SRI - Singapore Realtors Inc.

02 Jan 2025

4Q2024 Flash Estimates: Singapore’s Property Market at a Turning Point

Property Insight

The 4Q2024 URA and HDB Flash Estimates reveal a notable recovery in the private property market and a tempered growth in the HDB resale market. According to SRI Research, the private property price index grew by 2.3% in 4Q2024, rebounding from a 0.7% decline in the previous quarter. This resurgence is attributed to easing interest rates and a wave of new project launches, which boosted buyer confidence and increased transaction volumes.

Private property transactions saw a substantial quarter-on-quarter rise, with volume increasing by 25.0% to 6,715 units and transaction value surging 33.6% to $15.7 billion. The $1.5 million to $3.0 million price segment led the market, growing from 63.6% of sales in 2023 to 70.3% in 2024, reflecting buyers' preference for affordability and value. Overall, private property prices in 2024 increased moderately by 3.9%, down from the 6.8% growth recorded in 2023, signaling a stabilizing market influenced by Government Land Sales (GLS), inflationary pressures, and earlier cooling measures.

In the HDB resale market, prices grew at a slower pace of 2.5% in 4Q2024, compared to 2.7% in 3Q2024. Annual growth, however, reached 9.6%, nearly doubling the 4.9% increase in 2023. Cooling measures introduced in 3Q2024 have tempered million-dollar transactions, which declined by 13.9% quarter-on-quarter to 285 units in 4Q2024. Despite this, the overall number of such transactions in 2024 remains historically elevated, supported by demand for spacious executive flats and flats in mature estates.

Newer flats in mature estates dominated the million-dollar resale segment, accounting for 375 out of 382 transactions for flats with lease commencement dates from 2013 onwards. These properties are favoured for their accessibility, modern layouts, and longer leases, highlighting the importance of strategic urban planning in addressing buyer preferences.

In summary, the 4Q2024 estimates depict a recovering private property market and a resilient HDB resale segment, shaped by adaptive buyer sentiments and strategic interventions. Both markets are set for stable growth in 2025, underscored by a balance of robust demand, limited supply, and regulatory oversight.

Click here for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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Bukit Timah Road GLS Draws Strong Developer Interest with Top Bid at $1,820 psf ppr

The Bukit Timah Road Government Land Sales (GLS) site attracted strong developer interest, drawing eight bidders in total. The top bid was submitted by HH Investment Private Limited, a company linked to Taiwan’s Huang Hsian Construction Corporation, at $566.3 million or $1,820 psf ppr. This outpaced the second-highest bid from Hoi Hup Realty and Sunway Developments by 12.3%, underscoring robust confidence in the site’s long-term potential. It also marks the highest GLS land bid since the Cuscaden Road site in 2018, which achieved $2,377 psf ppr.

The spirited participation highlights developers’ optimism toward the Core Central Region (CCR) market amid its ongoing recovery. With limited centrally located residential plots available, the strong premium over competing bids demonstrates the strategic value developers place on sites that combine connectivity, exclusivity, and investment resilience.

Located within the Newton Planning Area, the site is zoned for Residential (Non-Landed) use and is expected to yield about 340 housing units. It benefits from direct access to Newton MRT Interchange, linking the North–South and Downtown Lines, and close proximity to Orchard Road and the CBD. This connectivity enhances its appeal among both investors and owner-occupiers seeking convenience and long-term capital stability.

The area’s transformation is further supported by the upcoming Draft Master Plan 2025, which envisions Newton evolving into a vibrant mixed-use precinct anchored around Newton Circus, Scotts Road, and Monk’s Hill. These clusters are set to feature enhanced greenery, improved public spaces, and an integrated mix of residential, lifestyle, and retail offerings. The Bukit Timah Road GLS site will likely emerge as a key catalyst in this rejuvenation, potentially serving as the first major residential development to lead Newton’s renewal journey.

The tender outcome mirrors earlier activity in the Newton precinct, particularly the Kampong Java Road GLS site that was awarded for Kopar at Newton, which attracted seven bids at the time. The consistency of competition affirms the enduring attractiveness of Newton as a luxury residential enclave and its positioning for long-term growth.

Market momentum in the CCR strengthened in 3Q2025, with developers selling 903 units, the highest quarterly figure since 4Q2010 (994 units). This resurgence reflects growing confidence and demand among affluent buyers, buoyed by recent successful launches such as River Green, UpperHouse at Orchard Boulevard, and The Robertson Opus. These projects have reignited enthusiasm for luxury homes through strong branding, architectural distinction, and desirable locations.

The sustained performance of the CCR segment reinforces the market’s resilience, particularly for premium developments that continue to draw discerning local and foreign buyers seeking enduring value.

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here

for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight

Kingsford Tops Bid for Telok Blangah Road GLS Site at $1,326 psf ppr

Kingsford Development has emerged as the top bidder for the Telok Blangah Road Government Land Sales (GLS) site, marking a strategic expansion of its landbank into the Rest of Central Region (RCR). The developer submitted a winning bid of $918.3 million ($1,326 psf ppr), surpassing the second-highest offer by 4.4%. This reflects Kingsford’s strong conviction and competitive stance in securing a site within one of Singapore’s most ambitious urban transformations—the Greater Southern Waterfront (GSW).

With the GLS programme ramping up to ensure a steady housing pipeline, developers are exercising greater selectivity and spreading participation across more sites. The Telok Blangah Road parcel stands out as a trophy opportunity for forward-looking developers seeking early positioning in this transformative district. The site is expected to yield about 745 residential units, offering excellent connectivity and proximity to HarbourFront, VivoCity, and Sentosa Island—key lifestyle and retail anchors that enhance its attractiveness. Nearby rejuvenation works, including the planned redevelopment of HarbourFront Centre into a 33-storey mixed-use building, will further reinforce the precinct’s long-term appeal.

As the first private residential plot under the GSW transformation, the Telok Blangah Road site is expected to set early benchmarks for design, pricing, and urban integration—much like the Turf City GLS site in Bukit Timah.

Click

here

for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight

3Q2025 HDB Resale Market Trends: Steady Growth and Sustained Demand

The HDB resale market maintained steady momentum in 3Q2025, reflecting sustained buyer confidence amid an evolving public housing landscape. While the pace of growth moderated compared to 2024, transaction volumes and prices continued to show resilience, supported by stable demand for well-located and newer flats that have recently reached their Minimum Occupation Period (MOP).

Overall, HDB resale prices increased by 2.9% in the first nine months of 2025, moderating from the stronger 6.9% growth recorded during the same period in 2024. The moderation reflects a gradual normalisation in market conditions as more Build-To-Order (BTO) and Sale of Balance Flats (SBF) supply enters the pipeline. The ramp-up of new flats, particularly those with shorter waiting times, provided buyers with more options and helped to ease the pace of resale price growth.

Resale transactions reached about 7,500 cases in 3Q2025, slightly higher than the previous quarter. Demand remained healthy in both mature and non-mature towns. Mature estates such as Ang Mo Kio, Toa Payoh, and Queenstown continued to attract steady demand due to their accessibility and established amenities, while non-mature towns such as Yishun, Woodlands, and Sengkang drew buyers looking for affordability and newer flats with remaining lease 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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