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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February Developer Sales Reflect Growing Buyer Interest in Prime Segment

Singapore’s new private home market saw a moderation in developer sales in February 2026, largely influenced by seasonal factors rather than any structural weakening in demand. According to SRI Research, developers sold 246 new private homes (excluding ECs) in February, down from 466 units in January, representing a 47.2% month on month moderation. This softer performance was widely anticipated as the month coincided with the Chinese New Year festive period, a time that typically experiences fewer marketing activities and lower buyer turnout. As such, the February figures should be interpreted within the context of seasonal timing and launch schedules rather than a fundamental shift in market demand.

Despite the monthly moderation, the Core Central Region (CCR) segment has shown encouraging momentum at the start of the year. In the first two months of 2026, a total of 225 CCR units were transacted, compared to 149 units over the same period in 2025, representing a 51.0% year on year increase. This improvement suggests that buyer interest within the prime residential segment has strengthened relative to a year ago. The pickup in activity may reflect growing confidence among high-net-worth buyers, improved pricing alignment between developers and purchasers, as well as selective project launches that have resonated with market demand. Overall, the CCR segment appears to be demonstrating measured resilience despite a calibrated supply environment and existing policy framework.

The renewed interest in the prime segment was further highlighted by the successful launch of River Modern, which reportedly sold more than 90% of its units during its launch weekend. The strong take up illustrates how well-located developments in prime districts continue to attract confident buyers, even after a series of launches across the River Valley and Zion corridor over the past year. Buyers appear willing to commit when developments offer strong locational attributes, connectivity and long-term value prospects.

Looking ahead, market activity is expected to gain renewed traction as several upcoming developments enter the launch pipeline. Projects such as Rivelle Tampines, Pinery Residences, Vela Bay, Hudson Place Residences and Tengah Garden Residences are anticipated to re-energize primary market activity across a diverse range of locations and buyer segments. These developments collectively span city fringe areas as well as emerging regional growth corridors, and their launches are expected to reintroduce a steadier cadence of supply into the market.

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 Office Market 2026 Outlook: Stable Rentals and Resilient Investment Activity

Total strata office transactions increased from 330 deals in 2024 to 354 deals in 2025, representing a 7.3% year on year increase. This sustained level of activity highlights continued investor participation and confidence in strata titled office assets. Strata offices remain attractive to buyers due to their flexible ownership structures and relatively manageable investment quantum compared with whole building acquisitions. At the same time, structural factors such as limited new supply of strata titled office units and the desire for assets offering long term income visibility continue to support investor interest in this segment.

High value strata office transactions also continued to take place during 2025, particularly within the Central Business District. Several notable transactions were recorded in prime buildings such as 20 Collyer Quay, Tokio Marine Centre, and 108 Robinson Road. The concentration of these transactions within District 1 highlights the enduring appeal of core CBD locations such as Raffles Place, Marina Bay, and Tanjong Pagar. These areas benefit from strong corporate clustering, established financial and professional services ecosystems, and excellent connectivity. As a result, buyers appear willing to commit significant capital to secure ownership in buildings that offer strong tenant appeal, efficient layouts, and long-term relevance within Singapore’s office landscape.

From a leasing perspective, the office rental market remained broadly stable across Singapore’s major regions throughout 2025. Rental levels in fringe and decentralised regions also showed relatively stable performance, reflecting a balanced occupier market. Businesses appear to be making leasing decisions based primarily on operational needs, workforce considerations, and long-term location strategies rather than short term market fluctuations.

Looking ahead to 2026, the Singapore office market is expected to continue progressing toward a more balanced and sustainable footing. Improving occupancy conditions, limited availability of quality office supply, and the resilience of key services sectors such as finance, information technology, and professional services are expected to support occupier demand. While ongoing geopolitical developments, including tensions in the Middle East, may introduce a degree of global uncertainty, Singapore’s reputation as a stable and well-regulated business hub continues to underpin corporate confidence. During periods of geopolitical volatility, multinational firms often prioritise stability and operational continuity, which may further reinforce Singapore’s attractiveness as a regional headquarters location.

At the occupier level, companies are increasingly refining their workplace strategies, focusing on right sizing office footprints, consolidating operations, and upgrading into higher quality workspaces that support collaboration, talent attraction, and productivity. Consequently, newer Grade A developments in prime and well-connected locations are likely to remain particularly attractive to tenants who prioritise building quality, sustainability features, and accessibility to transport nodes and amenities.

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 Property Market: Strength Through Global Shocks

Singapore’s property market has demonstrated remarkable resilience across multiple global crises, reinforcing its reputation as a stable and trusted investment destination. While geopolitical tensions in the Middle East have introduced volatility in oil prices, financial markets and investor sentiment, historical patterns suggest that periods of global uncertainty have often strengthened Singapore’s position as a safe haven for capital.

Over the past few decades, Singapore’s real estate market has experienced several major disruptions, including the SARS outbreak in 2003, the Global Financial Crisis in 2008, the COVID 19 pandemic and more recently global trade tensions in 2025. Despite short term disruptions, each crisis has been followed by a strong rebound in housing demand and transaction activity.

More recently, global markets experienced renewed uncertainty following the introduction of tariffs in 2025. Despite these developments, Singapore’s residential market remained resilient, with developer sales reaching their highest level since 2021. This reflects the continued depth of underlying housing demand and the stability of Singapore’s domestic market fundamentals.

Recent launch performance also highlights continued buyer confidence. The River Modern development recorded strong take up during its launch weekend, with over 90 percent of units sold. Its location within District 9, direct connection to Great World MRT station and views of the Singapore River contributed to strong buyer interest.

Overall, Singapore’s property market resilience reflects strong governance, transparent regulations, prudent fiscal management and a diversified economy. These structural strengths continue to anchor investor confidence, reinforcing Singapore real estate as one of the most stable and trusted asset classes in Asia.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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