-home sales in the first eight months of the year are about one-third below the 2025 level. The performance of autumn launches will therefore matter more than the August low.

FAQ

Why did Singapore new-home sales fall in August 2026?

Few major new projects were launched, while much of the month coincided with the seventh month of the Chinese lunar calendar, when some buyers postpone purchases and developers adjust launch schedules.

How many new private homes were sold in August?

Developers sold 153 units excluding executive condominiums. Including ECs, the total was 171 homes.

How much did sales fall from a year earlier?

Sales excluding ECs were down 92.9% from August 2025. The comparison is unusually severe because five new projects drove a surge in transactions a year earlier.

Are Singapore property prices falling?

Not across the market as a whole. Private residential prices increased 0.5% in the second quarter of 2026 and 1.4% in the first half, although some individual segments recorded price declines.

How much new housing is in Singapore's pipeline?

The confirmed 2026 Government Land Sales programme provides land for about 9,320 private homes. Around 60,600 private homes, including ECs, are expected to be completed over the coming years.

What will show whether the market is really cooling?

Sales at projects launched after the seventh lunar month will be a more meaningful test. Weak demand once substantial new supply returns would be a stronger sign of cooling than August's low transaction count.