SRI - Singapore Realtors Inc.

17 May 2024

Monthly Developer Sales Insights - Feb 2024

Property Insight

The Monthly Developer Sales report offers insights into the performance of the property market in the month of February, particularly focusing on new home sales and the impact of seasonal variations like the Chinese New Year.

Key Highlights and Developments:

In February 2024, developers sold 149 units (excluding Executive Condominiums, ECs), representing a 47.0% month-on-month decrease from the 281 units sold in January 2024. This decline is attributed to the Chinese New Year festivities, which typically slow down property sales due to fewer major new launches.

Sales Volume:

Only 45 units were launched in February, compared to 417 in January, marking an 89.2% reduction. The limited launches included The Myst (20 Units), 19 Nassim (15 Units), and Watten House (10 Units).

Top Performers:

Lumina Grand was the top-selling development for the second consecutive month, with 16 units sold at a median price of $1,497 per square foot (psf). It also set a new record price for an EC at $1,590 psf.

The Botany at Dairy Farm emerged as the top-selling non-landed development, with 15 units sold at a median price of $2,018 psf.

Terra Hill recorded the highest transaction of the month, selling a 5-bedroom unit for $8.05 million ($2,652 psf), the second-highest price for a new launch freehold condominium in the Queenstown area.

Market Trends:

Historical data suggests a pattern where sales dip during the Chinese New Year period but recover shortly thereafter. For instance, after a sales increase in February 2023 post-January festivities, and a similar uptick in March 2022 following the February celebrations.

Outlook:

An increase in new home sales is anticipated in March, driven by the launch of new developments like Lentoria and Lentor Mansion. The planned staggered TOP dates for projects in the Lentor area aim to gradually increase population density, ensuring infrastructure and community amenities develop in sync with residential growth.

Click here for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

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Shophouse Demand Expected to Remain Resilient in 2026

Singapore’s shophouse market enters 2026 on a stable and constructive footing, underpinned by resilient macroeconomic conditions and disciplined investor participation. Following strong economic momentum through 2025, with growth broad based across manufacturing, services, and trade related sectors. This supportive macro backdrop has provided a firm foundation for commercial real estate segments closely linked to business activity, consumer spending, and lifestyle driven demand, including shophouses.

While the increase was measured, it reflects underlying resilience in the segment amid a higher interest rate environment and cautious capital deployment. The ability for transaction volumes to hold and improve marginally suggests that buyers continue to identify value in well located and income generating shophouse assets, particularly those with strong tenant profiles and long-term repositioning potential. This pattern of activity indicates selective and purposeful acquisitions rather than speculative behaviour, supporting market stability heading into 2026.

Freehold shophouses continued to anchor market activity in 2025. This dominance underscores the enduring appeal of freehold tenure among investors prioritising long term ownership, asset security, and capital preservation. In a market characterised by structurally limited supply, freehold shophouses are widely viewed as generational assets, sustaining demand even in a more selective investment climate.

District level transaction patterns highlighted a clear preference for established city fringe and lifestyle driven precincts. District 08 recorded the highest number of caveated transactions, supported by strong footfall, central positioning, and cultural vibrancy. District 15 followed closely, reflecting sustained demand for heritage shophouses within Katong and Joo Chiat, underpinned by lifestyle appeal and tenant retention. Other districts such as Districts 07, 14, and 19 also saw continued activity, indicating selective interest in well-connected locations with evolving commercial profiles.

Looking ahead, demand for shophouse assets is expected to remain resilient in 2026. Structural supply constraints, sustained investor interest, and a more accommodative interest rate environment are likely to support transaction activity. Investor focus is expected to remain centred on freehold and long tenure shophouses located within established commercial and lifestyle precincts. Overall, the shophouse market is positioned for stable and selective growth, supported by sound economic fundamentals and enduring tenure preferences.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight

Singapore Industrial Property Market Outlook 2026: Stable Prices and Resilient Demand

Singapore’s industrial property market demonstrated resilience and steady expansion in 2025, supported by a firm economic backdrop and sustained demand from manufacturing, trade related activities, and business services. According to the report, overall industrial prices increased by 5.0% in 2025, strengthening from the 3.5% growth recorded in 2024. This improvement reflects healthier underlying demand conditions, aligned with Singapore’s robust GDP expansion and strong performance in goods producing industries toward the end of the year.

