24 Jan 2025
4Q2024 Private Property Market Review: Resale and New Launch Trends
Property Insight

The private property market in 2024 demonstrated significant growth, with both new private home sales and resale transactions recovering strongly, especially in the second half of the year. This resurgence was driven by favorable financial conditions, strategic project launches, and renewed buyer confidence.

Key Market Drivers

Lower interest rates, spurred by a rate cut from the US Federal Reserve, boosted buyer sentiment, reducing borrowing costs and making private properties more accessible. Singapore's robust economic recovery, marked by a 4.0% GDP growth in 2024 compared to 1.1% in 2023, further strengthened confidence. Developers capitalized on this favorable environment by introducing 3,425 new units in 4Q2024, a significant increase from 1,284 units in 3Q2024, catering to pent-up demand with well-timed launches.

A tight supply of new launches in the first half of the year redirected buyer interest toward the resale market, particularly for newly completed properties ready for immediate occupancy. The interplay between new sales and resale markets contributed to a dynamic property landscape.

Resale Market Performance

Private resale transactions reached 14,053 units in 2024, reflecting a 24.0% year-on-year increase and marking the highest annual volume since 2021. HDB upgraders played a pivotal role, with their participation rising by 19.2% to 3,988 units, highlighting the continued demand from families seeking larger and higher-quality homes.

New Private Home Sales

New private home sales totaled 6,469 units in 2024, slightly up from 6,421 units in 2023. The market experienced a strong recovery in 4Q2024, with a 2.3% price index increase, rebounding from a 0.7% contraction in 3Q2024. Developers employed curated pricing strategies and favorable financing options, enabling steady sales and maintaining market optimism.

Price Trends and Cooling Measures

Private property prices grew moderately by 3.9% in 2024, compared to 6.8% in 2023, reflecting a stabilization amid tighter borrowing conditions and ongoing government cooling measures. These measures, including higher Additional Buyer’s Stamp Duty (ABSD) rates, effectively curbed speculative demand, ensuring more sustainable growth.

Outlook for 2025

The private property market is projected to maintain stability in 2025. New private home sales are expected to range between 7,000 and 8,000 units, supported by strategic launches and favorable buyer sentiment. Resale transactions are forecasted to reach 14,000 to 15,000 units, with reduced private residential completions moderating supply and driving competition for ready-to-move-in properties.

Private property prices are projected to grow by 3.0% to 6.0% in 2025, underpinned by limited supply and demand from upgraders. Buyers are encouraged to remain cautious, avoiding over-leveraging and considering long-term affordability.

In summary, the private property market in 2024 showcased resilience and growth, fueled by favorable conditions and strategic developer actions. With a balanced outlook for 2025, the market is well-positioned to adapt to evolving economic dynamics and maintain its appeal as a stable investment destination.

Click here for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg  

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Property Insight
15 May 2025
Singapore New Private Home Sales Jump 120% YoY in April 2025

In April 2025, developers sold a total of 663 private residential units (excluding ECs), a moderation from the 729 units transacted in March. However, compared to the same period last year, new private home sales rose sharply by 120.3%, up from 301 units in April 2024. This surge reflects an improved sales environment and stronger buyer responsiveness to new launches.

The Rest of Central Region (RCR) led performance with 551 units sold, contributing 83.1% of the total monthly sales. This surge was primarily driven by the successful launches of One Marina Gardens and Bloomsbury Residences. These projects sparked buyer interest due to their strategic locations, strong connectivity, and integration with key economic and lifestyle hubs.

One Marina Gardens was the best-selling project in April, moving 384 units at a median price of $2,948 psf. Located in the emerging Marina South precinct, the development benefited from a compelling first-mover advantage and integration into a larger master plan near Marina Bay. Buyers saw long-term value potential and were attracted to the vision of a vibrant waterfront lifestyle hub.

Bloomsbury Residences, situated within the dynamic one-north precinct, was the next standout performer, selling 107 units at a median price of $2,454 psf. As the first residential development in Mediapolis, its proximity to media, technology, and biomedical industries—as well as top educational institutions and transport connectivity—positioned it as a desirable live-work-play offering.

In the luxury segment, 21 Anderson achieved the highest non-landed transaction in April, with a 4,489 sq ft freehold unit sold for $23.0 million ($5,127 psf). This benchmark sale in the Tanglin planning area highlighted ongoing demand from high-net-worth individuals for rare, prestigious offerings despite overall market moderation.

The overall market outlook remains positive. Sustained momentum in Q1 2025 reflects market resilience supported by local demand, strategic launches, and a stable macroeconomic backdrop. Developers have successfully aligned new offerings with market expectations—balancing connectivity, pricing, and upside potential.

