If you've been watching the new launch market and wondering whether now is a good time to make your move, May's developer sales figures give you something real to work with. Not panic-inducing, not cause for celebration, but genuinely useful information for anyone making a decision right now.
Developers sold 447 new private homes in May, excluding executive condominiums. That's the lowest monthly figure in three months, and it sits at the softer end of what we'd typically expect in an active market.
To put that in context, monthly developer sales in recent years have generally ranged between 400 and 1,000 units depending on how many projects launched that month. So 447 isn't alarming, but it does tell you that buyer activity in the primary market has cooled noticeably.
Prices haven't fallen though. New OCR launches are still holding in the S$2,050 to S$2,450 psf range, with well-located projects near MRT stations pushing closer to S$2,800 psf. RCR new launches remain broadly between S$2,400 and S$2,900 psf, and CCR luxury product is still commanding S$3,000 to S$3,800 psf. The volume dip hasn't translated into a price correction, at least not yet.
In my view, the 447-unit figure is primarily a launch pipeline story, not a demand collapse. Developers' sales are almost entirely driven by what actually launches in a given month. If there are no big projects hitting the market, the numbers will be thin regardless of how many buyers are out there waiting. May simply didn't have enough major launches to move the needle.
What I'm seeing on the ground is a buyer pool that hasn't disappeared. It's become more selective. Buyers today are doing more homework, comparing new launches against resale options, and walking away from projects they feel are priced too aggressively. New launches in OCR locations at S$2,300 to S$2,600 psf are facing real price resistance when nearby resale condos of comparable quality are transacting at 20 to 35 percent less. That gap is hard to ignore and buyers are no longer ignoring it.
In 25 years I've watched this pattern before. Slower primary market months create a window. Developers who are sitting on unsold inventory start getting more flexible, either on pricing, on payment schemes, or on unit selection. Here's the thing most people miss: the best time to negotiate isn't when everyone else is rushing in. It's in months like this one.
If you're an HDB upgrader: Your HDB resale gains over the past few years have been substantial. The resale price index has risen more than 30 percent since 2019, and million-dollar HDB transactions have become almost routine in mature estates. That equity is real. The challenge is that moving into a new launch OCR condo at current psf levels still means stretching your budget, especially with ABSD at 20 percent for a second property and TDSR capped at 55 percent of your gross income. My suggestion is to get your financial numbers absolutely clear before viewing any project. Know your max loan, know your cash outlay, and only then assess whether a new launch or a resale condo serves you better right now.
If you're a private condo investor: Gross rental yields for OCR condos are running around 3.2 to 3.8 percent, with some older projects hitting above 4 percent. That's not spectacular, but it's serviceable if you're buying for medium to long-term appreciation rather than immediate cashflow. With yields having compressed as prices outpaced rents over the past two years, the math for pure rental investors is tighter. I'd be focusing on projects where the entry price is genuinely reasonable relative to nearby resale comparables, not just attractive on paper because the developer has packaged it well.
If you're a Singapore Permanent Resident or foreign buyer: The ABSD picture hasn't changed. PRs face 30 percent ABSD on a second property, and foreigners are still at 60 percent for any residential purchase. A slower primary sales month doesn't change that equation. Where it does matter is in the resale market, where there's no ABSD remission clock and you have more room to negotiate on price when sentiment is softer. If you've been eyeing a specific development in the resale market, this is a reasonable environment to make an offer.
May's 447-unit developer sales figure reflects a market that's pausing, not breaking down. Prices are holding, demand hasn't evaporated, and the underlying fundamentals for Singapore property remain intact. What's shifted is buyer behaviour. People are more deliberate, more price-conscious, and less willing to rush into a new launch just because it's new. That's actually healthy, and it creates real opportunities for those who do their homework. If you want to work through what these market conditions mean specifically for your situation, whether you're upgrading, investing, or trying to time a purchase, reach out to me directly on WhatsApp at +65 97501055 or visit keithtanboonkee.com. Let's talk through the numbers together.
25 years experience · 1,000+ transactions · 4,379 TOP units managed
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