Knight Frank Commentary | Monthly Developer Sales - April 2026

Knight Frank Commentary  | Monthly Developer Sales - April 2026

There were 1,548 developer sales (excluding Executive Condominiums (ECs)) in April 2026, 19.1% more than the 1,300 units recorded in March and more than double the 675 units recorded in April 2025 a year ago. When combined with the 2,013 new sales in Q1 2026 (based on the real estate statistics released by URA), there is an estimated total of 3,561 developer sales in the first four months of 2026. Based on this momentum, new home sales are on track to fall between 8,000 to 10,000 units for the entire year.

Notwithstanding the global uncertainty due to the ongoing unresolved tensions in the Middle East, as well as the wide-ranging spillover impact of volatile energy prices affecting many different industries, primary sales activity in the private residential market continues to chug along unflinchingly, as Singapore residents continue to throng showflats for new homes. New launches in popular locations remain sought after, especially if strategically priced close but within the affordability boundaries of buyers. The two new launches of Tengah Gardens Residences (sold 855 units out of a 863-project total) and Vela Bay (sold 370 units out of a project total of 515) led sales, and made up 79% of the total number of developer sales in April.

The near sell-out performance at Tengah Gardens Residences and the strong take-up at Vela Bay suggest that buyers are willing to commit decisively when a project aligns with expectations on pricing, liveability, connectivity and a growth potential story for the location. Although buyers are price-conscious, they are also prepared to move quickly for projects perceived to offer value within their respective submarkets.

With the focus of buyers on new launches, the bifurcation of home prices between new product for sale at showflats against existing completed inventory will continue to prevail. New sale prices have been and will drive most of the price growth in 2026, as the premium for new homes pulls away from transacted resale averages (on a per-square-foot-basis). In April, the median price of non-landed new sales was S$2,210 psf, 24.8% higher than the median price of S$1,771 psf for resale units, based on caveats from URA Realis as of 15 May 2026. 

With buyers cognisant that interest rates could rise in the near future, the present window of opportunity to secure a new home at current benign levels of borrowing will be the catalyst in upcoming launches, underpinned by the belief that residential property is a long-term store of value. Developers would also be keen on keeping the launch pipeline moving with projects, keeping an eye on global uncertainty and looking out for unexpected shocks such as open conflict could derail the existing strong buyer sentiment.