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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NDR 2026 Housing Measures: Broadening Access Across the Housing Journey

The housing measures announced at National Day Rally 2026 represent a timely recalibration of Singapore’s housing framework, with higher income ceilings expanding access to subsidised housing and mortgage support across different stages of the housing journey. The monthly household income ceiling for eligible families will increase from S$14,000 to S$16,000, while the corresponding ceiling for singles will rise from S$7,000 to S$8,000. For applicable future Executive Condominium (EC) projects, the household income ceiling will increase from S$16,000 to S$18,000. 

For ECs, the increase to S$18,000 broadens the potential buyer pool, particularly among dual-income households that have moved beyond the revised HDB ceiling but remain within EC eligibility. However, the market impact will be gradual because the new ceiling applies only to new EC units where the land sale tender closes on or after 24 August 2026.

Overall, the measures represent a wider housing life-cycle recalibration rather than a change focused solely on BTO eligibility. By updating income thresholds across multiple housing programmes, expanding EC accessibility and providing additional ballot chances for first-time families with children from the February 2027 sales exercise, the framework broadens housing options while allowing eligibility parameters to evolve alongside household incomes and circumstances.

Click

here

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
17 Aug 2026
July 2026 New Home Sales Surge as Major Project Launches Return

Singapore’s primary residential market rebounded strongly in July 2026, with developers selling 731 new private homes excluding Executive Condominiums (ECs), up sharply from 156 units in June. The recovery was driven by the return of fresh residential supply after June recorded no new private residential launches, highlighting the close relationship between launch activity and monthly developer sales. 

A total of 889 units were launched across six projects during July. Lentor Gardens Residences and Dunearn House accounted for the bulk of new supply, launching 499 and 250 units respectively. Together, the two projects contributed 749 units, or approximately 83.3% of all units launched during the month. Their strong performance also accounted for 65.9% of all new private homes sold excluding ECs, demonstrating the significant role that major new launches continue to play in shaping monthly sales volumes.

Lentor Gardens Residences was July’s best-selling project, recording 270 transactions at a median price of $2,357 psf. The development’s performance suggests that buyer confidence in the Lentor precinct remains resilient despite it being the seventh private residential project introduced within the estate. As the neighbourhood matures, buyers are increasingly able to assess completed developments, operational amenities and the precinct’s overall liveability, providing greater certainty over its longer-term appeal. External market reporting also recorded 270 sales at Lentor Gardens Residences during its launch period.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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14 Aug 2026
Singapore Office Market Review 1H2026: Improving Fundamentals Support Recovery

Singapore’s office market showed early signs of recovery in the first half of 2026, supported by improving economic fundamentals, resilient occupier demand and firmer investor sentiment. The price index for office space in the Central Region increased by 0.5% in 1H2026, reversing the -1.2% moderation recorded in 1H2025. While the improvement remains modest, the return to positive growth suggests that office capital values are beginning to stabilize. 

The improvement comes alongside stronger economic conditions, with Singapore’s economy expanding by 5.9% year on year in 2Q2026. Sustained demand for digital solutions, banking and insurance activities, as well as professional and technical services, has provided a supportive backdrop for office leasing demand.

Although 99-year leasehold properties continued to dominate strata office transactions with a 66.2% share in 1H2026, this was lower than 74.5% a year earlier. Meanwhile, the combined share of freehold and 999-year leasehold properties increased from 25.5% to 33.8%, indicating stronger interest in assets offering longer-term value preservation.

Leasing fundamentals continued to provide an important source of support. The Central Region office Rental Index increased by 0.6% in 1H2026, compared with no growth in 1H2025. The simultaneous improvement in rents and capital values suggests that the recovery is being supported by genuine occupier demand, with stronger rental income helping to underpin asset valuations and investment returns.

Looking ahead, Singapore’s office market is expected to remain on a stable footing in the second half of 2026. Resilient economic growth, healthy labour market conditions and continued expansion across office-intensive industries should support occupier demand. While investment activity may remain selective amid geopolitical uncertainty and disciplined capital deployment, improving leasing fundamentals are expected to continue supporting rental and capital value stability. 

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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