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
27 Apr 2026
Singapore Private Residential Market 1Q2026 Performance and Outlook

Singapore’s private residential market in 1Q2026 reflects a phase of steady recalibration, where headline moderation masks underlying resilience. While new private home sales excluding Executive Condominiums declined from 2,940 units in 4Q2025 to 2,013 units in 1Q2026, this does not fully capture market activity. When EC transactions are included, total new home sales increased to 3,181 units, representing a 5.3% quarter on quarter rise. This highlights how the composition of launches, particularly the inclusion of EC projects such as Coastal Cabana and Rivelle Tampines, played a significant role in shaping overall figures rather than indicating a weakening in demand.

The EC segment emerged as a key driver of activity during the quarter, with 1,168 units sold, marking the highest quarterly performance since 3Q2017. This reflects sustained demand from owner occupiers and HDB upgraders, particularly in the Outside Central Region. The continued ramp up in EC supply through the Government Land Sales programme appears well aligned with this demand, helping to provide a steady pipeline of more accessible housing options while supporting overall market stability.

In the resale market, transaction volumes moderated to 3,225 units in 1Q2026, continuing a gradual easing trend from the peak of 3,881 units in 3Q2025. Despite this moderation, resale activity remains healthy and broadly in line with historical norms. Demand continues to be supported by larger, well established developments, with the top selling projects led by Treasure at Tampines, Parc Esta and Stirling Residences. Notably, transaction volumes across the top developments were closely clustered, suggesting that demand is broad based rather than concentrated within a narrow segment. This points to a resale market that remains active and supported by genuine housing needs.

Looking ahead, the market is expected to remain supported by a steady pipeline of new launches, including projects such as Vela Bay, Tengah Garden Residences and Hudson Place Residences. These developments are likely to sustain transaction activity, particularly when supported by strong location attributes and competitive pricing. At the same time, macroeconomic conditions, including inflationary pressures and geopolitical uncertainties, may encourage a more measured pace of decision making among both developers and buyers.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
27 Apr 2026
HDB Resale Market Update 1Q2026: Balanced Growth

The HDB resale market in 1Q2026 reflects a continued transition towards a more balanced and sustainable phase, with both transaction activity and price movements pointing to a gradual normalisation of market conditions. Resale volumes rebounded to 6,285 units in the quarter, representing a 19.6% increase from 4Q2025. This recovery aligns with a recurring seasonal pattern, where activity typically moderates in the fourth quarter before picking up in the first quarter as deferred demand returns to the market. 

Price movements in 1Q2026 further reinforce this trend. The HDB Resale Price Index registered a slight moderation of 0.1% quarter on quarter, marking the first instance of easing since 2019. While modest in magnitude, this shift is directionally significant and reflects a continuation of the gradual slowdown in price growth observed throughout 2025. Rather than signalling a weakening market, this development points towards a stabilisation of prices following a sustained period of strong growth, supported by the cumulative impact of earlier supply side measures. 

Demand continues to remain broad based across towns and flat types, underpinned by factors such as affordability, availability and location attributes. Areas with a larger supply of flats and improving connectivity continue to anchor transaction volumes, while buyer interest in well located units remains firm. This is evident in the increase in million dollar transactions, which rose to 412 units in 1Q2026. The rise reflects not only the overall recovery in transaction volumes, but also sustained demand for larger and better located flats, particularly in mature estates with strong amenities and accessibility. 

Looking ahead, supply dynamics are expected to play an increasingly important role in shaping market conditions. The continued ramp up in BTO supply, the reintroduction of multiple Sale of Balance Flats exercises, and the expanding pool of MOP flats will enhance resale supply depth and provide buyers with greater choice. This is likely to reduce competition intensity for limited stock and support a more stable and sustainable pace of price formation.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
15 Apr 2026
Developer Sales Jump to 1,937 Units in March 2026 on Surge in New Launches

Developer sales staged a strong recovery in March 2026, with a total of 1,937 units sold including Executive Condominiums (ECs), a significant increase from the 266 units transacted in February. This marks the first time this year that monthly sales have crossed the 1,000-unit threshold, signalling a meaningful pickup in primary market activity following the seasonal lull during the Chinese New Year period.

The rebound in sales was largely driven by a corresponding increase in new project launches. Developers released 1,615 units in March, a substantial rise from the limited supply seen in February. Key projects such as Pinery Residences, Rivelle Tampines and River Modern were major contributors, collectively accounting for about 76.9% of total transactions. This highlights a clear trend in the current market environment where buyer demand remains intact, but is closely tied to the timing, quality and positioning of new launches.

The strong performance of these projects reflects how well calibrated offerings continue to resonate with buyers. In particular, Pinery Residences and Rivelle Tampines each recorded over 500 units sold, underscoring the continued strength of demand in the Outside Central Region (OCR), where pricing remains relatively accessible and is supported by first time buyers and upgraders. At the same time, River Modern’s robust take up, with 416 units sold at a median price of about $3,220 psf, points to sustained interest within the Core Central Region (CCR). 

Looking ahead, the momentum observed in March is expected to carry into the coming months, supported by a pipeline of upcoming launches such as Vela Bay and Tengah Garden Residences. As more projects enter the market across both established and emerging precincts, transaction volumes are likely to remain supported by genuine demand, albeit at a more calibrated pace.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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