SRI - Singapore Realtors Inc.

15 Jan 2025

December 2024 Sees Year-on-Year Growth in Private Home Sales

Property Insight

Residual momentum from November's robust developer sales activity carried into December 2024, a typically quieter month for real estate transactions. Developers sold 203 new residential units (excluding Executive Condominiums or ECs), a significant 92.1% month-on-month moderation from November's revised figure of 2,560 units. The moderation can be attributed to seasonal factors, such as the festive period and year-end school holidays, which usually see reduced market activity.

Despite the lower monthly figures, December 2024 reflected a marked improvement year-on-year, with a 50.4% increase in units sold compared to December 2023. This represents the strongest December sales since 2021, underlining recovering buyer confidence amid stabilizing market conditions. A key contributor to this outcome was the carry-over effect from November's strong sales momentum, sustaining interest even during the traditionally subdued holiday season.

Novo Place, an EC project, led December’s sales with 158 units sold at a median price of $1,647 per square foot (psf), highlighting the sustained appeal of ECs, particularly among first-time buyers and upgraders. Hillock Green and The Myst followed with 19 and 17 units sold, respectively, demonstrating strong demand for projects in the Outside Central Region (OCR). The Myst developers strategically released units in December, capturing buyer interest during a quieter period and maintaining market focus on their project.

Developers are optimistic about early 2025, with anticipated launches like The Orie, Bagnall Haus, and The Collective at One Sophia expected to drive increased activity. These projects are strategically positioned ahead of Chinese New Year to capture market momentum, offering diverse options for first-time buyers, upgraders, and investors. As the market transitions into the new year, the alignment of supply and demand is expected to support continued recovery and buyer interest.

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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Singapore Rental Property Market 1H2026: Stable Growth Amid Resilient Leasing Demand

Singapore’s residential rental market remained resilient in the first half of 2026, with the overall private residential rental index rising by 1.0%, following the 1.2% increase recorded in 1H2025. The measured increase points towards a more balanced and sustainable rental environment, as the market continues to absorb the wave of private housing completions delivered over the past two years. Leasing demand remains supported by Singapore’s resilient labour market, continued inflow of expatriate professionals and stable economic conditions.

Leasing demand was also well distributed across individual developments. Normanton Park emerged as the most actively leased RCR project with an estimated 426 transactions, while Treasure at Tampines led the OCR with 301 transactions. Within the CCR, Marina One Residences recorded 289 transactions, ahead of The Sail @ Marina Bay and The M. These trends highlight tenant preferences for accessibility, proximity to employment centres, lifestyle amenities and value for money.

Looking ahead, Singapore’s residential rental market is expected to remain broadly stable through the second half of 2026, with rental growth likely to stay measured. Approximately 5,012 private residential units are scheduled for completion over the remainder of 2026, expanding rental inventory and providing tenants with greater choice. The HDB market should also benefit from an expanding supply of flats reaching their Minimum Occupation Period, with around 18,000 flats expected to reach MOP in 2027 and approximately 21,000 in 2028. Overall, healthy underlying demand and increasing housing supply are expected to support a more balanced rental environment characterised by greater tenant choice, improved affordability and moderate rental growth.

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here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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New Upper Changi Road GLS Tender Sets New OCR Land Benchmark

The New Upper Changi Road Government Land Sales (GLS) site attracted an exceptionally strong top bid of approximately $1.43 billion, or $1,537 psf ppr, from United Venture Development (Daisy) Pte. Ltd. and CL Sapphire Pte. Ltd., a joint venture between UOL and CapitaLand. The result represents a new record land bid for an Outside Central Region (OCR) residential parcel in recent memory, particularly notable given the site's substantial scale and capital commitment.

A key factor supporting the tender outcome is the relative scarcity of major new private residential projects around Bedok MRT. Sky Eden@Bedok, comprising 158 units, was launched in 2022 and sold more than 75% of its units during its launch weekend before achieving a complete sell-out by 2024. With no comparable major project launched in the immediate Bedok MRT vicinity since then, the eventual New Upper Changi Road development could tap into a refreshed pool of demand.

The site is expected to yield approximately 1,010 residential units, placing it firmly within the mega-development category. Its proximity to Bedok MRT station, Bedok Bus Interchange and Bedok Mall, together with the established schools, retail, food and healthcare amenities within the mature Bedok estate, should broaden its appeal to owner-occupiers, investors and particularly HDB upgraders from Bedok and the wider East region. The location map on page 2 further illustrates the site's immediate proximity to Bedok's established transport and amenity network.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight

Singapore Industrial Property Market 1H2026: Resilient Growth Continues

Singapore’s industrial property market remained resilient in the first half of 2026, with prices, transaction activity and rents continuing to rise despite a more uncertain global economic environment. According to JTC’s industrial property price index, prices increased by 1.8% in 1H2026, moderating from the 2.9% growth recorded in 1H2025. The continued expansion of Singapore’s manufacturing sector, supported by artificial intelligence-related demand across semiconductors, infocomms and consumer electronics, provided a supportive backdrop for the industrial market.

Strata industrial transaction activity also strengthened, with caveated sales increasing 4.3% year on year from 797 transactions in 1H2025 to 831 transactions in 1H2026. Multiple-user factories continued to dominate the market, accounting for 92.8% of strata industrial transactions.

Looking ahead, Singapore’s industrial property market is expected to remain resilient through the second half of 2026. Continued strength in electronics, semiconductors, precision engineering and other advanced manufacturing industries should underpin demand for modern industrial facilities. Growing adoption of AI technologies and investment in higher-value manufacturing activities are also expected to support demand for high-specification factories, logistics facilities and selected business parks.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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