Commentary on September 2026 Monthly Developer Sales

In September 2026, developers sold 296 new private homes (excluding ECs), as existing projects saw renewed interest following the launch of Amberwood At Holland. 

New private home sales rose 93.5% month-on-month (m-o-m) from the low base of 153 units recorded in August. However, this figure remains 86.2% lower than the 2,142 new private homes (excluding ECs) sold in the same month last year.

New private home supply also rose 36.2% m-o-m, from August’s 116 units to 158 units launched in September. This includes 70 units launched from Amberwood At Holland, out of a total of 212 units in the entire project.

“September's sales performance reflects a quieter launch calendar rather than a fundamental shift in buyer demand. While transaction volumes remain sensitive to the timing of new launches, underlying demand for well-located homes continues to be supported by Singapore's strong housing fundamentals. We expect activity to pick up as much-anticipated projects, such as Thomson Reserve, enter the market before year-end,” said Marcus Chu, Chief Executive Officer of ERA Singapore.

In addition to Amberwood At Holland (212 units), developers are preparing to roll out at least three further projects in 4Q 2026: Lucerne Grand (570 units), The Serra Residences (133 units), and Thomson Reserve (1,268 units).

Terra Hill and The Sen see sharp pickup in sales amid renewed buyer interest

With no new major projects entering the market in September, earlier launches continued to lead new home sales. 

Both Terra Hill and The Sen were September’s top-selling projects, moving 32 and 25 units, respectively. This marked a noticeable pickup from August, when the two projects sold just four and 12 units.

“Attractive pricing may have been a key factor in the rebound in sales. At $2,209 psf for Terra Hill and $2,386 psf for The Sen, the median new-sale prices for both projects were below the wider RCR equivalent of $2,522 psf for new non-landed private homes in September.”

“These price points had likely appealed to value-conscious buyers, including those seeking entry before rising land costs on the city fringe filter through to future launches.”

“The debut of Amberwood at Holland may also have prompted buyers to re-evaluate nearby options. Given that The Sen is also located within the same Bukit Timah planning area, and Terra Hill sits in neighbouring Queenstown, both projects may have benefited from spillover interest.” 

Amberwood At Holland could still see pickup in sales despite measured launch response

As September’s sole new launch, Amberwood At Holland recorded measured sales, moving 24 units across the month. Although the project has 212 units in total, only 70 were released for sale during its initial launch weekend.

“As Holland Plain continues to develop, its growing residential catchment and future amenities could strengthen its appeal among homebuyers. The proximity to established schools, including Methodist Girls' School, Pei Hwa Presbyterian Primary School and Henry Park Primary School, could also support demand from families over the longer term.”

Fewer homes sold below $2.5M in September as sales of larger units see traction 

In September, fewer new non-landed private homes (excluding ECs) were sold below the $2.5 million mark. According to URA caveat data (as at 15 October 2026), transactions below $2.5 million accounted for about 38.8% of total monthly sales, down from 60.3% in August.

This decline corresponded with a higher concentration of sales in the $2.5 million to $3 million range, which accounted for a 23.1% share; this is a marked increase from the 13.5% proportion recorded in August.

“Strong take-up of larger three- and four-bedroom homes at existing projects such as Lentor Mansion and Terra Hill drove much of the volume in the $2.5 million to $3 million price range.”

“Amberwood At Holland also contributed to this trend, as its unit mix consists exclusively of three-bedroom and larger layouts, which naturally fall into higher price brackets.”

New EC sales remain soft as buyers await fresh options

In September, developers sold 23 new ECs, a 27.8% m-o-m increase from the low base of 18 units sold in August. 

Coastal Cabana continued to lead new EC transactions for the fourth consecutive month, with 19 units sold at a median price of $1,811 psf. Rivelle Tampines, which launched in March, accounted for two of the remaining new EC units sold, while Altura and Otto Place each recorded one transaction. 

Chart 1: Number of unsold EC units and EC units sold

Source: URA as of 15 October 2026, ERA Research and Market Intelligence

“With just 145 unsold EC units remaining at the end of September, the segment continues to face tight supply. The subdued transaction volume therefore reflects limited available options rather than necessarily weaker demand. Upcoming launches could provide fresh opportunities for eligible homebuyers and HDB upgraders, potentially supporting renewed sales activity.”

Wynwood Grand will comprise 420 units and is among the last EC launches to fall under the previous rules, including a five-year Minimum Occupation Period and access to the Deferred Payment Scheme.

Top purchases and nationality breakdown

Non-landed luxury home transactions (excluding ECs) worth $5 million or more rose to 14 deals in September, up from nine in August. 

Singaporeans and Permanent Residents (PRs) accounted for 13 of these deals, with nine by Singaporeans and four by PR buyers. The remaining luxury deal in the non-landed segment was made by a foreigner for a four-bedroom unit (2,056 sq ft) at Upperhouse at Orchard Boulevard.

“September’s priciest new non-landed private transaction took place at Skywaters Residences, with a Singaporean buyer paying $11.48 million, or $5,498 psf, for a 2,088 sq ft unit. Across the wider private residential market, it was also the priciest new home sold that month, topping even the $8.88 million deal for a 3,942 sq ft semi-detached house at Tuan Sing Park.” 

Closing thoughts and forecast 

According to advance estimates released by the Ministry of Trade and Industry (MTI), Singapore’s economy continued to grow in 3Q 2026, albeit at a more measured pace of 5.4% year on year. Housing demand remains supported by healthy household balance sheets and a growing population, even amid headwinds such as softer employment conditions and inflation driven by higher energy costs.

Transaction volumes are likely to be capped by a leaner launch pipeline, with an estimated 2,229 private residential units across five projects expected in 2H 2026. This may constrain full-year private home sales, despite still-healthy buyer sentiment.

“Sales momentum could, however, pick up in the months ahead, with major launches such as the 1,268-unit Thomson Reserve in Bishan and the 570-unit Lucerne Grand at Lakeside.”

As it stands, October could see stronger developer sales, with Lucerne Grand moving approximately 347 units, or 61% of its 570 units, over its launch weekend.

Against this backdrop, ERA Singapore expects new private home sales (excluding ECs) to reach around 9,000 units by year-end, unless unforeseen circumstances arise.

END

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