# Non-landed private home prices fell by 0.1% in second quarter, with 1.4% drop in RCR: flash estimates - **Source:** EdgeProp Singapore - **Published:** 2026-07-01T01:08:04.000Z - **Author:** Fiona Lam - **Original:** https://www.edgeprop.sg/property-news/non-landed-private-home-prices-fell-01-second-quarter-14-drop-rcr-flash-estimates - **Topics:** Private Residential, New Launches, Government & Policy ## Featured rationale The regional divergence signals price-sensitive demand shifting toward affordable suburban launches, while narrowing price gaps may continue attracting buyers to selected prime projects. ## AI summary Singapore non-landed private home prices fell 0.1% in 2Q2026, led by a 1.4% RCR decline, while CCR prices rose 2%. ## Original article Overall, Singapore's private homes got 0.5% pricier in the April–June period this year as compared to the previous three months, according to URA’s flash estimates of the 2Q2026 price index for private residential property released on July 1. The pace of growth has eased from the 0.9% increase in the first quarter, though the volume of sale transactions was broadly comparable. For non-landed private residential properties, prices decreased by 0.1% in the second quarter, reversing from the 1.3% gain in the previous quarter. Read also: Landed homes get pricier despite slower momentum, GCB deals average $2,121 psf The steepest decline in prices was in the Rest of Central Region (RCR) or city fringe with a 1.4% drop, in contrast to the 0.8% increase in 1Q2026. Hudson Place Residences was the sole new launch project in the RCR during the quarter. The condo’s median new-sale price of $2,465 psf was 6.5% lower than the six-month RCR median of $2,643 psf, which highlights "underlying demand for affordably priced homes in the city fringe, particularly among young families holding jobs in one of one-north’s emerging industries", said ERA Singapore chief executive Marcus Chu. In the Outside Central Region (OCR) or suburbs, non-landed home prices inched down by 0.2%, versus the 2.2% rise in the previous quarter. Tengah Garden Residences’ launch may have contributed to the slightly softer OCR prices, said CBRE head of research for Singapore and Southeast Asia, Tricia Song. As the first private condo launch in Tengah, the project saw overwhelming take-up due to its "attractive pricing" relative to recent OCR launches, she noted. This also coincided with the HDB resale price index falling for a second consecutive quarter, which may be indicative of weaker upgrading power, Song shared. On the other hand, prices of non-landed private residential properties in the Core Central Region (CCR) went up by 2%, speeding up from the 0.6% increase in the previous quarter. Read also: Freehold boutique landed home project Solstice debuts with prices from $4,406 psf, in District 11 On the CCR price gains, Knight Frank Singapore head of research Leonard Tay pointed out that demand for higher-end non-landed homes was contributed by wealth from an increasing buyer pool of citizens and permanent residents, some of whom decided to upgrade from being renters to homeowners. Despite not having any new launches during the quarter, the CCR outperformed on firm pricing at existing projects River Modern and The Robertson Opus. Song said that those projects' units traded at higher median prices than in preceding quarters, as buyers scooped up remaining units, "recognising value in these prime projects amid the narrowing price gap between the CCR and RCR/OCR". More suburban launches, lower-priced sales weighed on price growth Developers launched three major non-landed projects for sale during the quarter: Hudson Place Residences in Media Circle, Tengah Garden Residences in Tengah, and Vela Bay in Bayshore, during