2Q 2026 URA Private Residential Report: Price Index Moderates Amidst a Backdrop of Fewer New Launches in the Quarter

Figures are based on the official flash estimates for URA quarterly statistics, released on 1 July 2026.

According to flash estimates released by URA for 2Q 2026, the All-Residential Property Price Index rose modestly by 0.5% quarter-on-quarter (q-o-q), signifying a slowdown from the 0.9% q-o-q growth witnessed in the previous quarter. 

Based on caveats lodged as at 1 July 2026, total private home transactions held relatively firm, recording 5,358 total transactions, compared to 5,413 units in 1Q 2026.

Chart 1: All-Residential Property Price Index and Total Private Transaction Volume 

The overall non-landed private property price index (PPI) decreased slightly by -0.1% q-o-q to 210.6 in 2Q 2026, following the slight uptick of 1.3% q-o-q witnessed in the first quarter.

• The Outside Central Region (OCR) saw a -0.2% decline in prices, despite the successful launch of projects like Vela Bay and Tengah Garden Residences. This can be attributed to the high base set in the previous quarter.
• The RCR saw a corresponding -1.4% downturn in prices, with Hudson Place Residences being the sole new launch project in the quarter.
• The Core Central Region (CCR) was the only market segment which saw a positive shift, at 2.0%.  Despite no new launches in the quarter, prices for the resilient CCR segment held firm, which led to price growth despite a dip in transactions. As of 1 July 2026, the market segment saw a significant decrease in transactions, with only 596 transactions (compared to 1,223 in the previous quarter).
• Demand held steady for landed home prices, which increased by 2.6% in the quarter.

The quarter recorded only three new launches, namely Vela Bay (D16, OCR), Tengah Garden Residences (D24, OCR) and Hudson Place Residences (D05, RCR). This paled in comparison to 1Q 2026, which delivered six project launches, inclusive of two Executive Condominium (EC) projects. 

Overall, the overall decrease in the PPI can be attributed to the seasonal lull observed during the annual June school holiday period, which is a low period for home-viewing and subsequent homebuying activity.

The seasonal lull also affected the resale market, contributing to a decline in transactions from 3,586 in 1Q 2026 to 3,482 in this quarter. Meanwhile, sub-sale transactions continue on its downward trend, falling to a new record low of 140 transactions this quarter.

The lower number of transactions overall in the quarter led to a corresponding moderation in the price index.

In June, the URA also released the schedule of confirmed and reserved sites under the 2H 2026 GLS exercise. With an extra 4,745 private residential units added to the 2H 2026 GLS Confirmed List, the new supply will help the Government pursue its goal of sustainable prices and ensuring a consistent pipeline of new homes in the upcoming years. Developers still show a strong interest in acquiring sites. In 2Q 2026, five GLS sites (excluding executive condominium sites) closed in 2Q 2026. Combined, the five sites attracted an average of 3.8 bidders.

Private home prices remained broadly stable in 2Q 2026, even as transaction volumes pulled back sharply. This reflects a market that is consolidating following the strong launch-driven momentum to kick off the year. The moderation in activity was largely due to seasonal factors and a tighter launch pipeline, which limited immediate buying opportunities. 

At the same time, demand remained firm for the new launches in the quarter, which reported healthy take up rates. Projects that entered the market continued to attract strong interest, pulling buyers away from the resale and sub-sale sectors, which experienced softer activity. The take up rate reported at these new projects were impressive, at 99% for Tengah Garden Residences, 72% at Vela Bay, and 61% at Hudson Place Residences on their respective launch weekends. 

The divergence between regions also reflects shifting buyer preferences. Demand for OCR and RCR units remains resilient, supported by HDB upgraders and owner-occupiers, while demand for CCR units is more sensitive to launch timing and pricing benchmarks.

In the resale market, Stirling Residences saw the highest resale volume with 30 caveats lodged, followed closely by Riverfront Residences with 28 caveats. The popularity of these two condominiums could be attributed to their recent completion. Stirling Residences and Riverfront Residences obtained their temporary occupation permit in 2022 and 2023, respectively. Furthermore, Stirling Residences is a short walk to Queenstown MRT Station as well as Mei Ling Market and Food Centre, while Riverfront Residences is in close proximity to two popular schools, namely CHIJ Our Lady of the Nativity and Holy Innocents’ High School.

Looking ahead, new sale transaction volumes are expected to rebound, with highly anticipated launches expected to launch in 2H 2026. Particularly, we can expect a robust uptick in CCR transactions and prices with the launch of Dunearn House in July 2026. Resale volume is likely to take a backseat to new sale volume so a weaker rebound is expected for resale condominiums.

