{"id":98184,"date":"2026-09-15T17:28:20","date_gmt":"2026-09-15T09:28:20","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=98184"},"modified":"2026-09-15T17:33:09","modified_gmt":"2026-09-15T09:33:09","slug":"august-developer-sales-slow-amid-launch-lull-and-hungry-ghost-month","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/august-developer-sales-slow-amid-launch-lull-and-hungry-ghost-month\/","title":{"rendered":"New home sales slow amid launch lull and Hungry Ghost Month"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div>\n<p><span style=\"font-weight: 400;\">New private home sales slowed in August 2026 as developers held back major launches during the Lunar seventh month.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Developers sold 153 new private homes, excluding executive condominiums (ECs), down 79.1% from 731 units in July. Sales were also 92.9% lower than the 2,142 units recorded in August 2025.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">This was the lowest monthly<\/span><span style=\"font-weight: 400;\"> sales volume since February 2024,<\/span><span style=\"font-weight: 400;\"> when developers also sold 153 units. Including ECs, total developer sales fell from 758 units in July to 171 units in August.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">According to Luqman Hakim, Chief Data &amp; Analytics Officer at 99.co, the steep decline does not necessarily point to a sudden loss of buyer interest. Instead, it largely reflects how few new homes entered the market during the month. August also overlapped with the Hungry Ghost Month, which runs from 13 August to 10 September in 2026 and is traditionally a quieter period for major purchases.<\/span><\/p>\n\n\n\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h3>Table of contents<\/h3><ul><li><a href=\"#h-why-did-sales-fall-in-august\" data-level=\"2\">Why did sales fall in August?<\/a><\/li><li><a href=\"#h-which-market-segment-recorded-the-most-sales\" data-level=\"2\">Which market segment recorded the most sales?<\/a><\/li><li><a href=\"#h-existing-projects-also-saw-fewer-buyers\" data-level=\"2\">Existing projects also saw fewer buyers<\/a><\/li><li><a href=\"#h-were-buyers-focusing-more-on-lower-priced-homes\" data-level=\"2\">Were buyers focusing more on lower-priced homes?<\/a><\/li><li><a href=\"#h-local-buyers-continued-to-dominate-new-home-sales\" data-level=\"2\">Local buyers continued to dominate new home sales<\/a><\/li><li><a href=\"#h-what-happened-in-the-ec-market\" data-level=\"2\">What happened in the EC market?<\/a><\/li><li><a href=\"#h-could-new-private-home-sales-recover-in-september\" data-level=\"2\">Could new private home sales recover in September?<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-did-sales-fall-in-august\"><b>Why did sales fall in August?<\/b><\/h2>\n\n\n\n<figure class=\"wp-block-image alignnone size-full wp-image-98185\"><img decoding=\"async\" width=\"1980\" height=\"972\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2026\/09\/01_sales_launches_by_segment.png\" alt=\"Bar charts comparing new private homes sold and units launched across the CCR, RCR and OCR in July and August 2026.\" class=\"wp-image-98185\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2026\/09\/01_sales_launches_by_segment.png 1980w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2026\/09\/01_sales_launches_by_segment-1536x754.png 1536w\" sizes=\"(max-width: 1980px) 100vw, 1980px\" \/><figcaption class=\"wp-element-caption\">New private home sales and units launched by market segment in July and August 2026, excluding ECs. Source: URA; analysis by 99.co.<\/figcaption><\/figure>\n\n\n\n<p><span style=\"font-weight: 400;\">Only 116 private homes were released for sale in August, down from 889 units in July. All 116 came from a later sales phase at <\/span><a href=\"https:\/\/www.99.co\/singapore\/condos-apartments\/union-square-residences\" target=\"_blank\" rel=\"noreferrer noopener\"><b>Union Square Residences<\/b><\/a><span style=\"font-weight: 400;\"> in the Rest of Central Region (RCR). No units were released in the Core Central Region (CCR) or Outside Central Region (OCR), and there was no brand-new project launch during the month.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">July, by comparison, benefited from several launches. <\/span><a href=\"https:\/\/www.99.co\/singapore\/condos-apartments\/lentor-gardens-residences\" target=\"_blank\" rel=\"noreferrer noopener\"><b>Lentor Gardens Residences<\/b><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.99.co\/singapore\/condos-apartments\/dunearn-house\" target=\"_blank\" rel=\"noreferrer noopener\"><b>Dunearn House<\/b><\/a><span style=\"font-weight: 400;\"> alone sold 270 and 212 units respectively during the month, giving buyers far more new options across different parts of Singapore.