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 Oct 2025
Developer Sales Outlook Brightens with New Launches Like Faber Residence and Penrith

Developers moved a total of 255 private residential units (excluding ECs) in September, moderating from the 2,142 units transacted in August. The slowdown was not unexpected, coinciding with the Lunar Seventh Month, a period where homebuying sentiment typically softens. However, the lull proved brief, as Skye at Holland achieved an exceptional performance, selling about 658 units (99% of its total) during its launch weekend in early October surpassing the entire September total.

The positive momentum is expected to continue with the upcoming launches of Faber Residence and Penrith, followed by Zyon Grand, The Sen, and Coastal Cabana (EC) in the coming months. These previews and launches are set to reignite sales momentum in the final quarter of the year, providing a healthy pipeline of new inventory for homebuyers and ensuring a steady stream of fresh supply to meet sustained demand from both upgraders and investors.

Part of the market optimism can be traced to the US Federal Reserve’s rate cut in 2024, which eased liquidity conditions and lifted buyer sentiment. This supportive backdrop was reinforced at the recent Federal Open Market Committee (FOMC) meeting, where the Fed reduced the Funds Target Rate by 25 basis points to a range of 4.00%–4.25%, signalling continued willingness to support growth and lower borrowing costs. The move is expected to enhance affordability and spur stronger buyer confidence, providing further upside for developers timing their launches to capture sentiment shifts.

In September, the highest transacted condominium was a four-bedroom unit at 21 Anderson, sold for $24.0 million. The spacious 4,489 sq ft freehold residence in Tanglin achieved $5,347 psf, marking it as the top condominium sale of the month. This sale reflects the renewed strength of the luxury segment, which saw 21 non-landed new homes priced at $10 million and above transacted in the first nine months of 2025—almost three times the 8 units sold in the same period of 2024.

Among individual projects, Canberra Crescent Residences emerged as the top-seller with 28 units sold at a median price of $2,001 psf, followed by Grand Dunman and River Green. These results reaffirm the continued depth of buyer demand across all regions, from OCR to CCR, as Singapore’s private residential market enters the final quarter on a firm footing.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
09 Oct 2025
UOL, SingLand and Kheng Leong JV Tops GLS Tender for Dorset Road Site at $1,338 psf ppr

The tender for the Government Land Sales (GLS) site at Dorset Road has officially closed, marking another milestone in the continued rejuvenation of the Farrer Park precinct. The joint venture between UOL Group, Singapore Land Group (SingLand), and Kheng Leong Company emerged as the top bidder, submitting a land price of $524.3 million, which translates to $1,338 psf ppr.

The outcome reflects UOL’s ongoing confidence in the city-fringe residential market, following the strong market reception of its recent joint-venture project, Skye at Holland, which has drawn considerable buyer attention. This momentum likely reinforced UOL’s conviction in pursuing another centrally located site with strong long-term growth potential.

A total of nine bidders participated in the tender, demonstrating sustained developer confidence in well-connected Rest of Central Region (RCR) plots. The competitive turnout underscores developers’ positive outlook for city-fringe housing demand, especially in established neighbourhoods like Farrer Park and Novena, where upcoming transformations are set to enhance the precinct’s appeal.

The Dorset Road site shares similar locational advantages. It is within walking distance of Farrer Park MRT station, City Square Mall, and the Connexion medical and lifestyle complex, while being minutes from key city districts such as Novena and Orchard. Proximity to the Novena healthcare hub, reputable schools, and a rich mix of amenities further enhances the site’s attractiveness to families, professionals, and investors alike.

The future development is expected to yield approximately 425 residential units, positioned within a vibrant and evolving community. The Farrer Park transformation aims to blend modern living with heritage preservation, introducing new housing integrated with sports, wellness, and green spaces that honour the area’s sporting legacy. This thoughtful approach will create a balanced, community-oriented urban environment, reinforcing the precinct’s appeal as a liveable city-fringe destination.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
01 Oct 2025
3Q2025 Flash Estimates Highlight Balanced Growth in Private and Public Housing

Singapore’s residential property market sustained positive momentum in the third quarter of 2025, reflecting steady demand, a healthy launch pipeline, and stabilising trends across both private and public housing sectors.

Private Property Market

According to flash estimates, private property prices rose by 1.2% in 3Q2025, building on the 1.0% increase in the previous quarter. This brings cumulative growth for the first nine months of 2025 to 3.1%, notably higher than the 1.6% increase recorded during the same period in 2024. The uptick was driven by a strong pipeline of project launches, which provided more options for homebuyers and supported transaction volumes.

Developers exhibited confidence by releasing projects from GLS sites, which in turn helped stabilise primary market prices. Key launches such as Springleaf Residence, River Green, Promenade Peak, Canberra Crescent Residences, and Artisan 8 received healthy buyer response, while July’s wave of launches including The Robertson Opus, UpperHouse at Orchard Boulevard, and LyndenWoods—revitalised sentiment and widened market choices.

Looking ahead, momentum is expected to carry into 4Q2025, supported by previews of Skye at Holland, Faber Residence, Penrith, Zyon Grand, The Sen, Coastal Cabana, and the Jalan Loyang Besar EC. 

HDB Resale Market

HDB resale price growth continued to moderate, rising 0.4% in 3Q2025 compared to 0.9% in 2Q2025. For the first nine months, prices grew 2.9%, significantly slower than the 6.9% surge in the same period last year, indicating greater market balance.

Policy initiatives such as the upcoming Voluntary Early Redevelopment Scheme (VERS) aim to provide long-term renewal pathways for ageing estates, ensuring progressive rejuvenation. In the near term, demand for older flats is expected to remain niche, driven mainly by households downsizing or buyers prioritising affordability.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

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