9 of 10 Projects Down to Their Last Unit Are Holding a Penthouse. Here Is What "Almost Sold Out" Actually Means.

There are 10 new launch projects in Singapore reporting exactly one or two units left as of June 2026. Nine of them are holding a penthouse, a 5-bedroom, or an oversized grand-format unit. The cheapest of these final units starts at $4,388,000. The most expensive is $22,554,000. If you saw "almost sold out" and felt the clock ticking, this article is for you — because what's left is almost certainly not the unit you were considering.

The pattern is not random. It is the predictable end state of how demand clears a new launch: entry-level and mid-tier units sell first because the buyer pool for them is deep. Penthouses and grand-format units have a fractionally small buyer pool at any price. Their being last is not a sign that something is wrong with them — it is the natural shape of a project selling down. But "few units left" does not distinguish between a project that cleared 731 of 732 units in three years and one that has been slowly selling for 15 years and just hasn't found a buyer for the last penthouse. That distinction matters more than the headline count.

The Last 10 Projects Standing

Every "last unit" in this table starts at $4.4M. Nine of the ten are a penthouse or the largest format in the project. The sole partial exception is Lyndenwoods — its last unit is a 3BR at $3,435,000, which is still the most expensive unit type in a 99-year leasehold project near Kent Ridge MRT in D5.

The "2BR" at 21 Anderson deserves a note. It is 3,197 sqft — larger than most HDB 5-room flats — and priced at $10,000,000. The label is technically correct. The format is not what any ordinary buyer means when they say they are looking for a 2-bedroom.

"Few Units Left" Means Two Completely Different Things

This is the part the headline count cannot tell you.

Group 1 — genuinely clearing: These projects launched in the last three to four years, sold nearly everything, and are now waiting for a penthouse buyer.

• Pinetree Hill (RCR D21, TOP 2027): 519 of 520 units sold. One penthouse at $7,971,000 on 2,874 sqft remains.
• The Reserve Residences (RCR D21, TOP Q1 2028): 731 of 732 units sold. One penthouse at $7,013,280 on 2,486–2,809 sqft remains.
• Watten House (CCR D11, TOP 2027): 179 of 180 units sold. One 5-bedroom at $7,837,000 on 2,368 sqft remains.

Both Pinetree Hill and The Reserve Residences are in the same Ulu Pandan corridor near Beauty World MRT. Both cleared 99%-plus of all inventory. The market absorbed everything up to and including large 4-bedroom units. What it did not absorb was the $7M-plus penthouse tier — not because those units are mispriced, but because the buyer pool for a $7M new-launch penthouse in RCR is very small.

Group 2 — old stock: These projects have been on the market for between 8 and 15 years. The "1 unit remaining" figure reflects years of gradual selling, not a recent clearing event.

• Marina Collection (CCR D4, TOP 2011): The last penthouse has been for sale for roughly 15 years. Of the 7 secondary market sellers who have transacted, every single one has taken a loss — an average of $2,434,336 per seller. The developer's entry price of $1,783 psf sits above the project's typical resale PSF of $1,545. That combination — 15 years on market, 0% resale win rate, entry PSF above resale — is a structurally different situation from Pinetree Hill.
• V on Shenton (CCR D1, TOP 2017): Both penthouses remain unsold after nine years. Entry price starts at $16,000,000. The project's 33 resale transactions show an average loss of $89,713 and a 24% win rate for sellers.
• Turquoise (CCR D4, completed): Penthouse at $4,388,000 on 3,111–3,746 sqft. Completed years ago, still waiting.
• Eden Residences Capitol (CCR D6, TOP 2015): Two grand 3BR units at $11,944,850 remaining after more than 10 years.

The Marina Collection and V on Shenton rows say it plainly: the market has been pricing these old-stock penthouses at a discount in the secondary market, yet the developer's asking price remains above resale. That is not scarcity. That is stalemate.

Where Developer Pricing Runs Below the Secondary Market

Two projects in the sub-10 list have developer entry prices that are actually cheaper per sqft than what secondary buyers have been paying — a genuinely unusual situation.

Boulevard 88 (CCR D10, freehold, TOP 2024): The last unit — a grand-format 2BR at 1,313 sqft — is listed at $3,664 psf. The project's 17 resale transactions average $4,064 psf. The developer is asking $400 per sqft less than the resale market. For a CCR freehold product near Orchard Boulevard MRT with recent TOP, that gap is worth noting.