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Luqman added that new launches tend to generate the strongest burst of transactions. As a result, monthly developer sales can vary considerably depending on when projects enter the market.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-which-market-segment-recorded-the-most-sales\"><b>Which market segment recorded the most sales?<\/b><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><b>Market segment<\/b><\/td><td><b>July sales<\/b><\/td><td><b>August sales<\/b><\/td><td><b>Month-on-month change<\/b><\/td><td><b>August&#8217;s top-selling project<\/b><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">CCR<\/span><\/td><td><span style=\"font-weight: 400;\">235<\/span><\/td><td><span style=\"font-weight: 400;\">24<\/span><\/td><td><span style=\"font-weight: 400;\">-89.8%<\/span><\/td><td><span style=\"font-weight: 400;\">Dunearn House (18 units)<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">RCR<\/span><\/td><td><span style=\"font-weight: 400;\">162<\/span><\/td><td><span style=\"font-weight: 400;\">72<\/span><\/td><td><span style=\"font-weight: 400;\">-55.6%<\/span><\/td><td><span style=\"font-weight: 400;\">The Sen (12 units)<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">OCR<\/span><\/td><td><span style=\"font-weight: 400;\">334<\/span><\/td><td><span style=\"font-weight: 400;\">57<\/span><\/td><td><span style=\"font-weight: 400;\">-82.9%<\/span><\/td><td><span style=\"font-weight: 400;\">Lentor Gardens Residences (15 units)<\/span><\/td><\/tr><tr><td><b>Total<\/b><\/td><td><b>731<\/b><\/td><td><b>153<\/b><\/td><td><b>-79.1%<\/b><\/td><td><b>Dunearn House (18 units)<\/b><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><span style=\"font-weight: 400;\">Developers recorded 72 new home sales in the RCR in August, down 55.6% from 162 units in July. Of these,<\/span> <a href=\"https:\/\/www.99.co\/singapore\/condos-apartments\/the-sen\" target=\"_blank\" rel=\"noreferrer noopener\"><b>The Sen<\/b><\/a><span style=\"font-weight: 400;\"> accounted for 12 transactions at a median price of S$2,305 psf, while Union Square Residences recorded 10 transactions at a median of S$2,762 psf.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Meanwhile, developers sold 57 new homes in the OCR, down 82.9% from 334 units in July. Lentor Gardens Residences accounted for 15 of the transactions, at a median price of S$2,367 psf. This followed the 270 units sold at the project in July, when it launched.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">The CCR recorded 24 sales, down 89.8% from 235 units in the previous month. Dunearn House accounted for 18 of these transactions, or 75% of the CCR total, at a median price of S$3,008 psf.<\/span><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-existing-projects-also-saw-fewer-buyers\"><b>Existing projects also saw fewer buyers<\/b><\/h2>\n\n\n\n<figure class=\"wp-block-image alignnone size-full wp-image-98186\"><img decoding=\"async\" width=\"1620\" height=\"900\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2026\/09\/02_launch_vs_organic_sales.png\" alt=\"Stacked bars comparing sales from projects with a launch that month against sales from all other projects in July and August 2026.\" class=\"wp-image-98186\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2026\/09\/02_launch_vs_organic_sales.png 1620w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2026\/09\/02_launch_vs_organic_sales-1536x853.png 1536w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2026\/09\/02_launch_vs_organic_sales-160x90.png 160w\" sizes=\"(max-width: 1620px) 100vw, 1620px\" \/><figcaption class=\"wp-element-caption\">Projects without a launch or new sales phase during the month sold 143 units in August, down from 208 units in July. Source: URA; analysis by 99.co.<\/figcaption><\/figure>\n\n\n\n<p><span style=\"font-weight: 400;\">The lack of major launches explains much of August&#8217;s decline, but it was not the entire story. Sales also eased among projects that did not release units during the month.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Projects with a launch or new sales phase in July accounted for 523 of the month&#8217;s 731 transactions. The remaining projects sold 208 units.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">In August, Union Square Residences sold 10 units after releasing its later batch. All other projects collectively sold 143 units, about 31% fewer than the 208 sales recorded by non-launch projects in July. The number of projects that registered at least one sale also slipped from 50 to 46. This means even after removing the boost from July&#8217;s launches, buying activity still moderated by roughly one-third.