With underlying demand still strong and economic fundamentals resilient, price growth is projected to stay gradual and sustainable throughout the year. Prices are expected to sustainably remain on track to reach ERA’s earlier forecast of 3% to 5%, while transactions should remain on course to attain ERA Singapore’s projection of 9,000 and 10,000 units for the primary market, and a further expected 13,000 to 14,000 transactions in the secondary market, indicating stable underlying demand in the year ahead.

New Sale (Non-Landed Homes, Excluding ECs) 

According to caveats lodged as of 1 July 2026, new sale transactions increased by 3.5% quarter-on-quarter to 2,093 (excluding EC) units in 2Q 2026. The uptick can be attributed to an overwhelmingly positive reception to new launch projects, despite having only three launches in this quarter compared to six in the previous quarter.

The take up rate reported at these new projects were impressive, at 99% for Tengah Garden Residences, 72% at Vela Bay, and 61% at Hudson Place Residences on their respective launch weekends. The positive reception for these projects fuelled the slight uptick in prices for the quarter.

The strong take-up rates for new launch projects in the quarter revealed that underlying demand for new homes remains firm. Projects entering the market continued to attract substantial interest, reflecting sustained buyer confidence despite global uncertainty. This has contributed to the slight increase in price index of 0.5%.

Chart 2: New Sale Transactions and Median Price for Non-Landed Homes (excluding ECs)

Although there is a slight increase in new home completions in 2026, total completions will still be 30% below the 10-year average for the decade. This shortfall has caused spillover demand into the primary market. Additionally, lower interest rates and rising HDB prices have boosted buyers’ financial ability to purchase private residential properties. Consequently, strong sales momentum is expected to continue into 2026.

Table 1: List of new launches in 2Q 2026

Core Central Region (CCR)

CCR prices increased by 2.0% in 2Q 2026, reversing the 0.4% increase from the previous quarter. This is largely due to no new launches in this market segment during the quarter.

Compared to 2025, the CCR market segment is expected to see lower new-home supply this year. With only about 1,424 CCR units scheduled to be launched in 2026, nearly half of that supply was already introduced in the first quarter. This early rollout of launches provided price support for the CCR segment.

Buyers interested in CCR homes will have to look towards 2H 2026, which features key launches in emerging housing areas, such as Dunearn House (the first project in Bukit Timah Turf City) and the upcoming project at Holland Link GLS site.

Rest of Central Region (RCR)

The RCR recorded an -1.4% decrease in prices, despite the successful launch of Hudson Place Residences, due to the higher base recorded in the previous quarter.

The project, which recorded a 61% take-up rate upon launch appealed to buyers for its city fringe location adjacent to the one-north precinct. one-north is a key commercial and research node anchored by high-value, knowledge-based sectors including biomedical sciences, infocomm technology, media, science and engineering. This ecosystem is set to deepen further with the recently announced Kampong AI at LaunchPad @ one-north, which will bring together AI startups, researchers, corporates, capital partners and academia within Singapore’s first integrated startup community with both work and living spaces.

Beyond supporting the housing demand created by these robust and rapidly growing industries, Hudson Place Residences provides strong value proposition for buyers looking for new homes in the RCR market. The median new sale price of $2,465 psf reported at Hudson Place Residences was 6.5% lower than the 6-month RCR median of $2,635 psf, highlighting the underlying demand for affordably priced homes in the city fringe, particularly among young families that hold jobs in one of one-north’s emerging industries.

Outside of Central Region (OCR)

2Q 2026 saw two OCR launches launches and an -0.2% decrease in the OCR price index. The OCR continues to reflect a market segment supported by a strong upgrader pool, particularly from HDB owners unlocking significant housing equity.

These homes launched to an overwhelming reception, with take up rates achieved of 99% for Tengah Garden Residences and 72% at Vela Bay on launch weekend. These projects sold at median prices of $2,113 psf, and $2,862 psf respectively.

The performance also highlights an important trend. Buyers today are more selective but remain highly decisive when a project meets their expectations on pricing, location, and product quality. Notably, the two OCR projects in the month presented buyers with unique opportunities to purchase the inaugural private housing launches in the budding residential towns/enclaves of Tengah and Bayshore. Buyers probably saw the  growth potential in these emerging areas and decided to make the first entry before prices inevitably scale upwards.

Looking ahead, OCR price growth is expected to remain resilient. With nearly two-thirds of upcoming launches concentrated in this segment, projects in established estates such as Serangoon, Bishan and Bedok are likely to see healthy demand, supported by strong connectivity, amenities and a deep upgrader pool.

