15 April 2026, Singapore - Developers' sales surged to a five-month high in March following the successful launch of River Modern and Pinery Residences during the month. New home sales jumped by more than five times to 1,300 units (ex. executive condominiums) in March from 246 units in the previous month. On a year-on-year basis, developers' sales rose by about 78.3% from the 729 units shifted in March 2025. Factoring March's sales, developers have transacted 2,012 new units (ex. EC) in Q1 2026 - down by 31.6% from the 2,940 units sold in Q4 2025.

Of the sales in March, two new private residential projects - River Modern in River Valley and Pinery Residences in Tampines - made up a lion's share of the transactions at 959 units or nearly 74% of the developers' sales. Meanwhile, Rivelle Tampines EC which hit the market in March also posted robust sales

During the month, developers placed 1,043 new units (ex. EC) for sale, significantly higher than the 15 new units launched in February. There were 572 EC units launched in March, all of which came from the units at the Rivelle Tampines EC, the second new EC project rolled out this year after Coastal Cabana EC in January.

Mass market homes in the Outside Central Region (OCR) led developers' sales in March with 665 new units (ex. EC) sold. This is the highest monthly new sales tally in this sub-market since 1,153 new homes were transacted in August 2025, where Springleaf Residences and Canberra Crescent Residences had bolstered sales. The top-seller in the OCR in March was Pinery Residences (see Table 2) - part of a mixed-used development - which moved 543 out of its 588 units at a median price of $2,547 psf. Pinery Residences alone made up 81.7% of OCR's sales during the month. It is likely that developers' sales could remain brisk in April with the 515-unit Vela Bay in Bayshore, and 863-unit Tengah Garden Residences slated for launch.

Over in the Core Central Region (CCR), developers sold 472 new homes in March - the highest sales in five months and markedly higher than the 63 units sold in February. CCR sales were mainly driven by River Modern which sold 416 out of its 455 units at a median price of $3,220 psf in March. This is followed by freehold Newport Residences which shifted 22 units at a median price of $3,062 psf. Notably, W Residences Marina View - Singapore posted its highest monthly sales since July 2025, selling six units at a median price of $2,636 psf in March.

Developers' sales in the Rest of Central Region (RCR) remained relatively subdued in the absence of new project launches in the sub-market. There were 163 new units sold in the RCR in March, up from 103 units in the previous month. The best-selling RCR projects in March were freehold project The Continuum which moved 24 units at a median price of $2,806 psf, and Promenade Peak which transacted 21 units at a median price of $3,096 psf.

In the EC segment, developers sold 637 new EC units in March, rising sharply from the 20 units shifted in February. The 572-unit Rivelle Tampines in Tampines West contributed to majority of the sales with 530 units transacted at a median price of $1,937 psf. According to the URA developers' sales data, there were 209 units of unsold EC units on the market as at end-March. In Q1 2026, 1,181 units of new ECs were sold, based on the monthly developers' sales figures.

Mr Kelvin Fong, CEO of PropNex said.

"New private home sales picked up substantially in March 2026, marking the highest monthly developers' sales in five months, underpinned by strong demand for new homes at Pinery Residences, and River Modern. The healthy sales momentum suggests that buyers continue to take a longer-term view and that underlying private housing demand has remained intact despite heightened uncertainties following the onset of the Middle East conflict in late February.

In particular, the brisk take-up across both the prime CCR and mass-market OCR segments points to broad-based demand, supported by a mix of owner-occupiers and upgraders. According to caveats lodged, a substantial proportion of new units sold at Pinery Residences and River Modern in March were priced at below $2.5 million at 67% and 44%, respectively (see Table 1). Meanwhile, EC remains broadly more affordable with about 94% of the units sold at Rivelle Tampines EC priced at below $2.5 million. Typically, the pricing sweet-spot that generally appeal to homebuyers ranges from $1.5 million to $2.5 million today.

Table 1: Proportion of units sold at new launches in March by price range

Source: PropNex Research, URA Realis (retrieved on 15 April 2026), may not add to 100% due to rounding

The strong sales achieved by the three projects, including Rivelle Tampines EC, launched in March potentially point to several consistent demand drivers and offer useful insights into prevailing buyer behaviour. A key commonality across these projects is their proximity to the MRT station and established transport networks, which continues to rank highly among purchase considerations. Good transport connectivity not only enhances day-to-day convenience but can also help to support long-term value retention. In addition, all three developments benefit from close access to amenities and schools, making them particularly attractive to owner-occupiers. To this end, it may also indicate that well-located projects can enjoy strong take-up regardless of segment, provided pricing is aligned with perceived value.

Considering these trends, it is fair to expect healthy buying interest at upcoming launches Vela Bay, and Tengah Garden Residences in April. Both projects are the first private condo launches in new housing precincts in Bayshore and Tengah which may present upside potential as the precincts undergo transformation. Notably, Vela Bay is on the doorstep of the Bayshore MRT station on the Thomson-East Coast Line, while Tengah Garden Residences - which also has commercial offerings on-site - is next to the future Hong Kah MRT station on the Jurong Region Line. Both projects are in the OCR and will help to boost the sub-market's sales this month.

In March, foreigners (non-PR) made up 1.9% of the non-landed new private homes (ex. EC) sold, reflecting 24 transactions in absolute terms. These comprised 14 units at River Modern, four units at Pinery Residences, two units at 32 Gilstead, and one each at Bloomsbury Residences, Faber Residence, The Continuum and W Residences Marina View - Singapore. Meanwhile, Singaporean buyers and Singapore PRs accounted for 86.2% and 11.9% of the sales, respectively, based on URA Realis caveat data.

We expect new private home sales could hover at around 9,000 units (ex. EC) in 2026, anchored by genuine demand from end-users and HDB upgraders. In addition, financing conditions continue to be relatively favourable, with the moderation in interest rates helping to sustain affordability and prop up buyer confidence. As at 15 April 2026, the 3-month Compounded SORA was around 1.058% p.a. - moderating from about 1.18% p.a. at the start of 2026. That being said, we remain watchful as a prolonged war in the Middle East and sustained high energy prices could fuel inflation and may lead to higher interest rates."

Table 2: Top-Selling Private Residential Projects (ex. EC) in March 2026

Source: PropNex Research, URA (15 April 2026)