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Still, the 143 sales recorded across projects without an August launch show that some buyers remained active. Rather than relying solely on the excitement of a new launch, these transactions suggest that buyers were willing to consider existing stock when the unit, price and overall value suited their needs.&nbsp;&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-were-buyers-focusing-more-on-lower-priced-homes\"><b>Were buyers focusing more on lower-priced homes?<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">Price quantum remained an important consideration in August. Based on URA Realis caveats, 60.1% of new non-landed private homes sold during the month cost less than S$2.5 million, slightly higher than July&#8217;s 58.5% share.<\/span><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><b>Transacted price<\/b><\/td><td><b>July 2026<\/b><\/td><td><b>August 2026<\/b><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Below S$1 million<\/span><\/td><td><span style=\"font-weight: 400;\">0.1%<\/span><\/td><td><span style=\"font-weight: 400;\">0.0%<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">S$1 million to below S$1.5 million<\/span><\/td><td><span style=\"font-weight: 400;\">2.8%<\/span><\/td><td><span style=\"font-weight: 400;\">5.4%<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">S$1.5 million to below S$2 million<\/span><\/td><td><span style=\"font-weight: 400;\">26.8%<\/span><\/td><td><span style=\"font-weight: 400;\">29.7%<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">S$2 million to below S$2.5 million<\/span><\/td><td><span style=\"font-weight: 400;\">28.8%<\/span><\/td><td><span style=\"font-weight: 400;\">25.0%<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">S$2.5 million to below S$3 million<\/span><\/td><td><span style=\"font-weight: 400;\">19.4%<\/span><\/td><td><span style=\"font-weight: 400;\">14.2%<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">S$3 million to below S$3.5 million<\/span><\/td><td><span style=\"font-weight: 400;\">9.6%<\/span><\/td><td><span style=\"font-weight: 400;\">10.8%<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">S$3.5 million to below S$4 million<\/span><\/td><td><span style=\"font-weight: 400;\">6.5%<\/span><\/td><td><span style=\"font-weight: 400;\">5.4%<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">S$4 million to below S$4.5 million<\/span><\/td><td><span style=\"font-weight: 400;\">2.6%<\/span><\/td><td><span style=\"font-weight: 400;\">2.7%<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">S$4.5 million to below S$5 million<\/span><\/td><td><span style=\"font-weight: 400;\">1.2%<\/span><\/td><td><span style=\"font-weight: 400;\">0.7%<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">S$5 million and above<\/span><\/td><td><span style=\"font-weight: 400;\">2.1%<\/span><\/td><td><span style=\"font-weight: 400;\">6.1%<\/span><\/td><\/tr><tr><td><b>Proportion below S$2.5 million<\/b><\/td><td><b>58.5%<\/b><\/td><td><b>60.1%<\/b><\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><i><span style=\"font-weight: 400;\">Source:URA Realis, 99.co. Note that figures may not add up to 100% because of rounding. Data retrieved on 15 September 2026.<\/span><\/i><\/figcaption><\/figure>\n\n\n\n<p><span style=\"font-weight: 400;\">This trend was especially visible at Dunearn House. About 77.8% of its August sales were priced below S$2.5 million, compared with 42.6% in July, when the project launched. The median size of the units sold also fell from 872 sqft in July to 635 sqft in August.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">In other words, the project&#8217;s August transactions leaned more heavily towards smaller units with a lower overall purchase price.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-local-buyers-continued-to-dominate-new-home-sales\"><b>Local buyers continued to dominate new home sales<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">Singaporeans made up 82.4% of new non-landed private home purchases in August, excluding ECs, while permanent residents accounted for another 16.9%.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Foreign buyers who were not permanent residents accounted for less than 1% of sales, with only one transaction recorded at <\/span><a href=\"https:\/\/www.99.co\/singapore\/condos-apartments\/river-modern\" target=\"_blank\" rel=\"noreferrer noopener\"><b>River Modern<\/b><\/a><span style=\"font-weight: 400;\">. Based on lodged caveats, this was the lowest monthly number of foreign-buyer purchases since 1995.