Executive Condominium (EC) 

There were no EC launches in 2Q 2026, which contrasted the fanfare for the launches of Coastal Cabana and Rivelle Tampines in the previous quarter. Therefore, we observed that EC transactions that took place in 2Q 2026 mainly consisted of buyers snapping up balance stock from these aforementioned projects.

In May 2026, measures were implemented by the Ministry of National Development (MND) that is expected to impact the launch pricing and performance of future EC projects. These measures included the extension of the Minimum Occupation Period (MOP), the removal of the Deferred Payment Scheme (DPS) and an increase in wait-time for second-time buyers. 

With the changes directly impacting future EC launches and GLS sites, EC homebuyers that may have been sitting on the fence might have been prompted to make a move on EC projects currently on the market, which offer greater flexibility as they are still under the previous EC regulations.

Resale and Sub-Sale (Non-Landed Homes, Excluding EC) 

In 2Q 2026, resale transactions for non-landed private homes (excluding ECs) declined by 18.3% quarter-on-quarter to 2,634 units, according to caveats lodged with URA as of 1 July 2026. This is the lowest level since the second quarter of 2020 and represents a departure from the stable pattern of approximately 3,000 resale units per quarter for the previous eight quarters.

The weaker sales activity in the resale market could be due to the seasonal lull during the annual June school holidays when many potential homebuyers travel overseas, causing viewing and subsequent homebuying activities to dwindle.

Chart 3: Resale Transactions and Median Price for Non-Landed Homes (excluding ECs)

Despite a decrease in transaction volume, median resale prices for non-landed private residential properties (excluding executive condominiums) continues to climb upwards, rising by 1.5% quarter-on-quarter to $1,792 psf.

Chart 4: Sub-Sale Transactions and Median Price for Non-Landed Homes (excluding ECs)

Within the sub-sale segment, transaction volumes continue to decline, falling by 20% quarter-on-quarter to 140 transactions, a record-low since the peak of 411 transactions was recorded in 4Q 2023. The sub-sale transactions also represented merely 2.2% of all sale transactions for non-landed private homes. The decline in sub-sales could be attributed to the increase in new launches which come with a long remaining tenure and more attractive pricing.

Despite the decline in transaction volume, the median sub-sale price rose from $2,323 psf in 1Q 2026 to $2,430 psf in 2Q 2026, an increase of 4.6% quarter-on-quarter.

Market Outlook

Based on the 2Q 2026 flash estimates, overall private property prices increased by 0.5%. It remains on track to reach ERA’s earlier forecast of 3% to 5%.

Due to the on-going geopolitical tensions, stability may be further challenged by conflicts involving Israel, Iran, and the United States, heightening concerns about economic instability. So far, oil prices have risen, and financial markets have shown volatility. If supply disruptions persist, this could result in higher costs for energy, construction, and living expenses.

Singapore is recognized as a safe haven amid global uncertainties thanks to stable governance, a strong Singapore Dollar, and a resilient property market. Despite global market challenges, the residential property sector in Singapore maintains a predominantly optimistic outlook for the near future. Over time, Singapore has built a reputation as a leading wealth hub in the region, with its real estate regarded as a high-quality asset that provides steady rental income for investors and strong capital appreciation for investors.

The country is experiencing a significant increase in wealth transfer, mainly driven by a wealthy middle class whose assets have risen rapidly due to increasing property values. With an aging population, this transfer is expected to speed up. Although this influx of capital will benefit future generations financially, it may also widen the societal wealth gap. As tensions in the Middle East escalate, more wealth transfers and investments could flow into Singapore. 

With Singaporeans' strong belief in real estate investment, much of the expected increase in wealth transfer will likely benefit this market. We already see this as older homeowners downsize to unlock housing equity for liquidity, and younger buyers receive parental support for property acquisitions. Consequently, this flow of capital will sustain long-term demand and price growth across Singapore's residential market.

In 2026, the private residential market is expected to remain resilient, supported by moderate price growth driven by strong owner-occupier demand and ongoing right-sizing trends. Healthy take-up rates from recent project launches reinforce this positive outlook. This underlying demand has also encouraged developers to commit to new projects, suggesting that the development pipeline and future housing supply will continue to be supported by strong market fundamentals. 

Buyers can also look forward to a pipeline of 18 private residential projects, including one landed project, and 5 EC launches this year. Barring any unforeseen circumstances, ERA Singapore projects new home sales to be between 9,000 and 10,000 units, while the secondary market is expected to record 13,000 to 14,000 transactions, indicating stable underlying demand in the year ahead.

Table 4: Upcoming launches in 3Q 2026