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Quarterly - HDB Resale Market Trends - 1Q2024

In the first quarter of 2024, the Housing Development Board (HDB) resale market demonstrated a robust performance with a significant uptick in activity. A total of 7,068 HDB resale flats were transacted during this period, marking an 8.0% increase from the previous quarter. This surge is the highest since the third quarter of 2022, driven largely by heightened demand for larger living spaces, particularly executive and 5-room flats, which saw sales increases of 15.3% and 14.2% respectively. The resale market dynamics were also influenced by the significant portion of transactions involving older flats, with those having lease commencements from 1990 or earlier accounting for 38.8% of total sales. This shift is indicative of a growing buyer preference for more spacious and mature property options. Notably, the market saw a record number of million-dollar transactions, with 185 flats selling for over a million dollars each—a 39.1% increase from the previous quarter. This rise in high-value sales coincided with the expiration of a 15-month waiting period for private property sellers transitioning to non-subsidized HDB resale flats, introducing a new pool of buyers into the market. Despite these high-value transactions, the million-dollar transactions still represented a small fraction (2.7%) of the overall market activity, with the majority of transactions occurring in the more modest price range of $400,000 to $600,000, comprising 42.7% of the sales. In terms of pricing, while there was a notable volume of high-value transactions, the average unit price of these deals saw a decrease, adjusting from $1,409 per square foot in the last quarter of 2023 to $1,320 in this quarter, reflecting a 6.3% quarter-over-quarter moderation. Similarly, the highest unit price also decreased from $913 to $891 per square foot, indicating a downward adjustment in prices despite the growth in transaction volume. Looking ahead, the market is poised for interesting developments with the June Build-To-Order (BTO) exercise, which will be the last one before a new classification system is implemented in October. This system will categorize flats into Standard, Plus, and Prime, potentially influencing buyer decisions. The introduction of the new Chencharu estate in Yishun during this exercise is expected to attract prospective homeowners, especially those interested in newly developed areas. However, with the removal of the August BTO exercise, extending the wait until October, and the Sale of Balance Flats (SBF) exercise scheduled only once a year with the next occurrence in February 2025, potential buyers in urgent need of housing might increasingly turn to the resale market. This shift could sustain or increase the demand within the resale sector, particularly among those seeking immediate housing solutions. This period of transition in the public housing landscape offers unique opportunities and challenges, likely influencing the trajectory of the HDB resale market in the upcoming quarters. Click here for the full report Prepared By: Mohan Sandrasegeran Head of Research & Data Analytics

Quarterly - Private Property Market Trends - 1Q2024

In the first quarter of 2024, the private property market exhibited signs of stabilization and sustained growth, particularly in new home sales and private property prices. New home sales increased by 6.6% quarter-over-quarter, with the total reaching 1,164 units sold. This growth was predominantly driven by sales in the Outside Central Region (OCR), which accounted for 71% of total sales, highlighting a robust demand in this segment. Notable new developments such as Lentor Mansion, Lumina Grand, Hillhaven, The Arcady At Boon Keng, and Lentoria played a significant role in revitalizing the market. Lentor Mansion topped the sales chart with 408 units sold at a median price of $2,269 per square foot, showcasing the positive reception to new guidelines emphasizing liveable space in property measurements. Lumina Grand also saw substantial activity, with 370 units sold, underscoring a vibrant market for new launches. Overall, private property prices saw a modest increase of 1.4% in 1Q2024, with a notable interest in properties priced between $1.0 million and $2.0 million. This price bracket, particularly highlighted by Lentor Mansion’s sales, reflects a market trend favoring affordable luxury. The landed property segment also experienced growth, particularly in the $4.0 million to $7.0 million range, indicating a strong market for premium landed homes. The implementation of a 60% Additional Buyer's Stamp Duty (ABSD) for foreigners, up from 30%, has significantly moderated foreign participation in the market, making room for a greater proportion of local buyers. Singaporeans now constitute 82.4% of the private property purchases, a significant increase that suggests a shift towards a more locally-driven market. Resale transactions, although experiencing a slight decrease of 5.0% quarter-over-quarter, saw an annual increase of 2.6%. The relaunch of Cuscaden Reserve at more attractive price points contributed to this interest, attracting both investors and regular buyers. Additionally, the rental market has seen an uptick, particularly in newly completed developments such as Normanton Park and Treasure at Tampines, indicating a preference among renters for newer units. Looking ahead, the market is expected to maintain its positive trajectory, supported by a steady demand for new property launches and the successful introduction of new developments. Factors such as potential adjustments in interest rates could further enhance the attractiveness of real estate investments, indicating a promising future for the private property sector. This ongoing resilience, coupled with strategic new developments and supportive economic conditions, suggests a controlled yet positive growth in the property market amidst ongoing regulatory measures. Click here for the full report Prepared By: Mohan Sandrasegeran Head of Research & Data Analytics

Monthly Developer Sales Insights - Mar 2024

The "Monthly Developer Sales for March 2024" report provides a detailed analysis of the developer sales in Singapore, highlighting a substantial recovery in the market following a quieter period during the Chinese New Year festivities. Key Highlights from the Report: Overall Sales Increase: A total of 718 new private home units (excluding Executive Condominiums, ECs) were sold in March 2024, representing a 369.3% increase from the 153 units sold in February 2024. This significant jump is largely attributed to the post-festivity return of buyers and the launch of new developments. Regional Sales Breakdown: The sales were robust across all regions with the Outside Central Region (OCR) witnessing the most dramatic rise, selling 605 units in March compared to 58 in February, a 943.1% month-over-month increase. The Core Central Region (CCR) and the Rest of Central Region (RCR) also saw increases in sales, though more modest. Impact of New Launches: New developments, particularly Lentor Mansion and Lentoria, were pivotal in driving the sales with these two accounting for 65.3% of the total units sold. Lentor Mansion was especially successful, selling 409 units at a median price of $2,269 psf. Top Selling Projects: Following Lentor Mansion, other notable sales included Lentoria with 60 units sold at $2,129 psf and The Botany at Dairy Farm selling 33 units at $2,030 psf. Projects in the Lentor Hills estate, such as Lentor Hills Residences and Hillock Green, also featured prominently among the top sellers. Record Prices: Watten House in the CCR recorded the highest transaction price for the month, with a penthouse unit selling for $11.8 million, or $3,457 psf. Market Outlook: The report anticipates continued positive momentum in the new home sales market, supported by upcoming projects like The Hillshore, W Residences at Sentosa, and The Hill @ One-North. Preliminary figures suggest a quarterly increase from 1,092 units in 4Q2023 to 1,175 units in 1Q2024, indicating a sustained buyer interest. This recovery and strong performance in March reflect a resilient and dynamic property market in Singapore, with new launches playing a crucial role in attracting both investors and owner-occupiers despite ongoing property cooling measures. The strategic release of new projects and the corresponding buyer response underscore the robust demand for quality residential options in various segments of the market. Click here for the full report Prepared By: Mohan Sandrasegeran Head of Research & Data Analytics