SRI - Singapore Realtors Inc.

17 Feb 2025

The Orie Leads as January’s Best-Selling Private Condo

Property Insight

Developers sold 1,083 private residential units (excluding ECs) in January, marking a significant rebound from the 203 units transacted in December. This sharp increase was primarily driven by new project launches, particularly The Orie and Bagnall Haus, which contributed 69.7% of total new home sales. These projects, launched ahead of the Chinese New Year period, capitalized on renewed market activity, drawing strong buyer interest.

Historically, January 2025 recorded the highest sales since January 2021, surpassing 304 units in January 2024. However, sales remained below the peak of 1,633 units in January 2021, indicating the market is still adjusting to policy changes and macroeconomic conditions.

The Orie Emerges as Best-Selling Project

Among the best-selling projects, The Orie led the market with 680 units sold at a median price of $2,731 psf. The project’s location in the Rest of Central Region (RCR) and well-timed launch contributed to its strong performance.

Following this, One Bernam in the Core Central Region (CCR) sold 99 units at a median price of $2,521 psf, while Bagnall Haus, a 113-unit freehold project in the Outside Central Region (OCR), saw 75 units transacted at $2,494 psf. The steady take-up of Bagnall Haus reflects sustained demand for freehold properties in suburban locations, where supply remains limited.

Park Nova Penthouse Sets Luxury Benchmark

The highest transacted non-landed residential property in January 2025 was a penthouse unit at Park Nova, sold for $38.9 million. The freehold unit in District 10’s Orchard area spans 5,899 square feet and achieved a record-breaking $6,593 psf, the highest unit price recorded in nearly 14 years. The transaction highlights the continued strength of Singapore’s ultra-luxury segment, where high-net-worth individuals seek trophy assets in prime locations.

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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2Q2026 Singapore Residential Market Report: Resilient Demand Despite Global Uncertainty

Singapore's private residential market remained resilient in 2Q2026, supported by healthy buyer demand despite a gradual moderation in price growth. New home sales (excluding Executive Condominiums) increased to 2,141 units, representing a 6.4% quarter-on-quarter increase from 2,013 units in 1Q2026. The improvement was driven primarily by strong demand within the Outside Central Region (OCR) and Rest of Central Region (RCR), which more than offset slower sales in the Core Central Region (CCR). Well-priced projects such as Tengah Garden Residences, Vela Bay, and Hudson Place Residences attracted strong interest from HDB upgraders and owner-occupiers, reflecting continued preference for city fringe and suburban developments offering better affordability and value.

The resale private residential market also strengthened during the quarter, with transactions rising from 3,225 units to 3,813 units, representing an 18.2% increase from the previous quarter. Growth was broad-based across all market segments, with the OCR continuing to account for the largest share of resale activity due to its relatively affordable pricing, established residential estates and wider selection of family-oriented housing. The increase in completed developments over recent years has expanded resale supply, providing buyers with greater choice while supporting a more balanced and orderly market.

Private residential prices continued to increase during the first half of 2026, although growth moderated. Prices rose 1.4% in 1H2026, compared with 1.8% in 1H2025, reflecting a market transitioning towards a more sustainable pace of appreciation. The moderation is attributed to the Government's sustained expansion of housing supply through the Government Land Sales programme and the increasing completion of residential developments, which have widened housing options and reduced upward price pressures.

Looking ahead, market activity is expected to remain supported by a healthy pipeline of new launches, including Dunearn House, Thomson Reserve, and Lucerne Grand. The successful launch of Lentor Gardens Residences demonstrates that buyer demand remains healthy for well-located and appropriately priced developments. Although global uncertainties, including interest rate expectations, geopolitical tensions and new trade tariffs, may encourage buyers to adopt a more measured approach, Singapore's strong economic fundamentals and transparent regulatory framework are expected to continue supporting market confidence.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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Singapore HDB Resale Market Trends 2Q2026: Stable Demand Amid Growing Supply

The HDB resale market remained resilient in 2Q2026, with transaction volumes increasing marginally to 6,396 units, up 1.8% from 6,285 units in 1Q2026. Despite the June 2026 Build-To-Order (BTO) launch of approximately 6,952 flats, including projects in highly sought-after mature estates such as Bishan, Bukit Merah and Ang Mo Kio, resale demand remained broadly stable. This reflects continued underlying demand for resale flats even as buyers are presented with a wider range of public housing options.

Price movements continued to moderate during the quarter, reinforcing the market's transition towards a healthier and more sustainable phase. The HDB Resale Price Index eased by 0.3% quarter-on-quarter, following the 0.1% moderation recorded in 1Q2026. Cumulatively, resale prices moderated by 0.4% in the first half of 2026, a notable shift from the 2.5% increase registered over the same period in 2025. Rather than indicating weakening demand, the moderation reflects the cumulative impact of expanded public housing supply through larger BTO launches, multiple Sale of Balance Flats exercises, Shorter Waiting Time flats, and an increasing number of flats reaching their Minimum Occupation Period (MOP), giving buyers greater choice across different housing segments.

Across the resale market, pricing trends have become increasingly measured and differentiated. Median resale prices for most flat types remained broadly stable or moderated slightly, particularly for 3-room, 5-room and Executive flats. Overall, pricing is becoming more reflective of individual flat attributes such as location, age and remaining lease rather than broad market-wide appreciation.

Looking ahead, the HDB resale market is expected to remain fundamentally resilient as supply continues to expand. Upcoming BTO launches, additional Sale of Balance Flats exercises, Shorter Waiting Time flats and a growing pipeline of MOP flats are expected to further improve housing availability and distribute demand more evenly across BTO and resale segments.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight

Bayshore Drive GLS Tender Attracts $2.13 Billion Top Bid Amid Strong Developer Confidence

The Bayshore Drive Government Land Sale (GLS) tender attracted three competitive bids, with a consortium comprising Frasers Property, Sunway MCL, Sekisui House and Lum Chang submitting the highest bid of $2.13 billion, translating to $1,323 psf per plot ratio (psf ppr). Although this was below the $1,388 psf ppr achieved by the neighbouring Bayshore Road GLS site, now launched as Vela Bay, the difference reflects the distinct planning and development requirements of the Bayshore Drive parcel rather than weaker developer sentiment.

The site is expected to yield approximately 1,280 residential units, making it one of the largest private residential developments within the emerging Bayshore precinct. Unlike a conventional residential project, the site will also incorporate an integrated bus interchange and supporting commercial components alongside Bedok South MRT Station. These additional infrastructure and construction requirements likely influenced developers' bidding strategies while still demonstrating confidence in the area's long-term growth potential.

The encouraging participation from three bidders highlights that developers remain willing to pursue sizeable land parcels where they see strong underlying demand. Confidence has also been supported by the successful launch of neighbouring Vela Bay, which reportedly achieved more than 72% sales during its launch weekend, reinforcing buyer acceptance of the Bayshore precinct. Combined with excellent MRT connectivity, established amenities and the Government's long-term plans for the East Coast, these factors continue to strengthen the investment appeal of the area.

The trend towards larger developments is also evident in recent land acquisitions, including the successful collective sale of Loyang Valley, reflecting developers' continued willingness to undertake sizeable redevelopment projects despite higher capital commitments and longer development timelines. At the same time, buyer interest in upcoming mega developments, including Thomson Reserve, remains encouraging, suggesting continued market acceptance of larger-scale residential communities.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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