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
08 Jun 2026
Higher GLS Supply in 2H2026 Supports Long Term Residential Market Growth

The Government has announced the 2H2026 Government Land Sales (GLS) Programme, which will introduce 4,745 private residential units under the Confirmed List, representing a 3.7% increase from the 4,575 units released in 1H2026. The latest programme reflects the Government's continued commitment towards maintaining market stability through proactive land supply management. By ensuring a steady pipeline of future housing supply, the authorities provide greater visibility to both developers and homebuyers while supporting a more balanced and sustainable residential market.

A notable feature of the 2H2026 GLS Programme is the concentration of supply within several large development parcels. The Town Hall Link White Site alone is expected to yield approximately 1,200 residential units, accounting for about a quarter of the total Confirmed List supply. Together with the Jurong East Avenue 1 Executive Condominium (EC) site, Berlayer Close and Holland Plain, these larger sites contribute a substantial portion of the overall housing pipeline. This suggests that the Government is prioritising land parcels capable of delivering significant housing stock in key growth locations.

The programme also demonstrates a strong emphasis on transit-oriented development. Many of the sites are located near existing or future MRT stations, including Orchard Boulevard, Marina Gardens Lane, Tanjong Rhu Close, Berlayer Close and Town Hall Link. This reflects the Government's ongoing efforts to concentrate housing supply in highly accessible locations where residents can benefit from established transport infrastructure and amenities.

Overall, the 2H2026 GLS Programme reflects a coordinated approach towards meeting future housing demand while advancing broader planning priorities such as decentralisation, connectivity and urban transformation. With sites spread across the Core Central Region, Rest of Central Region and Outside Central Region, the programme offers a diverse range of housing opportunities while supporting long term market stability and sustainable growth. 

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
18 May 2026
New Home Sales Rise in April 2026 Amid Strong Launch Momentum

Singapore’s new home market maintained its positive momentum in April 2026, extending the strong recovery observed in March as buyer activity continued to gain traction across the primary market. Developer sales rose to about 1,548 units in April, up from around 1,300 units in March, reflecting sustained interest from homebuyers amid a fresh wave of launches. 

The increase in transaction activity was largely supported by the launch of key projects such as Tengah Garden Residences and Vela Bay, which collectively accounted for approximately 74.3% of total monthly sales. Their strong performance highlights how buyer demand continues to be closely anchored to fresh launches that are strategically positioned in terms of location, pricing and long term value proposition.

Tengah Garden Residences emerged as the best performing project of the month, recording 855 units sold at a median price of about $2,111 $psf, while Vela Bay followed with 370 units transacted at a median price of approximately $2,865 $psf. Tengah Garden Residences reportedly achieved a take up rate of over 99% during its launch weekend, marking a significant milestone for Tengah as the precinct’s first fully private condominium development. The project’s strong reception reflects growing buyer confidence in Tengah’s longer term growth trajectory, supported by future infrastructure such as the Jurong Region Line and its increasing connectivity to major employment nodes.

Similarly, Vela Bay’s healthy sales performance reinforces the attractiveness of first mover projects within emerging precincts. Positioned within the evolving Bayshore area and located near Bayshore MRT station, the project benefited from buyers seeking early entry opportunities within a precinct that is expected to undergo progressive transformation over the coming years. The project’s waterfront orientation and proximity to the East Coast corridor further enhanced its appeal, particularly amid longer term coastal transformation plans.

Overall, the April results continue to reinforce a broader market trend where projects located within emerging residential clusters are able to generate strong demand when backed by clear infrastructure visibility and transformation narratives. Buyers appear increasingly willing to commit to developments that offer future growth potential, especially when entering at an earlier stage of a precinct’s evolution. At the same time, the market continues to transition towards a more balanced and sustainable phase, where sales performance is increasingly dependent on the quality, positioning and timing of individual launches rather than broad based exuberance. 

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
18 May 2026
New EC Policy Changes Aim to Strengthen Owner Occupation and Market Stability

The latest recalibration of the Executive Condominium (EC) scheme represents one of the most significant policy shifts for the segment in recent years, with the measures largely aimed at strengthening genuine owner occupation, improving accessibility for first timer households and supporting more sustainable market dynamics over the longer term. Broadly, the changes also appear aligned with the Government’s wider housing policy direction in recent years, where stronger emphasis has increasingly been placed on longer term occupation and moderating speculative activity across the residential market.

One of the most notable changes involves the extension of the Minimum Occupation Period (MOP) for newly launched ECs from 5 years to 10 years. Under the revised framework, EC owners will now need to occupy their units for a longer duration before they are allowed to sell their homes on the open market. Foreigners and corporate entities will only be eligible to purchase these ECs after the 10th year. The move signals a clear shift towards positioning ECs more firmly as owner occupied housing rather than shorter term investment assets. At the same time, the longer holding period may also moderate near-term speculative demand and reduce rapid turnover within the EC segment.

Another key measure is the tightening of foreigner access to EC resale units. Under the revised framework, foreigners will only be allowed to purchase privatised ECs after 15 years instead of the current 10 years. This effectively lengthens the transition period before ECs fully enter the unrestricted private residential market. The adjustment may help preserve the original social objective of ECs by ensuring that the housing type continues to primarily serve local households for a longer duration.

The Government has also enhanced support for first timer households through changes to allocation quotas and priority schemes. The quota for first timer families purchasing new ECs has been increased from 70% to 90%, reinforcing the intention of preserving EC accessibility for genuine owner occupiers and HDB upgraders. In addition, the priority period for second timer buyers has been extended from 1 month to 2 years, further strengthening the opportunities available for first timer applicants during the initial launch phases.

At the same time, the Deferred Payment Scheme (DPS) for new EC purchases will be removed for future EC Government Land Sales sites. The removal of DPS is likely intended to encourage more prudent financial planning and reduce highly leveraged purchases. While this may result in slightly higher upfront financial commitments for some buyers, it also helps reinforce financial prudence within the market.

Collectively, the measures suggest a broader repositioning of the EC scheme towards longer term home ownership and social support for first timer households. While some moderation in investor driven demand may emerge over time, underlying owner occupier demand within the EC segment is likely to remain supported, particularly from HDB upgraders seeking a transitional pathway into private housing. Over the longer term, the revised framework may contribute towards a more stable and sustainable EC market that remains aligned with its original policy intent.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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