SRI - Singapore Realtors Inc.

24 Jan 2025

How 4Q2024 Shaped HDB Resale Prices and Transactions

Property Insight

2024 HDB Resale Review: Sustained Growth Despite Moderation

The HDB resale market in 2024 demonstrated remarkable resilience, with resale prices increasing by 9.7% for the year, nearly double the 4.9% growth recorded in 2023. However, the fourth quarter (4Q2024) showed signs of moderation, with a quarterly price increase of 2.6%, slightly below the 2.7% seen in the third quarter. This moderation is a reflection of a more balanced market as cooling measures and other factors influenced buying activity.

Key Drivers of Price Growth

The robust growth in resale prices was primarily driven by the limited supply of flats reaching their Minimum Occupation Period (MOP) in 2024, creating upward pressure on prices. Buyers showed strong interest in newer flats and larger units, such as five-room and executive flats, which cater to the needs of growing families. Executive flats experienced the most significant transaction growth, increasing by 17.6% year-on-year to 1,820 units. This reflects a growing preference for spacious homes amid limited supply.

Resale Volumes and Trends

While resale transactions in 4Q2024 moderated to 6,424 flats, down from 8,142 in 3Q2024, the overall resale volume for 2024 reached 28,986 flats, marking an 8.4% year-on-year increase. This was the highest annual volume since 2021, driven by demand for flats nearing their MOP and larger flat types. Seasonal factors, such as the year-end holiday lull and the October BTO exercise introducing Standard, Plus, and Prime flats, likely contributed to the softer activity in 4Q2024.

Despite the moderation in million-dollar transactions due to cooling measures, the market remained resilient. A total of 1,035 million-dollar resale flats were sold in 2024, more than doubling the 469 transactions in 2023. This underscores the sustained demand for flats with unique attributes, even amid regulatory changes.

Outlook for 2025

In summary, the HDB resale market remains robust despite short-term challenges, with sustained demand for larger units and innovative solutions addressing supply constraints. The strategic mix of immediate and long-term housing options positions Singapore’s public housing landscape for stability and growth in 2025.

Click here for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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CDL Tops Bids for Woodlands Drive 17 and Senja Close EC Sites

City Developments Limited (CDL) is making a notable return to the Executive Condominium (EC) segment, clinching the top bids for both the Woodlands Drive 17 and Senja Close EC sites. This marks CDL’s first successful EC land acquisition since 2022, when it secured the Bukit Batok West Avenue 5 site which became Lumina Grand. These new wins reflect CDL’s strategic re-entry into the hybrid public-private housing market and its intention to strengthen its foothold in the mass market segment.

For the Woodlands Drive 17 EC site, CDL’s bid of $360.9 million ($782 psf ppr) set a new record for EC land prices, surpassing the previous high of $768 psf ppr at Tampines Street 95. This site attracted a total of five bids, with Sim Lian Group coming in a close second at $781 psf ppr. The marginal difference highlights CDL’s competitive intent, particularly given the site’s locational advantages.

In Bukit Panjang, CDL also submitted the highest bid for the Senja Close EC site at $252.9 million ($771 psf ppr). This was another five-way contest, and the bid reflects CDL’s strategy to diversify geographically while meeting demand in under-supplied areas. Bukit Panjang has not seen a new EC launch since Blossom Residences in 2011, making this a rare opportunity to meet accumulated demand from first-time buyers and HDB upgraders.

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here

for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

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Private Rental Market Rebounds with 1.2% Growth in 1H2025

The private residential rental market rebounded in the first half of 2025, with the overall rental price index rising by 1.2 percent, reversing the 2.7 percent moderation observed in the same period last year. This turnaround suggests that the market has regained stability, supported by resilient demand and a more measured pace of growth. The 0.8 percent increase in Q2 2025, following a 0.4 percent rise in Q1, signals a stabilised phase in the market, particularly for developments with strong transport and lifestyle connectivity.

Normanton Park emerged as the top non-landed rental project with 290 leasing transactions in 1H2025. Its city-fringe location, wide unit mix (including up to five-bedroom units), and proximity to the One-North business hub make it attractive to professionals in media, technology, and biomedical sectors. The Draft Master Plan 2025 proposes further transformation in the Greater One-North area, which could bring additional housing and infrastructure enhancements.

In the HDB rental segment, transactions increased from 18,952 in 1H2024 to 19,728 in 1H2025. 3-room and 4-room flats remained the most popular, accounting for the bulk of deals. Modest increases were also seen in 5-room and executive flats, suggesting growing demand from multi-generational households.

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here

for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

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GLS Commentary - Tender Results for Holland Link

The tender for the Holland Link Government Land Sales (GLS) site drew a total of five bids, with Sim Lian Group submitting the highest offer of $368.4 million, translating to $1,432 per square foot per plot ratio (psf ppr). This residential (non-landed) site is located within the Bukit Timah Planning Area and is expected to yield around 230 units. Its proximity to prestigious landed enclaves and upcoming transformation at Turf City positions it as a rare opportunity for boutique high-end development.

The response to the Holland Link tender follows strong interest in the nearby Dunearn Road GLS site at Turf City, which received nine bids earlier this year. The Holland Link tender list reveals that some developers who participated in the Dunearn Road bid have returned to vie for this plot, indicating continued interest in well-located Core Central Region (CCR) sites. This also suggests positive spillover effects from the Turf City transformation, which is poised to rejuvenate the wider Bukit Timah area.

The Holland Link site stands out due to its boutique scale, exclusivity, and connectivity. Surrounded by greenery, nestled near landed housing, and well-linked to transport nodes, it offers strong fundamentals for a premium development. The manageable project size makes it attractive in today’s risk-aware environment, where developers are more cautious about large-scale launches.

Successful recent launches such as Upperhouse at Orchard Boulevard and The Robertson Opus also illustrate that demand for well-designed, well-located CCR homes remains intact. These projects demonstrate that buyers remain selective but are willing to commit when the right product is offered.

Click

here

for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

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