SRI - Singapore Realtors Inc.

18 May 2026

New Home Sales Rise in April 2026 Amid Strong Launch Momentum

Singapore’s new home market maintained its positive momentum in April 2026, extending the strong recovery observed in March as buyer activity continued to gain traction across the primary market. Developer sales rose to about 1,548 units in April, up from around 1,300 units in March, reflecting sustained interest from homebuyers amid a fresh wave of launches.

The increase in transaction activity was largely supported by the launch of key projects such as Tengah Garden Residences and Vela Bay, which collectively accounted for approximately 74.3% of total monthly sales. Their strong performance highlights how buyer demand continues to be closely anchored to fresh launches that are strategically positioned in terms of location, pricing and long term value proposition.

Tengah Garden Residences emerged as the best performing project of the month, recording 855 units sold at a median price of about $2,111 $psf, while Vela Bay followed with 370 units transacted at a median price of approximately $2,865 $psf. Tengah Garden Residences reportedly achieved a take up rate of over 99% during its launch weekend, marking a significant milestone for Tengah as the precinct’s first fully private condominium development. The project’s strong reception reflects growing buyer confidence in Tengah’s longer term growth trajectory, supported by future infrastructure such as the Jurong Region Line and its increasing connectivity to major employment nodes.

Similarly, Vela Bay’s healthy sales performance reinforces the attractiveness of first mover projects within emerging precincts. Positioned within the evolving Bayshore area and located near Bayshore MRT station, the project benefited from buyers seeking early entry opportunities within a precinct that is expected to undergo progressive transformation over the coming years. The project’s waterfront orientation and proximity to the East Coast corridor further enhanced its appeal, particularly amid longer term coastal transformation plans.

Overall, the April results continue to reinforce a broader market trend where projects located within emerging residential clusters are able to generate strong demand when backed by clear infrastructure visibility and transformation narratives. Buyers appear increasingly willing to commit to developments that offer future growth potential, especially when entering at an earlier stage of a precinct’s evolution. At the same time, the market continues to transition towards a more balanced and sustainable phase, where sales performance is increasingly dependent on the quality, positioning and timing of individual launches rather than broad based exuberance.

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

18 May 2026

New EC Policy Changes Aim to Strengthen Owner Occupation and Market Stability

The latest recalibration of the Executive Condominium (EC) scheme represents one of the most significant policy shifts for the segment in recent years, with the measures largely aimed at strengthening genuine owner occupation, improving accessibility for first timer households and supporting more sustainable market dynamics over the longer term. Broadly, the changes also appear aligned with the Government’s wider housing policy direction in recent years, where stronger emphasis has increasingly been placed on longer term occupation and moderating speculative activity across the residential market.

One of the most notable changes involves the extension of the Minimum Occupation Period (MOP) for newly launched ECs from 5 years to 10 years. Under the revised framework, EC owners will now need to occupy their units for a longer duration before they are allowed to sell their homes on the open market. Foreigners and corporate entities will only be eligible to purchase these ECs after the 10th year. The move signals a clear shift towards positioning ECs more firmly as owner occupied housing rather than shorter term investment assets. At the same time, the longer holding period may also moderate near-term speculative demand and reduce rapid turnover within the EC segment.

Another key measure is the tightening of foreigner access to EC resale units. Under the revised framework, foreigners will only be allowed to purchase privatised ECs after 15 years instead of the current 10 years. This effectively lengthens the transition period before ECs fully enter the unrestricted private residential market. The adjustment may help preserve the original social objective of ECs by ensuring that the housing type continues to primarily serve local households for a longer duration.

The Government has also enhanced support for first timer households through changes to allocation quotas and priority schemes. The quota for first timer families purchasing new ECs has been increased from 70% to 90%, reinforcing the intention of preserving EC accessibility for genuine owner occupiers and HDB upgraders. In addition, the priority period for second timer buyers has been extended from 1 month to 2 years, further strengthening the opportunities available for first timer applicants during the initial launch phases.

At the same time, the Deferred Payment Scheme (DPS) for new EC purchases will be removed for future EC Government Land Sales sites. The removal of DPS is likely intended to encourage more prudent financial planning and reduce highly leveraged purchases. While this may result in slightly higher upfront financial commitments for some buyers, it also helps reinforce financial prudence within the market.

Collectively, the measures suggest a broader repositioning of the EC scheme towards longer term home ownership and social support for first timer households. While some moderation in investor driven demand may emerge over time, underlying owner occupier demand within the EC segment is likely to remain supported, particularly from HDB upgraders seeking a transitional pathway into private housing. Over the longer term, the revised framework may contribute towards a more stable and sustainable EC market that remains aligned with its original policy intent.

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

18 May 2026

Dunearn Road GLS Tender Closes at $1,625 psf ppr with 6 Bidders

The tender for the second land parcel at Dunearn Road has closed on a firm note, with a top bid of $1,625 psf ppr submitted by the consortium of Wing Tai and Metro Holdings. This marks a notable increase from the $1,410 psf ppr achieved for the first land parcel, reflecting continued developer confidence in the long-term potential of the Turf City precinct.

A key factor supporting the stronger land price is the inclusion of a residential development with commercial space at the first storey. Such configurations tend to enhance overall project attractiveness by introducing convenience driven amenities such as retail and supermarket offerings. In emerging precincts like Turf City, where infrastructure is still progressively taking shape, this added layer of liveability can support stronger end user demand and contribute to pricing resilience over time.

The tender attracted a total of 6 bidders, moderating from the 9 bidders seen for the first parcel. This suggests that while interest in the site remains healthy, developers are becoming more selective in their participation. The moderation in bidder numbers is not unexpected, particularly in light of the broader ramp up in Government Land Sales supply and the upcoming GLS site at the Holland Plain precinct. With more opportunities available, developers are likely to adopt a more measured approach towards capital deployment, focusing on risk management and project execution considerations rather than bidding aggressively across all sites.

In addition, the inclusion of a commercial component introduces a higher degree of development complexity, which may have further contributed to the more selective participation. Broader macroeconomic conditions, including volatility in global energy prices, could also influence construction and financing costs, reinforcing a more calibrated bidding strategy among developers.

Looking ahead, the first Dunearn Road parcel, tentatively known as Dunearn House, is expected to launch around 3Q2026, with an estimated 380 units. As the first private residential project within this part of the Turf City precinct, it is likely to establish initial pricing benchmarks and benefit from an early mover advantage. In comparison, the second land parcel is expected to yield around 330 units and may take on a more low to mid rise profile, contributing to a more diverse mix of housing options within the area.

The site’s location within the Bukit Timah planning area further supports its long term appeal. It is situated near Sixth Avenue MRT station on the Downtown Line and in proximity to the future Turf City MRT station on the Cross Island Line, offering strong connectivity to key employment and lifestyle nodes. In addition, the broader Turf City transformation is expected to deliver approximately 15,000 to 20,000 homes, alongside new amenities, green spaces and community infrastructure, positioning the area as a well planned and highly liveable residential cluster.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg