02 Jul 2024
2Q2024 URA/HDB Flash Estimates
Property Insight

URA Property Price Index:

The private residential index for 2Q2024 increased by 1.1%, a slight moderation from the 1.4% rise in 1Q2024. This growth is primarily driven by sustained demand for high-end properties and an increase in private resale transactions, particularly from private home upgraders.

Notable Transactions:

In 2Q2024, there were at least 11 notable non-landed private property transactions exceeding $10 million, compared to six such transactions in 1Q2024. This trend underscores sustained interest in luxury units among high-net-worth buyers. Prominent transactions included Skywaters Residences ($47.3 million), 32 Gilstead, St Regis Residences Singapore, Reflections At Keppel Bay, The Marq On Paterson Hill, 3 Orchard By-The-Park, and Ardmore Park.

The high price points reflect the premium locations and limited availability of such units. Despite the moderation in Core Central Region (CCR) prices, the overall price index remains driven by these high-value transactions.

Private Resale Transactions:

Private resale transactions from buyers with a private home address increased from 1,626 units in 4Q2023 to an estimated 1,788 units in 2Q2024. 

HDB Resale Price Index:

Flash estimates from HDB indicate a 2.1% increase in resale prices in 2Q2024, up from the 1.8% rise in 1Q2024.

Average HDB Resale Prices:

• Geylang: Increased from $531.1K in 1Q2024 to $600.6K in 2Q2024 (13.1% rise)

• Marine Parade: Increased from $541.9K in 1Q2024 to $604.0K in 2Q2024 (11.5% rise)

• Central Area: Increased from $643.9K in 1Q2024 to $703.7K in 2Q2024 (9.3% rise)

• Toa Payoh: Increased from $614.6K in 1Q2024 to $658.5K in 2Q2024 (7.1% rise)

• Pasir Ris: Increased from $677.0K in 1Q2024 to $714.0K in 2Q2024 (5.5% rise)

Million-Dollar HDB Resale Transactions:

 In 2Q2024, there were 236 HDB resale transactions exceeding the million-dollar mark, up from 183 in 1Q2024. This represents a 29.0% quarter-over-quarter growth, marking the highest number of million-dollar transactions in a single quarter. The surge can be attributed to the demand for spacious accommodations and newer flats, with 96 out of 236 transactions for 5-room flats. The Kallang/Whampoa estate had the highest number of such transactions, driven by newer flats reaching their Minimum Occupation Period (MOP).

HDB Resale Volume:

The HDB resale volume marginally increased, with 7,208 resale flats transacted in 2Q2024, compared to 7,068 in 1Q2024, representing a 2.0% quarter-on-quarter growth. Despite factors such as school holidays and the final Build-To-Order (BTO) launch before a new classification system, the resale market demonstrated resilience.

Outlook:

The second half of 2024 is anticipated to attract significant interest from buyers and investors with several new launch developments in the pipeline, such as Sora, The Chuan Park, Union Square Residences, Aurea, and Norwood Grand. These projects offer diverse living options catering to various preferences and needs, enhancing the attractiveness of the new launch segment.

With fewer flats projected to reach MOP in 2024 compared to 2023, the HDB resale market is expected to remain robust, driven by the reduced availability of newer flats. The extended gap between BTO and Sale of Balance Flats (SBF) exercises is likely to prompt potential homebuyers to explore resale market options.

Click here for the full report 

Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics  

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Property Insight
29 Jul 2026
Commentary on Latest Annoucements

Singapore’s latest housing measures represent a calibrated easing of selected market constraints while retaining safeguards against speculative demand, affordability pressures and delayed project delivery. The two key changes are the removal of the 15-month wait-out period for certain HDB resale buyers and longer Additional Buyer’s Stamp Duty redevelopment timelines for qualifying large and mega en bloc sites. 

With immediate effect, private residential property owners and former owners may purchase a non-subsidised HDB resale flat without waiting 15 months, provided they do not use an HDB housing loan. Eligible buyers must still obtain an HDB Flat Eligibility letter and dispose of any private property in Singapore or overseas within six months of completing the resale-flat purchase. The 30-month wait-out period remains applicable to subsidised HDB flats, executive condominiums purchased from developers and buyers using an HDB housing loan.

The easing restores housing mobility for genuine owner-occupier right-sizers and households undergoing retirement, employment changes, divorce or financial pressure. It removes the need for an extended temporary accommodation period while preserving important eligibility and financing controls.

The policy change comes as HDB resale price momentum has moderated. Resale prices declined by 0.4% in the first half of 2026, the first first-half contraction since 2019. Larger-flat resale volumes have also eased from recent peaks. This suggests that the market has become more balanced following pandemic-era price gains, successive cooling measures and an expansion in housing supply.

The second measure provides longer redevelopment and sales periods for qualifying en bloc sites acquired from 29 July 2026. Large sites with 700 to 1,399 units will receive six years to complete and sell their projects, while mega sites with at least 1,400 units will receive seven years. Mega projects must still sell at least 50% of their units by the end of Year 6, while the 2.5-year construction commencement deadline remains unchanged.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
29 Jul 2026
GLS Commentary - Tender Results on Chitty Road and Veerasamy Road

The tender for the Chitty Road and Veerasamy Road Government Land Sales site attracted seven bids, with YK Land Pte. Ltd., linked to Soon Hock Group, submitting the highest offer of $35.3 million. The bid translates to approximately $962 per square foot of site area and was substantially higher than the second-ranked bid of $23.8 million, or $650 per square foot, submitted by Conint Pte Ltd and SEEDoE Ventures Pte Ltd. RPC One Pte Ltd placed third with a bid of $23.7 million. 

The site benefits from strong accessibility and a central location. It is within walking distance of Jalan Besar and Little India MRT stations, while Bugis, Rochor and the Central Business District are also nearby. Opportunities to acquire an entire cluster of conserved residential buildings in Singapore’s Central Area are exceptionally rare, giving the project the potential to become a distinctive heritage residential development.

Under the SA2 option, the site may accommodate up to 36 serviced apartment units with a minimum stay of three months. This could appeal to professionals, expatriates and other residents seeking medium- to longer-term accommodation. The higher unit yield may also offer the developer recurring rental income and greater operational flexibility.

Alternatively, the site could be developed into up to 18 strata landed houses, subject to approval. This option may appeal to affluent owner-occupiers and collectors seeking rare, restored heritage homes within a city-fringe location. With few new landed developments entering the market, the combination of conservation architecture and modern residential use could create a highly differentiated product.

The development’s value creation potential will depend less on maximising density and more on delivering a high-quality restoration. The investment proposition is therefore centred on placemaking, heritage preservation and product differentiation. The site may also benefit from the wider transformation of the surrounding precinct, including continued public investment and the nearby River Peaks I and II public housing developments.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
27 Jul 2026
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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