Private Home Pipeline Supply Hits Highest Level Since 2023 as Developers Line Up Diverse Slate of Launches for Second Half
Savills Research reports that Singapore's high-end residential segment is showing clear signs of cooling momentum. Savills' basket of luxury non-landed private residential developments rose just 0.1% quarter-on-quarter (QoQ) to S$2,646 psf in Q2/2026, the slowest quarterly increase in seven quarters, even though it still marked a seventh straight quarter of gains. On a year-on-year(YoY) basis, the index was up 1.1%, the sixth consecutive quarter of annual growth, but growth has now cooled to its weakest pace since Q2/2025, when luxury prices grew 0.9% YoY.
The slowdown points to a broader shift in how the market is behaving, according to Savills, with buyers growing more selective and price-sensitive after an extended run-up. Still, the index kept climbing, even if only modestly, which suggests the luxury segment hasn't seen any real pullback yet. That puts it in a different position from other parts of the market that saw sharper swings this quarter.
Looking at what's coming next, the supply pipeline suggests a busier second half is on the way. Pipeline supply of private residential units (excluding executive condominiums) with planning approvals rose 1.1% QoQ to 38,556 units as at the end of Q2/2026, the highest level since Q2/2023, when the pipeline stood at 44,157 units. Unsold inventory within that pipeline fell 7.2% QoQ to 14,929 units, reversing an 8.3% rise in unsold stock just one quarter earlier. Savills points to this as a sign of strong absorption from recent launches and sustained underlying buyer demand.
A wave of new project launches is expected to enter the market in the coming quarters, spanning all three market segments. The line-up includes Thomson Reserve in the Rest of Central Region, the largest upcoming launch at 1,268 units, alongside Lentor Garden Residences (499 units) and Lucerne Grand (570 units) in the Outside Central Region. The Core Central Region, which saw no launches at all in Q2/2026, is set to welcome three new projects: Dunearn House, Amberwood at Holland, and The Serra Residences, giving city-centre buyers fresh options after a prolonged supply drought.
Even so, Savills flags early signs that buyer appetite may be moderating from the exceptional levels seen earlier in the year. Initial sales at several July launches, including Lentor Garden Residences and Dunearn House, have fallen short of the strong take-up rates recorded in Q2/2026. Savills says it's still too early to tell whether this reflects a genuine shift in sentiment or comes down to factors specific to those projects and expects further launches in the coming months to offer a clearer read on how deep and sustainable demand really is.
Looking ahead, Savills Singapore maintains its expectation that private residential prices will rise by approximately 3.0% YoY for the full year.
“Two things give us confidence in this outlook. Developers have consistently paid higher prices for development sites over the past two years, which tells us where pricing expectations are headed. And on the demand side, buyers have stayed resilient. Even with job security concerns weighing on sentiment, we're not seeing signs of demand falling off a cliff.” said Alan Cheong, Executive Director, Research and Consultancy, Savills Singapore.
The outlook is also backed by supportive macroeconomic conditions. Singapore's second-quarter GDP growth was revised upward to 5.9% year-on-year, outpacing both China (4.3%) and Malaysia (5.8%), while the citizen unemployment rate eased from 3.1% in March to 3.0% in June. Taken together, Savills says the market's continued resilience and a still-healthy pipeline of upcoming launches make the second half of 2026 a real test of whether current demand levels can hold.