September Property Data: Sales Recover, Prices Diverge—Where Are the Opportunities?

1. New-home sales rise 93.5%: has the market suddenly heated up?

According to the URA data compiled by PropNex Research, 296 new private homes were sold in September 2026, compared with 153 in August: 40 in the CCR, 131 in the RCR and 125 in the OCR. The increase is substantial, but August’s Lunar Seventh Month lull and absence of new project launches created a low comparison base.

Amberwood at Holland sold 24 units in September. Units released for sale increased from 116 in August to 158 in September. The more measured reading is a recovery in activity as supply resumed, rather than evidence from one monthly comparison that demand expanded sharply.

Swipe chart horizontally on mobileOpen full chart ↗

View chart data

Month	Sales (units)	Average S$/psf
2025-09	239	2,607
2025-10	2,404	2,783
2025-11	321	2,578
2025-12	178	2,629
2026-01	447	2,691
2026-02	241	2,725
2026-03	1,254	2,798
2026-04	1,530	2,400
2026-05	432	2,565
2026-06	153	2,660
2026-07	721	2,695
2026-08	156	2,614
2026-09	268	2,569

2. What does a 5% decline in the RCR new-home median mean?

September’s median price per square foot for non-landed new homes fell across the three regions: CCR S$3,050 psf (−0.3%), RCR S$2,522 psf (−5.0%) and OCR S$2,336 psf (−0.1%). The RCR warrants closer examination, but the result does not mean every condominium there was discounted by 5%.

Swipe chart horizontally on mobileOpen full chart ↗

View chart data

Region	2026-08	2026-09
CCR	3,059	3,050
RCR	2,654	2,522
OCR	2,339	2,336

The monthly report links the RCR change to stronger sales at Terra Hill following a price adjustment and a larger share of transactions at The Sen. Changes in the projects and unit types sold can move the regional median.

A price assessment therefore needs to move beyond regional statistics to the same development, comparable layouts, and similar floors and orientations, before deciding whether a developer’s reduction is meaningful.

3. Resale volumes ease, while prices remain resilient

Resale transactions declined from 985 in August to 954 in September. The average price rose slightly from S$1,821 to S$1,826 psf (+0.3%). In the monthly report’s series, average resale prices have remained above S$1,800 psf since February 2026.

Swipe chart horizontally on mobileOpen full chart ↗

View chart data

Month	Sales (units)	Average S$/psf
2025-09	1,149	1,802
2025-10	1,087	1,790
2025-11	928	1,819
2025-12	895	1,786
2026-01	834	1,797
2026-02	942	1,812
2026-03	945	1,822
2026-04	1,108	1,826
2026-05	1,036	1,837
2026-06	1,043	1,833
2026-07	1,059	1,806
2026-08	985	1,821
2026-09	954	1,826

The regions did not move together. Median resale prices were S$2,154 psf in the CCR (+0.1%), S$1,997 in the RCR (+1.9%) and S$1,560 in the OCR (−0.4%). These are medians of that month’s transaction sample, rather than measured monthly appreciation of the same properties.

Swipe chart horizontally on mobileOpen full chart ↗

View chart data

Region	2026-08	2026-09
CCR	2,151	2,154
RCR	1,959	1,997
OCR	1,567	1,560

Projects with relatively active trading included Parc Esta, JadeScape, Normanton Park and The Florence Residences. Larger developments often provide more resale evidence, extensive facilities and identifiable tenant and owner-occupier demand. Each unit still requires checks on rental yield, maintenance fees, layout and competing supply.

D’Leedon, Hillcrest Arcadia and Icon, which appeared among September’s more actively traded CCR developments, are established projects. Some buyers continue to value mature locations and distinctive assets. Their limited monthly transaction counts do not establish that older condominiums generally outperform newer ones.

4. New-versus-resale price gaps narrow: where might value emerge?

Subtracting regional median resale prices from new-home medians provides an initial indicator of the new-home premium. The RCR gap narrowed from S$695 psf in August to S$525 in September; the CCR gap declined from S$908 to S$896, while the OCR gap increased slightly from S$772 to S$776.

Swipe chart horizontally on mobileOpen full chart ↗

View chart data

Region	2026-08	2026-09
CCR	908	896
RCR	695	525
OCR	772	776

A narrower gap may bring new-home pricing closer to resale alternatives, but can also reflect a different mix of sales. August’s limited new-home sample makes monthly comparisons particularly volatile. The figures do not establish that RCR new homes have become uniformly cheap.

Compare specific new developments with nearby resale homes offering similar utility. Review total quantum, usable space, age, remaining lease, renovation costs, completion timing, financing and future rental prospects.

5. Commercial and industrial property: examine the mix behind the increase

Commercial and industrial property recorded 179 transactions worth about S$896 million in September, up 2.3% and 3.1% respectively from August. Industrial transaction counts fell from 128 to 124, while their value increased to about S$709 million.

The approximately S$350 million Advanced Display Park deal accounted for roughly 49% of industrial transaction value. One transaction therefore had a large effect on the monthly total. Higher aggregate value does not establish better liquidity across all commercial properties.

Assess the asset type and its cash flow independently: lease duration, tenant credit, remaining tenure, permitted industrial use, vacancy risk and future capital expenditure matter more than the sector’s headline transaction value.

6. Kevin’s three principles for property allocation

1. New homes: look for a meaningful change in pricing

Shortlist projects with a demonstrable price advantage and verify transactions and available inventory. Developer repricing can create an opening when the project’s quality, total quantum and future resale audience support long-term ownership.

2. Resale homes: verify demand for living and renting

Established locations, larger communities, convenient transport and sensible total prices deserve investigation. Compare completed transactions alongside asking prices, and include renovation, taxes and holding costs in the true entry cost.

3. Commercial property: prioritise dependable cash flow

Rental income, lease terms, remaining tenure, permitted use and exit liquidity often matter more than short-term sales activity. A large deal can change a monthly statistic without changing the investment case for the assets available to an individual buyer.

Property investment is less about predicting next month’s price movement than buying a resilient asset at a reasonable price.

Sources and methodology

This article uses the supplied PropNex October 2026 monthly report, covering September 2026 transactions. Underlying caveat data come from URA REALIS and may change after late lodgements. Overall new-home sales, non-landed new sales and resale samples have different coverage. Averages and medians are identified separately. CCR: Core Central Region; RCR: Rest of Central Region; OCR: Outside Central Region.

Charts are original KFD redraws of numeric statistics, credited to PropNex Research / URA REALIS. Source chart images are not republished. Region charts use the exact labelled August–September values; unlabelled earlier points are not estimated.

1. PropNex October 2026 monthly report · pages 5–8, 11–15, 17–19 · Kevin Feng
2. URA REALIS · underlying real estate transaction data

Download chart statistics and provenance (JSON)