Skies Miltonia (OCR D27, 99-yr, TOP 2016): Six penthouses remain at an entry price implying roughly $1,015 psf on units ranging from 2,551 to 3,574 sqft (full quantum: $2,600,000). The project's 51 resale transactions average $1,220 psf — and 90% of sellers have made money. The developer's unsold penthouses are priced below the resale market. That is unusual. It does not mean those penthouses are a straightforward value proposition — they are large, leasehold, and in an OCR location that has had eight-plus years to find a penthouse buyer — but the pricing relationship is the reverse of what most buyers would expect.

These are not recommendations. They are exceptions to the usual pattern, and they are worth understanding on their own terms.

The Full Reference Table — All 29 Sub-10 Projects

The table is a scan tool, not a ranked list. Scroll through it with one question in mind: is the entry price the type of unit you are actually considering, and is this project genuinely clearing or sitting? Those two questions filter the list faster than any other.

Two Projects Where Entry-Level Inventory Is Genuinely Still Available

The pattern holds strongly — but it is not universal. Two projects in the sub-10 list are confirmed exceptions worth naming directly.

Hillock Green (OCR D26, Lentor, 99-year, TOP 2026): 469 of 474 units sold. The last 5 units include a 1BR at $1,513,000 on 517–689 sqft ($2,196 psf) and a 2BR at $1,748,000 on 624–883 sqft ($2,192 psf). This is a near-complete project where the last inventory spans the full type range — not just the top. The reason Hillock Green appears here rather than in the genuinely-clearing group with Pinetree Hill is straightforward: Lentor's OCR location and smaller unit sizes mean the penthouse-tier buyer pool never materialised the way it might in RCR. The remaining units are the project's most affordable formats, not holdovers the market rejected.

Tembusu Grand (RCR D15, D15 near Tanjong Katong, 99-year, TOP October 2028): 632 of 638 units sold. Six units remain with split inventory — a 1BR at $1,409,000 on 527–646 sqft ($2,393 psf) at one end and a penthouse at $7,888,000 on 2,691 sqft ($2,931 psf) at the other. Both are confirmed as still listed. For anyone in the $1.4M–$2M range looking at a 1BR in RCR D15, Tembusu Grand is the one project on this entire list where "few units left" and "entry-level unit" can appear in the same sentence.

A note on Bagnall Haus (OCR D16, 9 remaining, 1BR listed at $1,367,000) and Canninghill Piers (RCR D6, 9 remaining, 1BR listed at $1,519,000): both show a 1BR entry price in the price list, but the price list reflects a project's full range, not necessarily which unit types are among the 9 actually remaining. Neither can be confirmed as having a genuine 1BR still available from the data used here.

No Discount on the Last Units

There is one more pattern the table does not show. Not a single project reporting fewer than 10 units carries an active promotion as of June 2026.

Every current developer discount sits on projects with 20 or more units remaining: The Continuum at 42 units (up to $278,000 off), Grand Dunman at 87 units (up to $100,000 off), The Collective at One Sophia at 270 units. The promotions list and how to read it is worth understanding on its own terms.

The pattern makes sense from a developer's perspective. Discounts are a volume tool. Once only the largest formats are left, there is no volume to move — just one penthouse buyer to find, eventually. The calculation changes: hold the price, wait for the right buyer, and avoid any discount that might create a reference point for existing owners who paid full price.

For a buyer hoping that a near-sold-out project might mean a motivated developer willing to deal: the data runs the other way. The fewer units remaining, the less likely any negotiation exists.

What "Almost Sold Out" Actually Signals

The core of this article resolves clearly. When a new launch reports one or two units remaining, the last units are almost always the largest formats — penthouses, 5-bedrooms, or grand-format units starting above $4M — because that is the natural shape of how demand clears a project. The entry-level and mid-tier units were never going to be the last ones standing. They never are.

The harder question is whether "few units left" means momentum or age. Pinetree Hill selling 519 of 520 units is a genuine signal of strong demand. Marina Collection sitting on its last penthouse for 15 years — with every secondary seller having lost money — is not. The number is the same. The situation is completely different.

If a project you are watching reports sub-10 units: check the TOP year first. Check what those final units actually are. If the answer is a penthouse at $7M after three years of strong selling, that tells you one thing. If the answer is a penthouse at $6.7M after 15 years on market with a 0% resale win rate for everyone who bought and sold, it tells you something else entirely.