Knight Frank Commentary | Monthly Developer Sales - March 2026 & Q1 2026 Residential Report

Knight Frank Commentary | Monthly Developer Sales - March 2026 & Q1 2026 Residential Report

There were 1,300 developer sales (excluding Executive Condominiums (ECs)) in March 2026, more than five times the 246 recorded in February and 78.3% more than March 2025 a year ago. The monthly volume of developer sales in March was also 82.6% more than the combined sales in January and February 2026, and the highest for the month of March since 2017. This signaled that developers have put the year end festivities of 2025 and the Chinese New Year celebrations of February behind them, before resuming normal service with a pipeline for launches for a homebuyer public that remains hungry for new product despite the outbreak of hostilities in the Middle East. The start of conflict on 28 February, lasting throughout March 2026 that added a new layer of uncertainty to an already volatile world, did nothing to affect domestic demand for private non-landed homes. The new launches of Pinery Residences (sold 543 units out of a 588-project total) and River Modern (sold 416 units out of a project total of 455) led sales, chalking up more than 90% of the respective project’s total during the month. Rivelle Tampines EC (sold 530 units out of a project total of 572) also breached the 90% mark. 

With brisk sales at River Modern, momentum in the CCR, which began building in the second half of 2025, is expected to continue through 2026 with a pipeline of project launches. Well-located projects have drawn solid interest from local buyers fuelled by wealth accumulated in the past two generations and the view that prime properties remain sound long-term investments despite the Additional Buyer’s Stamp Duty (ABSD) on the ownership of multiple homes. As events in the Middle East continue to unfold, Singapore is also well placed to benefit as a stable wealth and financial hub from global wealth flows. Some investors may recalibrate exposure away from conflict impacted markets and into Southeast Asia and Singapore. However, the outcome of such inflows on prime homes is likely to be gradual rather than immediate.

While all of the attention remains fixed on the headlines garnered from new launches, perhaps an overlooked segment of the private home market is the secondary market. As buyers who can afford focus on new product, the market is increasingly defined by a gulf between new launch pricing and resale values. This divergence is likely to persist as more price-sensitive buyers turn to the resale market, reinforcing a two-tiered price dynamic across Singapore’s private housing landscape. In the Core Central Region (CCR) during the first quarter of 2026, the median price of new sales was S$3,174 psf*, some 42.8% higher than the corresponding median price of resales at S$2,223 psf*. In the Rest of Central Region (RCR), the median price of new sales at S$2,686 psf*, 37.7% higher than resale units at S$1,951 psf* in the same period. Also in Q1 2026, the spread between the median price of new sale and resales in the Outside Central Region (OCR) was the highest among the three market segments at 61.0% with new sales recording S$2,502 psf* and resales S$1,554 psf*.

The bifurcation of home prices between new product for sale at showflats against existing completed inventory will continue to prevail and perhaps even widen with the premium for new homes pulling away from transacted resale averages (on a per-square-foot-basis). While buyers with means gravitate to new high-rise homes, less costly opportunities also open up for the budget conscious whose housing needs are more immediate.

In the remainder of 2026, Singapore’s non-landed private residential market is expected to remain healthy despite the conflict in the Middle East. With developer sales from January to March totaling 2,012, new home sales are likely to track between 8,000 to 10,000 units for the entire year. Nevertheless, higher energy prices and its knock-on effect on broad-based inflation can be expected to raise business costs and affect households. Should these shockwaves spread to the labour market and induce increased unemployment, homebuyer sentiment could turn pessimistic, eroding the current levels of supported demand.

* Based on URA Realis data available as at 10 April 2026. Figures exclude Executive Condominiums (ECs). 

For the full Q1 2026 Residential Report, click here.