Importantly, price growth remained measured and orderly, suggesting that market activity was driven by genuine occupier requirements rather than speculative pressures. The strengthening performance provides a stable foundation for 2026, particularly as advanced manufacturing, logistics, and technology driven sectors continue to anchor industrial activity.

Transaction volumes remained broadly resilient. While total recorded transactions moderated slightly from 1,880 units in 2024 to 1,821 units in 2025, activity levels remained healthy. Notably, the single user factory segment showed strong momentum, with transactions rising from 98 deals in 2024 to 163 deals in 2025. This increase highlights growing interest from owner occupiers seeking operational control, cost certainty, and purpose built facilities, aligned with ongoing investments into higher value industrial activities.

Strata industrial transactions also reflected sustained investor and occupier confidence. The report highlights several high value caveated deals across diverse locations and tenure profiles, including freehold and long remaining leasehold assets. These transactions demonstrate continued confidence in industrial real estate as a long-term asset class. Demand remains broad based, driven by consolidation, expansion planning, and operational optimisation rather than concentrated speculation.

On the leasing front, rental growth moderated but remained positive. The rental index for all industrial space increased by 2.4% in 2025, easing from 3.5% in 2024. This moderation signals a return toward more sustainable rental conditions rather than weakening fundamentals. Encouragingly, total rental transaction volume rose by 2% year on year, indicating that leasing momentum was supported by genuine business expansion and space requirements.

Business Park rentals continued to command the highest levels, reflecting demand for higher specification space serving technology and research driven sectors. Overall, rental trends point to a balanced and sustainable leasing environment entering 2026.

Looking ahead, Singapore’s economic outlook remains steady, with GDP growth projected at 2% to 4%. Budget 2026 and the S$37 billion RIE2030 plan reinforce long term commitments to advanced semiconductor packaging, aerospace, biomedical sciences, and innovation driven industries. These sectors require high specification industrial facilities, strengthening structural demand for modern industrial and business park developments.

Overall, the industrial market in 2026 is expected to remain stable and fundamentally supported, characterised by steady occupancy, moderated rental growth, and resilient capital values. Strong policy alignment, visible supply pipelines, and sustained investment into high value industries position the sector on a sound and structurally supported footing.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email:

mohan@sri.com.sg

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Developer Sales for January 2026 Rebound to Strongest Level Since October

Singapore’s private residential market began 2026 on a firm footing, with developer sales staging a decisive rebound from the seasonal moderation observed in December. According to URA data compiled by SRI Research, new home sales excluding Executive Condominiums rose to 466 units in January, up from 197 units in December. When ECs are included, total developer sales climbed to 990 units, compared with 234 units in the preceding month.

January marked the strongest monthly performance since October, reflecting renewed buyer activity supported by a coordinated wave of new launches. A total of 1,534 units were introduced to the market across segments, providing fresh supply and helping to catalyse transactions at the start of the year. The rebound was largely anchored by three key launches: Coastal Cabana in the EC segment, Newport Residences in the Core Central Region, and Narra Residences in the Outside Central Region.

The OCR accounted for the majority of transactions, contributing 71 percent of total developer sales including ECs. This was primarily driven by Coastal Cabana and Narra Residences, both of which cater to owner occupiers and HDB upgraders seeking relatively accessible price points. Coastal Cabana emerged as the top selling project in January, moving 504 units at a median price of $1,790 $psf. The strong take up underscores resilient demand in the EC segment, where buyers continue to view ECs as an attractive pathway into private housing.

Narra Residences recorded 122 units sold at a median price of $2,148 $psf, reflecting sustained demand for well priced OCR projects that offer a balance of affordability and lifestyle appeal. Together, these developments reinforced the role of mass market and EC launches in anchoring overall transaction volumes.

In the CCR, Newport Residences achieved a solid opening performance, with 132 units sold at a median price of $3,070 $psf. As the first CCR launch of the year, its performance signals a gradual stabilisation in prime segment sentiment. Buyers in this segment remain selective and tend to focus on well-located developments with strong connectivity and long term liveability attributes. The RCR contributed 12 percent of January sales, reflecting steady interest in city fringe projects where buyers continue to weigh affordability alongside accessibility.

Overall, January’s performance demonstrates that the market remains responsive to well positioned launches across segments. While transaction volumes may fluctuate month to month due to seasonality, underlying demand fundamentals remain constructive as 2026 progresses.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email:

mohan@sri.com.sg

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