 Click

here

for the full report   

Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics 

  

  

Email:

mohan@sri.com.sg


 

   

Property Insight
25 Apr 2025
HDB Resale Prices and Transactions Show Steady Pace in 1Q2025

In 1Q2025, HDB resale prices increased moderately by 1.6%, compared to 2.6% in the previous quarter, reflecting a gradual recalibration driven by expanding housing supply and affordability measures. Transactions rose slightly, with 6,590 flats changing hands, marking a 2.6% increase quarter-on-quarter.

This slower resale market performance was partially attributed to seasonal effects like Chinese New Year festivities, which typically dampen resale activity. Concurrently, HDB significantly expanded housing supply, launching 10,622 flats through Build-To-Order (BTO) and Sale of Balance Flats (SBF) exercises. The SBF exercise, notably the largest since November 2020, offered 5,220 balance flats, with approximately 40% move-in ready, attracting buyers seeking immediate occupancy.

Older flats with lease commencement dates of 1990 or earlier represented 39.4% of resale transactions, up slightly from 38.6% in 4Q2024. Buyers continued gravitating towards these mature flats, driven by larger sizes, established locations, and affordability. Newer flats from 2013 onwards accounted for 29.6% of transactions, remaining stable compared to the previous quarter.

The government’s ongoing investment through initiatives such as the Neighbourhood Renewal Programme (NRP), Home Improvement Programme (HIP), and Lift Upgrading Programme (LUP) significantly enhanced older flats' liveability. These programmes, improving interiors, common areas, and accessibility, ensure older flats remain attractive despite shorter leases.

Looking ahead to 2025, HDB resale market demand is expected to remain resilient, driven by couples, families, and unsuccessful BTO applicants needing immediate housing solutions. Interest will likely concentrate in well-located estates offering proximity to key amenities and transport nodes.

To manage demand-side pressures, the government is proactively increasing housing supply. In July 2025, approximately 5,400 BTO flats will launch across several estates, accompanied by a concurrent SBF exercise offering about 3,000 flats, totalling 8,500 units for 2025. This diverse supply caters to varied buyer profiles and needs.

Overall, the HDB resale market in 2025 is set for sustainable balance, ensuring price stability and supporting long-term affordability amid expanding public housing options.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email:

mohan@sri.com.sg

 

Property Insight
25 Apr 2025
Healthy Demand Sustains Private Property Market Growth in 1Q2025

The private resale market remained firm in 1Q2025, recording 3,565 transactions, a slight 3.7% moderation quarter-on-quarter but marking a significant 32.6% increase year-on-year, the strongest first-quarter performance since 2022. This growth demonstrates resilient demand, particularly for move-in ready homes amid limited new supply.

Treasure at Tampines was the best-performing non-landed resale condominium, with 47 transactions in 1Q2025. The project's strong performance may have benefited from spillover demand driven by nearby launches such as Parktown Residence. Resale units in large-scale developments like Treasure at Tampines remain attractive due to their established amenities and competitive pricing compared to new launches.

New home sales in 1Q2025 totalled 3,375 units, a slight 1.3% dip from 4Q2024 but nearly tripling year-on-year from 1,164 units in 1Q2024. This represents the strongest first-quarter new launch performance since 2021, reflecting improving buyer sentiment and robust market confidence. Developers responded by launching 3,139 units during the quarter, signalling confidence in continued demand recovery. The measured absorption rate aligns with market fundamentals, supported by government land sales (GLS) rather than collective sales, indicating a steady and sustainable flow of supply.

The private property price index edged up 0.8% in 1Q2025, moderating from 2.3% growth in 4Q2024. The modest yet consistent price increase indicates healthy market fundamentals, driven by steady demand and new project launches, particularly from GLS sites. 

The positive sales momentum in 1Q2025 reflects resilient buyer demand, strategically timed launches, and a supportive macroeconomic backdrop, particularly in the Outside Central Region (OCR) and Rest of Central Region (RCR), which balance affordability and growth potential.

Amid ongoing geopolitical trade tensions, Singapore’s real estate market remains attractive to global investors as a safe haven, supported by political stability, transparency, and strong economic fundamentals. Market resilience is further reinforced by regulatory safeguards such as the Seller’s Stamp Duty (SSD), Total Debt Servicing Ratio (TDSR), Loan-to-Value (LTV) limits, and a high Additional Buyer’s Stamp Duty (ABSD) rate of 60% for foreigners, effectively curbing speculation.

Historically, Singapore’s real estate resilience has been policy-driven. Government intervention through financial relief measures during past crises, coupled with strategic trade deals and a transparent legal framework, underpins the market’s stability and adaptability even in uncertain global conditions.

However, prudence is advised for buyers amid evolving economic conditions and interest rates. Long-term affordability and financial sustainability remain essential considerations for property investments in the coming months.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email:

mohan@sri.com.sg

  

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