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  

You may also like

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

  

Property Insight
16 Apr 2025
Resilient Buyer Demand Supports March 2025 Developer Sales

In March 2025, developers sold 729 private residential units (excluding Executive Condominiums), reflecting a moderation from the 1,597 units moved in February. The lower sales volume can be attributed to fewer project launches and the March school holidays, which temporarily slowed buying momentum. Nonetheless, on a year-on-year basis, sales remained stable—up 1.5% from 718 units in March 2024.

A key highlight of the month was the overwhelming success of Aurelle of Tampines, the year’s first EC launch. It sold 705 units at a median price of $1,769 psf, making it the top-selling project across all categories. Located in a mature estate with excellent connectivity and established amenities, Aurelle attracted strong interest from first-time buyers and young families. The project was fully sold out by April, highlighting pent-up demand for affordably priced ECs in well-connected neighbourhoods.

In the private residential segment, Lentor Central Residences led the way, transacting 460 units at a median price of $2,213 psf. Its success underlines the growing appeal of the Lentor precinct within the Outside Central Region (OCR), driven by the area’s proximity to Lentor MRT, increasing launch activity, and integration with nearby amenities. The cumulative effect of several launches in this enclave is transforming Lentor into a vibrant residential node.

Sales in the Core Central Region (CCR) rebounded in March, with 46 new units sold—up from 28 in February. This was primarily driven by the launch of Aurea, which moved 24 units at a median price of $2,924 psf. The project’s success demonstrates sustained demand for luxury homes in prime locations, even amid cautious market sentiment.

One Marina Gardens also garnered positive investor interest, especially for its one- and two-bedroom units. Positioned as the inaugural development in the upcoming Marina South precinct, the project offers early movers a front-row seat to the district’s transformation into a dynamic waterfront community. Looking ahead, two additional plots in Marina South have been listed on the 1H2025 GLS Reserve List, indicating continued government commitment to shaping this precinct into a mixed-use lifestyle hub.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email:

mohan@sri.com.sg

  

Mask group
Singapore Realtors Inc

CEA License No. L3010738A

1 Kim Seng Promenade #17-10/12

Great World City, West Tower

Singapore 237994

+65 6958 5000

admin@sri.com.sg

For Home Owners

Buy
Sell
Rent
Search
New Launch
Commission Guidelines

For Corporate

Property Management
Local Project Marketing
Capital Markets
Auction
International Project Marketing

For Agents

Why Join SRI?
Culture and Community
Technology & Tools
Mentorship
Training

Company

About
Team
Technology
Agent Reviews
Insights
Contact

© 2023 SRI Pte Ltd • Privacy Policy & Data Protection

Follow us on
iconiconiconiconicon