New private home sales dwindle to 246 units in February during Chinese New Year lull

[SINGAPORE] New private home sales fell in February with just 246 units moved, as developers held back launches during the Chinese New Year festivities. 

But sales are expected to rebound in the coming months as more new projects are rolled out, analysts said. 

Data released by the Urban Redevelopment Authority on Monday (Mar 16) showed that the latest February sales – excluding executive condominiums (ECs) – were 84.6 per cent lower than the 1,597 units moved a year earlier, with no projects launched during the festive season. 

It was also about half the 466 units sold in January this year. 

Only 15 units were launched for sale in February 2026 – the lowest monthly supply since records began in 2007, noted Huttons Asia chief executive officer Mark Yip. These came from Bukit Sembawang Estates’ previously launched landed housing project, Pollen Collection II.

In comparison, February 2025 saw the launch of integrated mega-development Parktown Residence in Tampines. Of its 1,193 units, more than 87 per cent or 1,041 units were sold at an average price of S$2,360 per square foot (psf) during its launch weekend. 

Including ECs, 266 units were sold last month. Besides the 15 new private homes, no new ECs were launched. 

By contrast, 1,626 units were sold and 1,694 launched in the same month last year. In January 2026, 990 units were sold and 1,534 were launched. 

With more “attractive” projects slated for release over the next few months, Tricia Song, CBRE research head for Singapore and South-east Asia, reckons that new home sales will ramp up from here.

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These include the 588-unit integrated mixed-use development Pinery Residences and the 572-unit Rivelle Tampines EC, which have both started previews at prices starting from around S$2,400 psf and S$1,800 psf, respectively. 

“Despite the benchmark pricings, they could still see good demand from upgraders and first-timers when they open for booking (later in March),” said Song. 

Rivelle Tampines, in particular, could experience strong demand as the last EC launch in 2026, said Yip. Current data also indicates that there may not be another EC project in the east this year and next. 

He also estimated that 6,235 flats have fulfilled their minimum occupation period in the Tampines area from 2021 to 2025. Between 2015 and 2025, prices of Tampines flats rose by 4.5 per cent a year, the highest across Singapore.

That means there is a “substantial” number of eligible public housing upgraders in the area, he said. 

In the pipeline are also the 863-unit Tengah Garden Residences, Vela Bay in Bayfront with 515 units, and the 499-unit Lentor Gardens Residences, which are expected to hit the market in April and May. 

Even with the “unfolding conflict” in the Middle East introducing “much uncertainty” into the global economy, Wong Siew Ying, PropNex head of research and content, believes private housing demand will remain “largely intact”, supported by owner-occupiers with genuine housing needs. 

This group of buyers tend to take a long-term view of their property purchase, and will be guided by factors such as the tight labour market, Singapore’s long-term economic fundamentals and moderate interest rates, she said.

This is especially so for suburban condo buyers, who are primarily locals and Housing & Development Board flat upgraders, added Realion (OrangeTee & ETC) Group chief researcher and strategist Christine Sun.

“As long as they remain employed and can use the proceeds from selling their current flats to finance new property purchases, they are likely to continue buying condos.” 

Some projects may, however, see higher prices due to mounting cost pressures, said Yip.

City fringe leads

By region, the Rest of Central Region, or city fringe, led in condo and private apartment sales, accounting for 41.9 per cent of sales in February. 

This was followed by the suburban Outside Central Region, which accounted for 32.5 per cent of primary sales, and the prime Core Central Region (CCR), which made up 25.6 per cent of new sales. 

Around a third of new private home transactions were in the S$3 million to S$5 million range, from existing launches such as Chuan Park, The Continuum and Pinetree Hill, noted Song from CBRE. 

“This is not surprising in the absence of new launches in February,” said PropNex’s Wong. “In months with no new launches, the units remaining for sale in existing projects are often larger or higher-value units that were not taken up earlier… that carry a higher overall price quantum.”  

In the luxury market, six non-landed homes changed hands at between S$5 million and S$10 million in February, down slightly from eight in the prior month.

The priciest was for a 2,368-square-foot (sq ft) unit at freehold luxury condo Watten House in District 11, which sold for S$7.7 million or S$3,254 psf.

Sun noted that two sales were chalked up over the S$10 million mark last month.

These were a 4,833 sq ft penthouse unit at Union Square Residences, which transacted at S$18.5 million or S$3,828 psf, and a 2,906 sq ft unit at Park Nova that changed hands at S$15 million or S$5,161 psf. Both were purchased by Singapore permanent residents. 

Market watchers maintained their projection of up to 9,500 new home sales in 2026, down from the 2025’s 10,815 units, with prices growing 2 to 4 per cent.