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">However, August&#8217;s unusually low overall sales volume should be kept in mind when comparing buyer shares. With only 153 private homes sold during the month, even a small change in transaction numbers could shift the proportions more noticeably.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-happened-in-the-ec-market\"><b>What happened in the EC market?<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">Developers sold 18 new EC units in August, down 33.3% from 27 units in July. <\/span><a href=\"https:\/\/www.99.co\/singapore\/condos-apartments\/coastal-cabana\" target=\"_blank\" rel=\"noreferrer noopener\"><b>Coastal Cabana<\/b><\/a><span style=\"font-weight: 400;\"> was the segment&#8217;s top seller, accounting for 12 transactions at a median price of S$1,830 psf.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">The quieter month reflected both the lack of a fresh EC launch and the limited stock still available. As at the end of August, launched EC projects had 157 unsold units remaining, according to URA figures.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-could-new-private-home-sales-recover-in-september\"><b>Could new private home sales recover in September?<\/b><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1102\" height=\"735\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2026\/08\/58SU6UrJCCSr2njxmDA82E-edited.jpg\" alt=\"\" class=\"wp-image-97969\"\/><figcaption class=\"wp-element-caption\">Amberwood at Holland is among the projects entering the market after August\u2019s launch lull. Image credit: Sim Lian Group<\/figcaption><\/figure>\n\n\n\n<p><span style=\"font-weight: 400;\">August brought estimated private new home sales for the first eight months of 2026 to 5,038 units, excluding ECs. Although monthly sales are likely to remain uneven, activity could pick up from the second half of September as developers restart their launch schedules.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Projects expected to enter the market include the 212-unit <\/span><a href=\"https:\/\/www.99.co\/singapore\/condos-apartments\/amberwood-at-holland\" target=\"_blank\" rel=\"noreferrer noopener\"><b>Amberwood at Holland<\/b><\/a><span style=\"font-weight: 400;\">, the first private development in the new Holland Plain precinct, and<\/span> <a href=\"https:\/\/www.99.co\/singapore\/condos-apartments\/lucerne-grand\" target=\"_blank\" rel=\"noreferrer noopener\"><b>Lucerne Grand<\/b><\/a><span style=\"font-weight: 400;\"> in Lakeside. More than 2,000 private homes, excluding ECs, may be launched over the rest of 2026, giving buyers a wider range of locations, price points and unit types to consider.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Nevertheless, a busier launch calendar does not guarantee that every project will see the same response. Buyers are likely to compare the total price, location, layout and overall value carefully, particularly as economic uncertainty remains in the background.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">For now, August&#8217;s figures are best read as a quiet pause after July&#8217;s launch-led rebound. The market had fewer new homes to choose from, and sales at existing projects also eased. The next few launches will provide a clearer test of how much demand is waiting on the sidelines as the market heads into the final months of 2026.<\/span><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New private home sales slowed in August 2026 as developers held back major launches during the Lunar seventh month. Developers sold 153 new private homes, excluding executive condominiums (ECs), down 79.1% from 731 units in July. Sales were also 92.9% lower than the 2,142 units recorded in August 2025. This was the lowest monthly sales&hellip;<\/p>\n","protected":false},"author":141,"featured_media":98188,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"59689,68227,36399,11575,42474,94523","_relevanssi_noindex_reason":"","_lmt_disableupdate":"no","_lmt_disable":"no","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53601,53725,53738,57131],"tags":[56941,53740,59691],"persona":[57127,57128],"class_list":{"2":"type-post","16":"entry","17":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New home sales slow amid launch lull and Hungry Ghost Month - 99.co<\/title>\n<meta name=\"description\" content=\"New private home sales fell in August 2026 amid a Hungry Ghost Month launch lull. 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