News · 29 September 2026

New Home Sales Outpace Launches for the First Time Since 2022

Illustration of a Singapore city skyline with residential condominium towers at dusk — Illustration (AI-generated).

For the first time since 2022, Singapore developers have sold more uncompleted private homes than they have launched. According to The Edge Singapore's City & Country, citing Urban Redevelopment Authority (URA) data compiled by ERA Research and Market Intelligence, developers launched 4,632 new private homes (excluding ECs) in the first eight months of 2026 but sold 4,996 – almost 8% more than were launched.

For buyers eyeing Districts 9, 10 and 11, the story behind the headline matters as much as the number. Here is what the data shows, where discounting is happening, and how it may affect the prime-district launches still to come.

Sales ahead of launches, unsold stock near a four-year low

The report shows that unsold inventory has fallen steadily. As of 30 June 2026, 14,929 uncompleted private homes (excluding ECs) remained unsold. That is only slightly above the 14,087 units at end-1Q2022 and well below the peak of 20,566 units at end-2Q2024.

Year	New private homes launched	New private homes sold
2022	4,528	6,834
2023	7,551	6,220
2024	6,647	6,373
2025	11,482	10,741
Jan–Aug 2026	4,632	4,996

Excludes executive condominiums. Source: URA data provided by ERA Research and Market Intelligence, as reported by The Edge Singapore (25 September 2026).

Part of the reason is a lighter launch pipeline. Launches in the first eight months were down some 27% from 6,307 units a year earlier. ERA Singapore CEO Marcus Chu said developers brought many projects forward earlier this year to take advantage of strong sentiment in 2025. The remaining launches for 2026, at about 2,197 units, include The Serra Residences (133 freehold units) and Amberwood at Holland (212 units), plus Lucerne Grand and Thomson Reserve outside the prime districts. In all, they "fall short of closing the gap" with last year, Chu said.

ERA expects new private home sales (excluding ECs) of about 9,000 units in 2026, barring unforeseen disruptions. It also noted that the Ministry of Trade and Industry raised its full-year GDP forecast from 4.5% to 5.5% in August.

Discounts on older, unfinished projects

Not every project is selling briskly at launch prices. The report points to developers cutting prices on several uncompleted condominiums. At the 270-unit freehold Terra Hill at Pasir Panjang, media reports cited by City & Country showed a 3,035 sq ft penthouse reduced from $8.912 million to $7.28 million, and a 969 sq ft three-bedroom cut by $377,000. The publication understands the developers' additional buyer's stamp duty (ABSD) deadline fell on 9 September. Twenty-two units sold between 2 and 8 September, starting from a record-low $1,934 psf for a penthouse, against an average of $2,650 psf on its 2023 launch weekend.

Chu cautioned against over-reading this: a discount should not "automatically be read as a price reset across the market", because buyers also weigh location, facilities and layout. He did note that discounted units could compete with new launches when buyers compare similar homes within one budget.

Where the demand sits: under $3 million

Demand for new homes is concentrated in the lower price bands. Homes below $3 million have made up more than half of new non-landed transactions every month this year. In August, 35.1% of transactions were below $2 million and another 39.2% were between $2 million and $3 million – 74.2% combined. Chu noted that household affordability remains around $2 million on an average monthly household income of $15,000.

That matters for the prime districts, where many new units are priced above that band. It is one reason smaller unit types and well-planned layouts tend to draw the most attention in Core Central Region (CCR) launches. For the wider price picture, see our look at prime condo prices in Q2 2026.

The "15% to 20%" new-versus-resale yardstick

ERA Singapore's Alicia Yang and Eugene Koh told City & Country they have seen a "big increase" in new-launch enquiries as the gap between resale and new prices has narrowed. Their rule of thumb: buyers may start leaning towards resale when a new launch is priced about "15% to 20% above" a comparable resale project. Within that range, they said, "the premium remains justified by the newer product, a fresh lease and the area's growth story". They stressed it is a guide, not a strict rule, and should be weighed alongside remaining lease, condition, renovation needs and facilities.

Newton: the next prime supply

Looking further ahead, supply in the D9 Newton area is set to grow. The Edge Singapore reported in June that a CDL–Hong Leong Group joint venture topped the Peck Hay Road government land sale (GLS) site with a $542.4 million bid, or $1,865 psf per plot ratio, and plans around 380 homes in a 39-storey tower. DBS Group Research estimated a breakeven of around $3,200 to $3,300 psf, implying launch prices "could be in the mid- to high-$3,000 psf range" – a level it said would "test the depth of demand for CCR residential developments". The site is part of URA's plan for about 5,000 new homes around Newton, and analysts told the paper that the CCR has seen "steady absorption", with unsold new CCR homes at about 900 units, according to Justin Quek of Realion Group.

Schools are part of the appeal for families here; our guide to the new P1 two-track scheme around Newton, Novena and Bukit Timah explains how registration may affect that.

What this means for prime-district buyers

Fewer launches, steady demand. A thinner pipeline can support sales, but it is one factor among many, and URA's next data point – the third-quarter flash estimate – is due in early October.
Compare like with like. Discounts at some older projects show that price alone does not tell the story; compare completion dates, tenure, stack and layout.
Know your budget band. With most transactions below $3 million, prime-district buyers should test each launch against their own financing and holding plans.
Freehold remains rare. Small freehold boutique projects in prime areas – such as 32 Gilstead in District 11, which is fully sold – are few. Browse more in our news archive.

If you are exploring current launches in or near the prime districts, options include Dunearn House, Chancery Hill Collection and The Serra Residences in District 11, Amberwood at Holland and UpperHouse at Orchard in District 10, and River Modern in District 9. WhatsApp us for price lists, floor plans and showflat appointments.

This article is for general information only and is not financial or investment advice. Figures are from the sources below as at their publication dates.