Singapore’s private residential property market staged a powerful comeback in March 2026, with developers selling 1,300 private homes – excluding executive condominiums (ECs) – marking a 78.3 per cent increase from the 729 units sold in March last year. The figure also represented a dramatic jump from the mere 246 units sold in February, according to data released by the Urban Redevelopment Authority.

The strong performance made March 2026 the best-performing March for new home sales since 2017, underscoring renewed buyer confidence and sustained appetite for newly launched residential projects despite an uncertain global economic backdrop.

New Launches Fuel Buying Frenzy

A key driver behind the sharp increase in sales was the arrival of several highly anticipated condominium launches that drew overwhelming demand from buyers.

Leading the charge was the 455-unit River Modern in River Valley, which sold approximately 90 per cent of its units during its launch weekend. In the suburban market, Rivelle Tampines EC and Pinery Residences also achieved remarkable success, each moving more than 90 per cent of their units shortly after launch.

Including ECs, developers sold a total of 1,937 units in March, while 1,615 units were launched during the month. This represented a major rebound from February, when only 266 units were sold and just 15 units were launched due to the seasonal slowdown around Chinese New Year.

Market analysts noted that pent-up demand had been building over several quieter months at the start of the year. Buyers who had delayed purchases during the year-end lull returned strongly once fresh inventory entered the market.

Strong Demand Despite Global Uncertainty

Interestingly, the surge in sales occurred even as geopolitical tensions intensified globally. Analysts pointed to the ongoing Middle East conflict, which began on Feb 28, as a potential source of economic uncertainty. However, the conflict appeared to have little impact on Singapore’s domestic housing demand.

According to industry observers, homebuyers remained focused on securing quality projects amid still-favourable mortgage rates and limited supply of attractive new launches. Buyers were especially drawn to projects offering modern layouts, strong connectivity, and future growth potential.

Core Central Region Leads the Way

One of the standout developments in March was the strong resurgence of Singapore’s prime Core Central Region (CCR). A total of 472 CCR units were sold during the month, with River Modern accounting for 416 of those transactions at a median price of S$3,220 per square foot (psf).

The performance established River Modern as one of the most successful non-landed CCR launches in recent years. Other luxury projects also recorded healthy sales activity:

• Newport Residences sold 22 units at a median price of S$3,062 psf

• W Residences Marina View Singapore moved six units at a median price of S$2,636 psf

Overall, 697 CCR homes were sold in the first quarter of 2026, more than triple the 192 units sold during the same period a year earlier. Analysts described this as the strongest first-quarter CCR performance since 2010.

The revival of the CCR market is particularly notable because the segment had struggled for years under cooling measures and higher stamp duties affecting foreign buyers.

Luxury Market Remains Resilient

Singapore’s luxury housing market also demonstrated resilience in March. A total of 51 new homes priced above S$5 million were sold during the month.

Among the most expensive transactions were two units at 32 Gilstead, each measuring more than 4,200 square feet and sold for S$14.5 million to foreign buyers.

At Upperhouse along Orchard Boulevard, two 2,056-square-foot units changed hands for S$7.9 million and S$7.8 million respectively, also purchased by overseas buyers.

Despite these high-profile deals, foreigners continued to represent only a small proportion of overall transactions, with just eight foreign purchases recorded in March.

Executive Condominiums Reach New Pricing Benchmarks

The EC market also broke new ground as buyers showed willingness to pay record prices for desirable projects.

A total of 275 EC units were sold for at least S$2 million in March, significantly surpassing the previous record of 150 units achieved in March 2025. In addition, 411 EC units were sold at prices above S$1,900 psf, with nearly all of them coming from Rivelle Tampines.

The figures suggest that EC buyers are increasingly accepting higher price points in exchange for newer projects located in mature estates with strong transport links and amenities.

Gap Between New Launches and Resale Homes Widens

While new launch demand remains exceptionally strong, property analysts highlighted a growing price gap between newly launched homes and resale properties across Singapore.

In the first quarter of 2026:

• Median CCR new sale prices reached S$3,174 psf, compared with S$2,223 psf for resale units

• In the Rest of Central Region (RCR), new homes averaged S$2,686 psf, versus S$1,951 psf for resales

• The largest gap appeared in the Outside Central Region (OCR), where new homes averaged S$2,502 psf while resale homes stood at S$1,554 psf

This widening divergence reflects buyers’ willingness to pay a premium for modern projects with newer facilities, energy-efficient designs, and strong developer branding. At the same time, resale homes are increasingly attracting budget-conscious buyers seeking larger spaces or immediate move-in options.

Industry experts believe this “two-tier” market dynamic is likely to persist as more expensive launches enter the market throughout the year.

Outlook for the Rest of 2026

Property analysts remain optimistic about Singapore’s residential market for the months ahead. Several major launches are expected to sustain momentum, including upcoming projects such as Vela Bay in Bayshore and Tengah Garden Residences.

These developments are expected to attract strong interest because both locations have seen limited new supply in recent years.

With mortgage rates remaining relatively low and developers continuing to release attractive projects, buyer demand is likely to remain healthy in the near term. However, rising prices and growing affordability concerns could gradually push more buyers toward the resale market, particularly in suburban areas.

Still, March’s strong performance demonstrates that Singapore’s residential property market continues to show remarkable resilience, supported by stable economic fundamentals, limited land supply, and enduring demand for quality housing.