April and May. These three new launches were "priced sensitively with buyers in mind" and did not breach existing levels already established in the RCR and OCR, Tay said. As a result, prices of non-landed private homes were stable in 2Q2026 with a slight easing. This is characteristic of the transition from the rapid post-pandemic expansion towards a more sustainable and balanced phase of growth from 2024. Read also: Landed homes for $880,000: What's the catch, and why may some buyers consider them? That said, while this stability is positive, "an eye should be kept on private residential development sites awarded by the government as a precursor to probable price increases in the remainder of 2026 and early 2027", Tay added. Overall, the smaller price appreciation of private homes in Singapore in 2Q2026 could have been due to a higher proportion of sales being in the OCR, said Huttons Asia chief executive Mark Yip. Nearly 60% of sales during the quarter were in the OCR — the highest proportion since 3Q2015. "Usually, homes in the OCR are more affordable, hence it may have a bigger influence on the price index in 2Q2026," Yip noted. On the other hand, the proportion of transactions in the CCR, which are often higher priced, dipped to 12.3%, Christine Sun, chief researcher and strategist at Realion (OrangeTee & ETC) Group highlighted. As more suburban units were transacted in the second quarter, the number of new private homes (excluding ECs) transacted below $2 million rose sharply to 1,016 units, as compared to 631 units in the previous quarter. This may have dragged down the overall price index in 2Q2026, Sun remarked. And on a psf basis, she noted that the number of new private homes, excluding ECs, that were sold at below $2,000 psf also climbed from 24 units in the first quarter to 144 units in the latest quarter this year. Landed property values could grow further Meanwhile, landed homes saw prices climbing 2.6% in the latest three months, reversing from the 0.4% dip in the previous quarter. This is now the highest the landed price index has ever been. Knight Frank expects activity to remain "fairly resilient" with most deals closing within the $5 million to $10 million price bands, Tay said. He foresees landed home values growing by about 3–5% for the year, in tandem with the overall private housing market. Transaction volume holds steady URA’s flash estimates showed that sale transactions totalled 5,420 in the latest three months, up to mid-June, roughly stable from the 5,413 in the first quarter of the year. Market activity was shaped by a relatively limited pipeline of new project launches, the announcement of changes to the executive condo (EC) policy framework, as well as seasonal factors such as the June school holidays, said Mohan Sandrasegeran, head of research and data analytics at SRI. He added that the school holiday period traditionally sees a temporary moderation in transaction activity as some households defer major purchasing decisions. Huttons noted that the transaction volume in 2Q2026 is around 4.5% higher than a year ago. Yip reckoned that sentiment in the property market might have gotten a boost from the stronger-than-expected economic growth, low unemployment rate, and tentative truce between US and Iran amid the geopolitical conflict. Developers' new-sale volumes: In terms of new sales, about 2,116 units were transacted in 2Q2026, going by Huttons' estimates. That is 5.1% higher than the previous quarter and a 74.6% surge from the same period a year ago. As for resales, transaction volumes for non-landed private homes (excluding ECs) shrank by 18.3% q-o-q to 2,634 units in the second quarter this year, according to caveats lodged as at July 1. ERA’s Chu noted that this is the lowest