SRI - Singapore Realtors Inc.

16 Dec 2024

Emerald of Katong Leads Historic November 2024 Property Sales

Property Insight

In November 2024, Singapore's developer sales surged to a historic high, achieving 2,557 new home transactions (excluding Executive Condominiums, or ECs) and totaling 2,891 units with ECs included. This represented a significant 246.5% increase compared to October's 738 units. Notably, November marked the first time in over a decade that new home sales exceeded 2,000 units in a single month, a record last seen in March 2013. This exceptional performance was fueled by strategic launches and improved market sentiment driven by easing interest rates.

Six newly launched projects dominated the market, contributing 82.8% (2,395 units) of total sales. Emerald of Katong led with 840 units sold at a median price of $2,627 psf, showcasing its appeal through its location and facilities in the Rest of Central Region (RCR). Chuan Park followed closely with 721 units sold at $2,586 psf, attracting buyers with its family-friendly environment in the Outside Central Region (OCR). Other key launches included Nava Grove, Novo Place, Union Square Residences, and The Collective at One Sophia, reflecting diverse buyer preferences for strategic locations and competitive pricing.

The stellar results demonstrated the enduring demand for large-scale, well-positioned projects offering comprehensive amenities. Developers successfully capitalized on a favorable environment, including strong buyer interest ahead of the school holidays and improved borrowing conditions.

Looking ahead, December is expected to experience a seasonal dip due to year-end festivities. However, momentum is projected to rebound in early 2025, driven by key launches such as The Orie in Lorong 1 Toa Payoh. Anticipation for developments like Marina View Residences and Parktown Residence further underscores confidence in Singapore’s property market, which remains resilient amid evolving conditions.

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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Orchard Boulevard GLS Site Attracts 5 Bids, Top Bid Reaches $1,755 psf ppr

The GLS tender for the Orchard Boulevard residential site attracted 5 bids, with the highest bid of $181.9 million ($1,755 psf ppr) submitted by Intrepid Investments Pte. Ltd. and TID Residential Pte. Ltd., comprising Hong Leong Holdings and TID.

The top bid represents an approximately 8.5% premium over the $1,617 psf ppr achieved for the neighbouring GLS parcel, which has since been developed into UpperHouse at Orchard Boulevard. This reflects continued developer interest in well located residential development opportunities within Singapore's Core Central Region (CCR).

The relatively smaller scale of the Orchard Boulevard GLS parcel, which is expected to yield approximately 110 residential units, could have contributed to developer participation. Compared with the neighbouring UpperHouse development, which comprises 301 units, the latest site offers a more manageable development scale, potentially translating into a lower overall capital commitment and reduced inventory exposure.

This could make the site particularly attractive to developers seeking opportunities within the CCR while maintaining greater flexibility in project positioning and inventory management.

Furthermore, the encouraging sales performance of UpperHouse at Orchard Boulevard, which has achieved a take up rate of approximately 83%, might have provided developers with additional confidence in the underlying demand for new private residential developments within the immediate vicinity.

The strong sales performance suggests that there remains a pool of buyers willing to commit to new homes in the Orchard Boulevard area, supported by its established residential character, connectivity and proximity to the Orchard Road shopping and lifestyle belt.

The boutique scale of the future development could also complement the character of the surrounding luxury residential market. Rather than competing purely on development size, developers could potentially position the project as a more exclusive residential offering, capitalising on its Orchard Boulevard address and accessibility to Orchard Boulevard MRT station.

The land parcel is situated within a well-established residential neighbourhood, offering convenient access to the extensive shopping, dining and lifestyle amenities along Orchard Road. These attributes could further strengthen the appeal of the eventual development among prospective buyers seeking convenience and connectivity.

From a development perspective, the modest number of residential units could also help minimise inventory risks while allowing developers to introduce a differentiated luxury residential product that caters to the preferences of buyers within the CCR.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight

HDB Resale Transactions Rise 19.5% in 3Q2026 as Prices Continue to Stabilize

Singapore's HDB resale market recorded stronger transaction activity in 3Q2026, with 7,645 resale flats changing hands, representing a 19.5% increase from the 6,396 transactions in the preceding quarter. This marked the highest quarterly resale transaction volume since 3Q2024, when 8,142 transactions were registered. On a yearly basis, resale transactions increased by approximately 5.9%.

The stronger activity suggests that underlying demand for HDB resale flats remains relatively healthy despite a more measured pricing environment.

One contributing factor could be the absence of a Build To Order (BTO) sales exercise during the quarter, encouraging some prospective buyers to explore resale options. The growing pipeline of flats reaching their Minimum Occupation Period (MOP) is also expected to progressively expand resale housing availability, providing buyers with greater choice across locations, flat types and price points.

HDB resale prices moderated by 0.1% quarter on quarter in 3Q2026, marking the third consecutive quarter of price adjustments.

Cumulatively, resale prices declined by 0.5% over the first nine months of 2026, compared with a 2.9% increase over the corresponding period in 2025. This represented the weakest first nine month performance since 2018.

The moderation suggests that the resale market is gradually transitioning towards a more balanced environment following several years of sustained price appreciation.

Importantly, stronger transaction activity alongside moderating prices indicates that buyer interest remains relatively healthy, supported by improving housing availability and more measured price expectations.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight

Private Property Market Remains Resilient in 3Q2026 as Prices Rise 1.4%

Singapore's private residential market continued to demonstrate resilience in 3Q2026, with stronger price growth and relatively stable resale activity, despite a more measured pace of new home sales. The moderation in primary market transactions was largely attributable to a quieter new launch calendar rather than a fundamental weakening in underlying buyer demand.

Developers sold 1,183 new private residential units (excluding executive condominiums) in 3Q2026, compared to 2,141 units in the preceding quarter.

A total of 1,140 new private residential units were launched during the quarter, representing a 36.1% decline from 1,783 units in 2Q2026. This marked the lowest quarterly launch volume since 2Q2024. The quieter launch environment was influenced by the Hungry Ghost Festival and September school holidays, with some prospective buyers potentially deferring purchasing decisions in anticipation of upcoming developments.

Despite fewer launches, newly introduced projects continued to attract buyer interest. Lentor Gardens Residences emerged as the bestselling development with 304 transactions, followed by Dunearn House with 237 units. Together with Amberwood at Holland, these three projects accounted for approximately 47.8% of quarterly new home sales.

The private residential resale market recorded 3,801 transactions in 3Q2026, marginally below the 3,813 transactions in 2Q2026. The Outside Central Region (OCR) remained the largest contributor, accounting for approximately 52.4% of resale transactions. Both the OCR and Rest of Central Region (RCR) registered marginal increases in transaction volumes, collectively representing 82.2% of total resale activity.

This reflects continued demand for resale properties, particularly among owner occupiers, HDB upgraders and households seeking to right size their housing needs.

Private residential prices increased by 1.4% quarter on quarter in 3Q2026, compared to 0.5% in the preceding quarter, marking the strongest quarterly increase recorded so far in 2026. Cumulatively, prices increased by 2.8% over the first nine months of 2026, marginally exceeding the 2.7% growth recorded during the corresponding period in 2025.

Notably, homes priced between S$2 million and below S$5 million accounted for 68.2% of new private home transactions, compared to 49.2% in 2Q2026. This shift reflects the composition of available housing options and continued demand for properties offering desirable locations, sizes and overall value.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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