August was a very quiet month for Singapore's new home market. Developers sold just 153 new private homes (excluding executive condominiums) during the month, according to URA data released on 15 September. That is a 79.1% drop from the 731 units sold in July, and 92.9% lower than the 2,142 units moved in August 2025. It is also the lowest monthly figure since February 2024, when developers sold the same number of units.
Why August was so quiet
For starters, almost nothing new was put on the market. Developers launched only 116 units during the month — all of them from Union Square Residences — compared with 889 units in July. The reason is largely seasonal: the Lunar seventh month, or Hungry Ghost Festival, is traditionally seen as an inauspicious time for property transactions, so developers tend to hold back major launches and buyers stay on the sidelines. With no fresh projects to draw crowds, sales naturally thinned out.
Where the few buyers went
Activity was spread thinly across the island:
- Rest of Central Region (RCR): 72 units, led by The Sen (12 units at a median $2,305 psf) and Union Square Residences (10 units at $2,762 psf).
- Outside Central Region (OCR): 57 units, with Lentor Gardens Residences the best seller at 15 units (median $2,367 psf).
- Core Central Region (CCR): 24 units, dominated by Dunearn House, which sold 18 units at a median $3,008 psf — roughly three-quarters of all CCR sales for the month.
Buyers are leaning smaller and cheaper
With little fresh stock to choose from, buyers snapped up what was left in recently launched projects — and they favoured more affordable units. About 60.1% of new non-landed homes (excluding ECs) sold in August were priced below $2.5 million, up from 58.5% in July. At Dunearn House, nearly 78% of units sold were under $2.5 million, and the median unit size shrank from 872 sq ft in July to 635 sq ft in August. In other words, buyers are focusing on price quantum — the actual cash outlay — rather than chasing the biggest home they can afford.
Foreign buyers all but disappeared
Cooling measures continue to bite. Just one non-PR foreigner bought a new home in August — a unit at River Modern — the lowest monthly count since 1995. Singaporeans and permanent residents made up the overwhelming majority of transactions, while non-PR foreigners accounted for less than 1%. The 60% Additional Buyer's Stamp Duty on foreign buyers has clearly pushed overseas demand to the margins.
Executive condos also slowed
The executive condominium (EC) segment had an even quieter month. Only 18 new ECs were sold, 33.3% fewer than July's 27 units and the fifth consecutive monthly decline. Coastal Cabana led with 12 units at a median $1,830 psf. As of end-August, just 157 unsold EC units remained across launched projects. The next EC to watch is Wynwood Grand in Woodlands — 420 units, and the first EC in the area in more than a decade — slated to preview in the fourth quarter.
What happens next
Analysts expect sales to recover from the second half of September as launch activity restarts. Two projects are on the radar: Amberwood at Holland (212 units), the first launch in the new Holland Plain precinct, and Lucerne Grand in Lakeside. ERA Singapore expects new private home sales (excluding ECs) to reach around 9,000 units by year-end, though the launch pipeline stays lean — only about 2,229 units across five projects are expected in the second half of 2026. Risks worth watching include rising retrenchments (4,500 in Q2 2026, the highest since end-2020) and the knock-on effects of Middle East tensions and energy prices.