level since the second quarter of 2020, and is a departure from the stable pattern of about 3,000 resale units per quarter for the past eight quarters. Within the subsale segment, volumes continued to decline, falling by 20% q-o-q to 140 transactions in the latest period — the lowest since the peak of 411 subsales in 4Q2023. Chu attributed this to the increase in new launches, which have longer remaining tenures and more attractive pricing. Despite the decline in subsale volumes, the median price for the segment rose 4.6% q-o-q to $2,430 psf in 2Q2026. Fresh wave of launches coming up Realion's Sun reckons that challenges in the global economy such as structural unemployment, a dimmer hiring outlook, and sticky inflation may cause some prospective homebuyers to exercise more caution for big-ticket purchases. This may impact housing demand and slow the pace of price growth. At the same time, expats and highly skilled local professionals in high-value tech sectors that are expanding will likely be well paid, which may prop up demand for private homes, Sun said. Given these countervailing factors, Realion expects overall prices in the private residential market to grow modestly by 2.5–3.5% this year. Other analysts anticipate that momentum may pick up again in the second half of the year as a fresh wave of project launches hits the market. Huttons estimates that about a dozen private residential launches with about 3,567 units are slated to debut in 2H2026. Upcoming projects in the second half of 2026: [object Object] Note: In alphabetical order, followed by chronological order. Source: URA, Huttons Data Analytics as of July 1, 2026. Sandrasegeran of SRI said: "Buyers can look forward to a diverse pipeline of projects across the OCR, RCR and CCR segments, with many of these developments originating from government land sales (GLS) sites awarded over the past few years." These include Lentor Gardens Residences, which is expected to offer around 499 units in the Lentor area, and Dunearn House, with an estimated 380 units in District 11. Both upcoming condos are likely to attract buyers due to their "strategic locations, connectivity and appeal to owner-occupiers seeking well-connected residential neighbourhoods", Sandrasegeran added. A significant anticipated launch, likely debuting in 2H2026, is Thomson Reserve — a mega redevelopment of the former Thomson View Condominium, with an estimated yield of more than 1,200 units. Thomson Reserve is noteworthy as it will inject substantial new supply into the RCR at a time when new launch activity in the region has been relatively limited, said Sandrasegeran. The project could thus benefit from pent-up demand among buyers who have been waiting for fresh city-fringe options in the RCR, he added. Other upcoming major condo projects in 3Q2026 include Amberwood at Holland, Lucerne Grand, and The Serra Residences. These will be followed by Bedok Rise and an EC project along Woodlands Drive 17, according to Huttons. For the whole of 2026, around 7,300 units may be launched for sale, which will be 36.4% lower than the 11,482 units last year, Yip said. In view of the fewer units to be launched in 2026, Huttons lowered its forecast for full-year transaction volumes to between 7,500 and 9,000 units, down from its previous projection of 8,000 to 10,000 units. It maintained its price growth forecast at 2–5%. CBRE reckons about 7,500 to 8,500 new private homes will be sold in 2026 while overall private home prices may grow at 2–4%. ERA projects new home sales to total 9,000 to 10,000 units this year, while the secondary market may see 13,000 to 14,000 transactions, indicating stable underlying demand. "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," Chu said. ## Chinese translation > Translation model: grok ### 非有地私宅价格第二季跌0.1%，其余中央区（RCR）跌1.4%：快报估计 非有地核心中央区（CCR）物业价格上涨2%。