21 Feb 2024
4Q2023 Quarterly Private Market Trends
Property Insight

The final quarter of 2023 experienced a downturn in Singapore's private property market, with new home sales declining by 43.9% quarter-over-quarter to 1,092 units, contrasting with 1,946 units in the previous quarter. The resale segment also saw a slight decrease, with 2,831 units sold compared to 2,900 in 3Q2023, reflecting a 2.4% decline.

This period's market dynamics were influenced by a limited number of major new launches, with only three primary projects introduced: Hillock Green, J'den, and WattenHouse. This scarcity,coupled with a strategic pullback by developers and the traditional year-end sales slowdown, led to significant reduction in new home sales volume.The best-selling new launch of the quarter wasJ’Den, with 326 units sold, Hillock Green with 124 units sold and Watten House transacting 115 units.These sales figures underline the market's response to new projects despite overall lower activity levels.

An encouraging aspect of the quarter was the decrease in inventory levels of unsold units, especially in the Core Central Region (CCR) and Outside Central Region (OCR), indicating a positive absorption rate and a healthier balance between supply and demand. The inventory of uncompleted unsold units in the CCR dropped from 6,143 to 5,932 units, and in the OCR from 6,134 to 5,928 units,showcasing a robust uptake of properties, likely spurred by high-profile developments.

The Rest of Central Region (RCR) notably outperformed with a 10.9% year-over-year increase in new home sales, totaling 3,031 units in 2023, thanks to several mid-sized and larger projects that resonated well with buyers. This trend highlights the RCR's continued appeal, driven by developments with strategic locations and attractive features.

The overall rental index showed a moderation in growth, easing to 8.7% in 2023 from a significant 29.7% increase in 2022. This change is attributed to the large completion volume of private developments in 2023, with a record-setting 19,968 units (excluding ECs), which helped balance the market dynamics between housing supply and rental demand.

Looking ahead, total new home sales in 2023 reached 6,421 units, a modest decline from 2022, amid property cooling measures, challenging macroeconomic conditions, and high interest rates. The Market Is expected to stabilize in 2024, with sales activities picking up post-Chinese New Year and a series of new project launches anticipated to boost the market. The upcoming completion of private home units and the opening of Stage 4 of the Thomson-East Coast Line are likely to further enhance the property market's appeal and stability in the year ahead.

Click here for the full report

Prepared By:
Mohan Sandrasegeran
Head of Research & Data Analytics

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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.

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Prepared By:

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Head of Research & Data Analytics

Email: mohan@sri.com.sg

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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.

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Prepared By:

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Looking ahead, investment demand is expected to remain resilient through the second half of 2026, supported by Singapore's healthy economic performance, lower interest rate environment and the structural scarcity of conserved shophouses. Investors are likely to continue prioritising well-located assets offering resilient rental income, asset enhancement opportunities and long-term capital appreciation. The combination of limited supply, heritage value and stable income-generating potential is expected to provide continued support for transaction values and reinforce the long-term attractiveness of Singapore's shophouse market.

Click

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Prepared By:

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Email: mohan@sri.com.sg

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