SRI - Singapore Realtors Inc.

25 Nov 2024

What to Expect from Singapore’s Private Residential Market in 2025

Property Insight

The private property market in Singapore demonstrated contrasting dynamics in 2024, characterized by a "tale of two halves." The first half of the year experienced muted sales activity, with 1,889 units (excluding ECs) sold. This was attributed to limited new launches and a high-interest rate environment, which dampened buyer confidence. However, the second half of 2024 is estimated doubling of sales, reaching 4,000 to 4,500 units. This was driven by a significant rate cut by the US Federal Reserve, which improved financial conditions and reinvigorated buyer sentiment.

Key large-scale residential developments, such as Chuan Park and Emerald of Katong, were notable performers. These projects demonstrated the strong appeal of strategic locations, effective marketing campaigns, and well-integrated facilities. Together, they set benchmarks for sales momentum, with over 800–900 units each, showcasing developers' confidence in meeting market demand.

The outlook for 2025 appears positive, supported by steady interest rates and a robust pipeline. Anticipated launches such as The Orie, Marina View Residences, and Parktown Residence are expected to sustain buyer interest, reflecting renewed confidence in Singapore's property market. Additionally, the EC segment is poised for a strong year, with three major developments contributing an estimated 2,030 units—the highest number since 2016.

The number of private residential completions is expected to moderate in 2025, from 9,103 units in 2024 to 5,348 units—an adjustment of 41%. This tightening supply is likely to influence property prices and rental demand positively. The constrained supply, coupled with steady demand from HDB upgraders transitioning to private resale properties, is expected to sustain resale activity. Transactions in the resale market are projected to range between 11,000 and 13,000 units.

Overall, the private property market is well-positioned for growth in 2025, with new home sales forecasted at 7,000 to 8,000 units. The favourable combination of economic growth, stable employment, and adaptable buyer sentiment will continue to support the market’s recovery, ensuring robust activity in both new launches and the resale segment.

Click here for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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Singapore Shophouse Market 1H2026: Higher Value Deals Drive Investment Growth

Singapore's shophouse market in 1H2026 demonstrated continued resilience despite a moderation in transaction volumes, with investment activity increasingly concentrated in higher-value assets. While the number of caveated shophouse transactions declined from 34 deals in 1H2025 to 25 deals in 1H2026, the total transaction value increased by 14.9% year-on-year, rising from $234.7 million to $269.5 million. This suggests that investors remained willing to deploy significant capital into larger, well-located and higher-quality conservation assets, reinforcing confidence in the long-term fundamentals of the shophouse sector.

Investor preference continued to favour longer-tenure properties. Freehold shophouses accounted for 76.0% of total transaction value in 1H2026, broadly unchanged from the previous year, while transaction value within this segment increased substantially from $176.7 million to $224.0 million. Although 99-year leasehold properties recorded a higher share of overall transactions compared to a year ago, demand remained firmly concentrated in freehold and 999-year leasehold assets, which together represented 84.0% of total transaction value. This reflects continued demand for scarce commercial assets that offer long-term capital preservation, stable rental income and limited exposure to lease decay.

Looking ahead, investment demand is expected to remain resilient through the second half of 2026, supported by Singapore's healthy economic performance, lower interest rate environment and the structural scarcity of conserved shophouses. Investors are likely to continue prioritising well-located assets offering resilient rental income, asset enhancement opportunities and long-term capital appreciation. The combination of limited supply, heritage value and stable income-generating potential is expected to provide continued support for transaction values and reinforce the long-term attractiveness of Singapore's shophouse market.

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for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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Berlayar Drive GLS Attracts Sole Top Bid of $576.8 Million

The Berlayar Drive Government Land Sales site attracted a sole bid of $576.8 million, equivalent to $1,515 per square foot per plot ratio, from a joint venture between Intrepid Investments Pte. Ltd. and GuocoLand (Singapore) Pte. Ltd. The bid underscores the developers’ continued conviction in the long-term potential of the Greater Southern Waterfront and their commitment to establishing a presence within one of Singapore’s most significant waterfront transformation precincts.

Although the site received only one bid, this should not necessarily be interpreted as weak confidence in its prospects. Instead, it reflects increasingly disciplined land-acquisition strategies amid a larger GLS pipeline and more selective capital deployment. With a wider range of sites available, developers are likely to prioritise parcels that best complement their existing landbanks, development pipelines and risk profiles.

Berlayar Drive is the second private residential parcel within the new estate, following the Telok Blangah Road site. A further residential parcel at Berlayar Close is expected to be launched in December. This phased release reflects the Government’s measured approach to developing the Greater Southern Waterfront, allowing future housing supply to be introduced progressively rather than all at once.

The Berlayar Drive site is expected to yield approximately 415 residential units. Its smaller project scale should require a lower upfront capital commitment and reduce construction, financing and market-absorption risks compared with larger developments. The site also carries a maximum building height of five storeys, creating the potential for a distinctive low-rise residential offering focused on privacy, greenery and resort-style living.

Future residents are expected to benefit from proximity to Telok Blangah MRT station, VivoCity, Sentosa, the Southern Ridges and Labrador Nature Reserve. This combination of connectivity, retail and lifestyle amenities, waterfront surroundings and access to nature is likely to support healthy long-term owner-occupier demand.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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Chitty Road and Veerasamy Road GLS Tender Draws $35.3 Million Top Bid

The tender for the Chitty Road and Veerasamy Road Government Land Sales site attracted seven bids, with YK Land Pte. Ltd submitting the highest offer of $35.3 million. The bid translates to approximately $962 per square foot of site area and was substantially higher than the second-ranked bid of $23.8 million, or $650 per square foot, submitted by Conint Pte Ltd and SEEDoE Ventures Pte Ltd. RPC One Pte Ltd placed third with a bid of $23.7 million.

The site benefits from strong accessibility and a central location. It is within walking distance of Jalan Besar and Little India MRT stations, while Bugis, Rochor and the Central Business District are also nearby. Opportunities to acquire an entire cluster of conserved residential buildings in Singapore’s Central Area are exceptionally rare, giving the project the potential to become a distinctive heritage residential development.

Under the SA2 option, the site may accommodate up to 36 serviced apartment units with a minimum stay of three months. This could appeal to professionals, expatriates and other residents seeking medium- to longer-term accommodation. The higher unit yield may also offer the developer recurring rental income and greater operational flexibility.

Alternatively, the site could be developed into up to 18 strata landed houses, subject to approval. This option may appeal to affluent owner-occupiers and collectors seeking rare, restored heritage homes within a city-fringe location. With few new landed developments entering the market, the combination of conservation architecture and modern residential use could create a highly differentiated product.

The development’s value creation potential will depend less on maximising density and more on delivering a high-quality restoration. The investment proposition is therefore centred on placemaking, heritage preservation and product differentiation. The site may also benefit from the wider transformation of the surrounding precinct, including continued public investment and the nearby River Peaks I and II public housing developments.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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