有地住宅价格亦上涨2.6%，扭转上季0.4%的跌幅。 整体而言，根据市区重建局（URA）于7月1日发布的2026年第二季私人住宅价格指数快报估计，新加坡私宅在今年4月至6月期间环比上涨0.5%。 涨幅较第一季的0.9%有所放缓，但成交量大致相当。 非有地私人住宅价格在第二季下跌0.1%，扭转上季1.3%的涨幅。 延伸阅读：有地住宅价格上涨尽管动能放缓，优质洋房（GCB）成交均价2,121新元/平方英尺 跌幅最大的是其余中央区（Rest of Central Region，RCR）或称城市边缘，价格下跌1.4%，与2026年第一季上涨0.8%形成对比。 Hudson Place Residences是该季RCR唯一新盘。该共管公寓新盘销售中位价为2,465新元/平方英尺，较RCR六个月中位价2,643新元/平方英尺低6.5%，突显“城市边缘对定价实惠住宅的潜在需求，尤其是在纬壹科技城（one-north）新兴产业就业的年轻家庭”，ERA Singapore首席执行官朱志强（Marcus Chu）表示。 在中央区以外（Outside Central Region，OCR）或称郊区，非有地住宅价格微跌0.2%，而上一季则上涨2.2%。 世邦魏理仕（CBRE）新加坡及东南亚研究主管宋秀青（Tricia Song）表示，Tengah Garden Residences的推盘或对OCR价格略软有所贡献。作为登加（Tengah）首个私人共管公寓项目，该盘因相对近期OCR新盘的“吸引人定价”而获热烈认购。 她指出，这亦恰逢HDB转售价格指数连续第二季下跌，或反映升级购买力偏弱。 另一方面，核心中央区（Core Central Region，CCR）非有地私人住宅价格上涨2%，增速高于上季的0.6%。 延伸阅读：永久地契精品有地住宅项目Solstice亮相，第11区起价4,406新元/平方英尺 针对CCR价格上涨，莱坊新加坡研究主管郑立伟（Leonard Tay）指出，高端非有地住宅需求获公民与永久居民买家群体扩大所带来的财富支撑，其中部分人从租客升级为业主。 尽管该季没有新盘推出，CCR仍凭借现有项目River Modern与The Robertson Opus的稳健定价表现领先。 宋秀青表示，这些项目单位成交中位价高于此前季度，因买家抢购剩余单位，“在CCR与RCR/OCR价差收窄之际，认识到这些核心项目的价值”。 更多郊区推盘、较低价成交拖累价格增长 开发商该季推出三个主要非有地项目：4月至5月期间分别位于Media Circle的Hudson Place Residences、登加的Tengah Garden Residences，以及碧湾（Bayshore）的Vela Bay。 郑立伟表示，这三个新盘“以买家为考量、定价审慎”，并未突破RCR与OCR已确立的价格水平。 因此，2026年第二季非有地私宅价格整体平稳、略有回落。这体现了市场从疫情后快速扩张，转向2024年以来更可持续、更均衡增长阶段的特征。 延伸阅读：88万新元有地住宅：有何隐情，为何有些买家仍会考虑？ 不过，郑立伟补充说，尽管这种稳定是积极的，“仍需关注政府批出的私人住宅发展地段，作为2026年余下时间及2027年初可能出现价格上涨的前兆”。 整体而言，Huttons Asia首席执行官叶伟杰（Mark Yip）表示，2026年第二季新加坡私宅价格升幅较小，可能由于OCR成交占比更高。 该季近60%成交位于OCR——为2015年第三季以来最高占比。“通常OCR住宅更可负担，因此可能对2026年第二季价格指数产生更大影响，”叶伟杰指出。 另一方面，Realion（OrangeTee & ETC）集团首席研究员兼策略师孙燕清（Christine Sun）强调，通常价格较高的CCR成交占比降至12.3%。 由于第二季有更多郊区单位成交，售价低于200万新元的新建私宅（不含EC）数量大幅升至1,016个单位，较上季631个单位增加。孙燕清表示，这可能拖累了2026年第二季整体价格指数。 按每平方英尺计，她指出售价低于2,000新元/平方英尺的新建私宅（不含EC）亦由第一季的24个单位升至本季的144个单位。 有地物业价值有望进一步增长 与此同时，有地住宅价格在最近三个月上涨2.6%，扭转上季0.4%的跌幅。 有地价格指数现已创历史新高。郑立伟表示，莱坊预期市场活动将保持“相当具韧性”，多数成交落在500万至1,000万新元价位段。 他预计有地住宅价值全年将上涨约3%至5%，与整体私人住宅市场同步。 成交量保持稳定 URA快报估计显示，截至6月中，最近三个月成交共5,420宗，与今年第一季的5,413宗大致持平。 SRI研究与数据分析主管Mohan Sandrasegeran表示，市场活动受新盘推介管道相对有限、行政共管公寓（EC）政策框架调整公布，以及6月学校假期等季节性因素影响。 他补充说，学校假期期间传统上成交活动会暂时放缓，因部分家庭推迟重大购房决定。 Huttons指出，2026年第二季成交量同比高出约4.5%。 叶伟杰认为，经济增速超预期、失业率偏低，以及美伊地缘冲突下暂时休战等因素，或提振了房地产市场情绪。 开发商新盘销量： 按Huttons估计，2026年第二季新盘成交约2,116个单位，环比高5.1%，同比激增74.6%。 至于转售，根据截至7月1日提交的caveat，非有地私宅（不含EC）成交量环比缩减18.3%至2,634个单位。 ERA的朱志强指出，这是2020年第二季以来最低水平，也偏离了过去八个季度每季约3,000个转售单位的稳定格局。 在转售分销（subsale）板块，成交量继续下滑，环比跌20%至140宗——为2023年第四季高峰411宗以来最低。朱志强将此归因于新盘增加，剩余地契更长且定价更具吸引力。 尽管分销成交量下降，该板块中位价在2026年第二季环比上涨4.6%至2,430新元/平方英尺。 新一轮推盘即将到来 Realion的孙燕清认为，全球经济结构性失业、招聘前景偏淡及通胀黏性等挑战，或使部分潜在购房者对大宗置业更趋谨慎。 这可能影响住房需求并放缓价格涨速。与此同时，高价值科技等扩张领域的外籍人士与高技能本地专业人士收入可观，或支撑私宅需求，孙燕清表示。 综合这些相互制衡的因素，Realion预计今年私人住宅市场整体价格将温和上涨2.5%至3.5%。 其他分析师预期，随着新一轮项目推盘入市，下半年动能或再度回升。 Huttons估计，2026年下半年约有十余个私人住宅项目、约3,567个单位计划亮相。 2026年下半年即将推出的项目： （原文表格未能解析） 注：按字母顺序，再按时间顺序排列。资料来源：URA、Huttons Data Analytics，截至2026年7月1日。 SRI的Sandrasegeran表示：“买家可期待横跨OCR、RCR与CCR板块的多元化项目管道，其中不少源自过去数年政府售地（GLS）批出的地段。” 其中包括预计在伦多（Lentor）一带提供约499个单位的Lentor Gardens Residences，以及第11区估计约380个单位的Dunearn House。 Sandrasegeran补充说，这两个即将推出的共管公寓因“战略区位、连通性以及对寻求交通便利居住社区的自住买家的吸引力”而有望吸引买家。 一个备受关注、很可能于2026年下半年亮相的项目是Thomson Reserve——前Thomson View Condominium的大型重建项目，估计可提供逾1,200个单位。 Sandrasegeran表示，Thomson Reserve值得关注，因其将在RCR新盘活动相对有限之际，向该区域注入可观新供应。项目因而可能受惠于一直在等待城市边缘RCR新选择的买家积压需求。 Huttons称，2026年第三季其他主要共管公寓项目还包括Amberwood at Holland、Lucerne Grand与The Serra Residences，随后还有Bedok Rise及沿Woodlands Drive 17的一个EC项目。 叶伟杰表示，2026年全年或推出约7,300个单位，较去年11,482个单位低36.4%。 鉴于2026年推盘单位较少，Huttons将全年成交量预测下调至7,500至9,000个单位，低于此前8,000至10,000个单位的预估。价格增长预测维持在2%至5%。 CBRE预计2026年新建私宅成交约7,500至8,500个单位，整体私宅价格或上涨2%至4%。 ERA预计今年新盘销售总量为9,000至10,000个单位，二级市场或见1.3万至1.4万宗成交，显示潜在需求稳定。 朱志强表示：“2026年私人住宅市场料保持韧性，在强劲自住需求与持续适居调配（right-sizing）趋势推动下，价格温和增长。”