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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Singapore New Home Sales Cross 2,000 Units in August 2025, Driven by Strong Launches

The private residential market registered a strong performance in August 2025, marking the second consecutive month of growth in new home sales. Developers transacted 2,142 units excluding Executive Condominiums (ECs), a significant jump from the 940 units sold in July. Including ECs, the total reached 2,338 units. This is the first time since November 2024 that monthly developer sales have surpassed the 2,000-unit threshold.

This outcome is especially notable given that August is traditionally a quieter month for property transactions due to the Hungry Ghost Festival. Developers responded strategically by bringing projects to market earlier, capitalising on demand before the slowdown. This timing enabled them to sustain momentum despite the seasonal lull.

The strong results were underpinned by several high-profile launches. Five projects—Springleaf Residence, River Green, Promenade Peak, Canberra Crescent Residences, and Artisan 8—accounted for 88.4% of total developer sales in August, underscoring the pivotal role of large launches in driving activity. In contrast, all other projects combined contributed just 11.6%, highlighting the extent to which buyer attention was concentrated on fresh supply.

Springleaf Residence emerged as the top performer with 884 units sold at a median price of $2,166 psf. Over 92% of its units were snapped up during its launch weekend, led by strong demand for two- and three-bedroom units. The project benefitted from limited competing supply in its vicinity, as the next GLS tenders in Upper Thomson and Lentor were not scheduled to launch until later in the year. Its compelling entry pricing and attractive location helped draw both owner-occupiers and investors.

Cumulatively, the market in 2025 has significantly outpaced the previous year. From January to August 2025, developers sold 7,669 units, already exceeding the full-year total of 6,469 units in 2024. This turnaround reflects improved buyer sentiment, the return of larger-scale launches, and stronger participation across both suburban and central locations.

Click

here

for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

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Chencharu Close GLS Tender Hits $980 psf ppr, Sembawang Road EC tops bid at $692 psf ppr

Two significant land parcels Chencharu Close (mixed-use) and Sembawang Road (Executive Condominium, EC) both of which drew developer interest and signalled continued confidence in Singapore’s residential market despite current cooling measures.

For Chencharu Close, the top bid of $1.01 billion ($980 psf ppr) came from Evia Real Estate, Gamuda Singapore, and H108 Pte. Ltd., outpacing the second-highest offer by nearly 20%. The consortium, having previously collaborated on OLA and Gem Residences, is experienced in delivering large-scale residential projects. This site, envisioned as a mixed-use development with residential units, commercial space, a bus interchange, and a hawker centre, will be the first of its kind in the Chencharu Estate. The strategic location near Khatib MRT enhances accessibility and is expected to draw steady residential and retail demand.

Meanwhile, the EC site at Sembawang Road was awarded to Oriental Pacific Development (JBE Holdings) at $197.8 million ($692 psf ppr). This represents one of the lowest land bid prices for ECs in recent years, yet the competition remained healthy with four bids received, broadly in line with the average participation rate for EC parcels. JBE Holdings is experienced in the EC segment, having delivered Piermont Grand previously, and their return to the market signals sustained confidence in the hybrid public-private housing model.

The Sembawang Road site is expected to yield about 265 units. Its location near Canberra MRT station, Canberra Plaza, schools, and parks ensures strong appeal among upgraders and young families.

Click

here

for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

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Chuan Grove (1H2025) Tender Sees Top Bid of $1,331 psf ppr by Sing Holdings–Sunway JV

A total of five bidders participated in this round, with Sing Holdings Residential Pte. Ltd. and Sunway Developments Pte. Ltd. once again emerging as the top bidder. The joint venture submitted a bid of $623.9 million, or $1,331 psf ppr, edging out the second-highest offer by just 2.9%. A close margin that highlights their strong commitment and competitive stance in acquiring key sites within this precinct.

Having previously secured the earlier Chuan Grove plot with a $703.6 million bid or $1,376 psf ppr, the repeat participation by Sing Holdings and Sunway reflects a deliberate strategy to consolidate their presence in the Chuan Grove area. Their approach signals long-term confidence in the precinct’s growth potential. By acquiring both parcels, the developers are well-positioned to unlock operational synergies across planning, construction, and marketing, while also creating a more cohesive identity for future residential developments in the neighbourhood.

Market momentum from recent new launches and a more stable interest rate environment have collectively uplifted developer sentiment. This has created a conducive setting for land acquisition as developers look to replenish their pipelines with projects in vibrant suburban regions.

Click

here

for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

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