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
15 Oct 2025
Developer Sales Outlook Brightens with New Launches Like Faber Residence and Penrith

Developers moved a total of 255 private residential units (excluding ECs) in September, moderating from the 2,142 units transacted in August. The slowdown was not unexpected, coinciding with the Lunar Seventh Month, a period where homebuying sentiment typically softens. However, the lull proved brief, as Skye at Holland achieved an exceptional performance, selling about 658 units (99% of its total) during its launch weekend in early October surpassing the entire September total.

The positive momentum is expected to continue with the upcoming launches of Faber Residence and Penrith, followed by Zyon Grand, The Sen, and Coastal Cabana (EC) in the coming months. These previews and launches are set to reignite sales momentum in the final quarter of the year, providing a healthy pipeline of new inventory for homebuyers and ensuring a steady stream of fresh supply to meet sustained demand from both upgraders and investors.

Part of the market optimism can be traced to the US Federal Reserve’s rate cut in 2024, which eased liquidity conditions and lifted buyer sentiment. This supportive backdrop was reinforced at the recent Federal Open Market Committee (FOMC) meeting, where the Fed reduced the Funds Target Rate by 25 basis points to a range of 4.00%–4.25%, signalling continued willingness to support growth and lower borrowing costs. The move is expected to enhance affordability and spur stronger buyer confidence, providing further upside for developers timing their launches to capture sentiment shifts.

In September, the highest transacted condominium was a four-bedroom unit at 21 Anderson, sold for $24.0 million. The spacious 4,489 sq ft freehold residence in Tanglin achieved $5,347 psf, marking it as the top condominium sale of the month. This sale reflects the renewed strength of the luxury segment, which saw 21 non-landed new homes priced at $10 million and above transacted in the first nine months of 2025—almost three times the 8 units sold in the same period of 2024.

Among individual projects, Canberra Crescent Residences emerged as the top-seller with 28 units sold at a median price of $2,001 psf, followed by Grand Dunman and River Green. These results reaffirm the continued depth of buyer demand across all regions, from OCR to CCR, as Singapore’s private residential market enters the final quarter on a firm footing.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
09 Oct 2025
UOL, SingLand and Kheng Leong JV Tops GLS Tender for Dorset Road Site at $1,338 psf ppr

The tender for the Government Land Sales (GLS) site at Dorset Road has officially closed, marking another milestone in the continued rejuvenation of the Farrer Park precinct. The joint venture between UOL Group, Singapore Land Group (SingLand), and Kheng Leong Company emerged as the top bidder, submitting a land price of $524.3 million, which translates to $1,338 psf ppr.

The outcome reflects UOL’s ongoing confidence in the city-fringe residential market, following the strong market reception of its recent joint-venture project, Skye at Holland, which has drawn considerable buyer attention. This momentum likely reinforced UOL’s conviction in pursuing another centrally located site with strong long-term growth potential.

A total of nine bidders participated in the tender, demonstrating sustained developer confidence in well-connected Rest of Central Region (RCR) plots. The competitive turnout underscores developers’ positive outlook for city-fringe housing demand, especially in established neighbourhoods like Farrer Park and Novena, where upcoming transformations are set to enhance the precinct’s appeal.

The Dorset Road site shares similar locational advantages. It is within walking distance of Farrer Park MRT station, City Square Mall, and the Connexion medical and lifestyle complex, while being minutes from key city districts such as Novena and Orchard. Proximity to the Novena healthcare hub, reputable schools, and a rich mix of amenities further enhances the site’s attractiveness to families, professionals, and investors alike.

The future development is expected to yield approximately 425 residential units, positioned within a vibrant and evolving community. The Farrer Park transformation aims to blend modern living with heritage preservation, introducing new housing integrated with sports, wellness, and green spaces that honour the area’s sporting legacy. This thoughtful approach will create a balanced, community-oriented urban environment, reinforcing the precinct’s appeal as a liveable city-fringe destination.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
01 Oct 2025
3Q2025 Flash Estimates Highlight Balanced Growth in Private and Public Housing

Singapore’s residential property market sustained positive momentum in the third quarter of 2025, reflecting steady demand, a healthy launch pipeline, and stabilising trends across both private and public housing sectors.

Private Property Market

According to flash estimates, private property prices rose by 1.2% in 3Q2025, building on the 1.0% increase in the previous quarter. This brings cumulative growth for the first nine months of 2025 to 3.1%, notably higher than the 1.6% increase recorded during the same period in 2024. The uptick was driven by a strong pipeline of project launches, which provided more options for homebuyers and supported transaction volumes.

Developers exhibited confidence by releasing projects from GLS sites, which in turn helped stabilise primary market prices. Key launches such as Springleaf Residence, River Green, Promenade Peak, Canberra Crescent Residences, and Artisan 8 received healthy buyer response, while July’s wave of launches including The Robertson Opus, UpperHouse at Orchard Boulevard, and LyndenWoods—revitalised sentiment and widened market choices.

Looking ahead, momentum is expected to carry into 4Q2025, supported by previews of Skye at Holland, Faber Residence, Penrith, Zyon Grand, The Sen, Coastal Cabana, and the Jalan Loyang Besar EC. 

HDB Resale Market

HDB resale price growth continued to moderate, rising 0.4% in 3Q2025 compared to 0.9% in 2Q2025. For the first nine months, prices grew 2.9%, significantly slower than the 6.9% surge in the same period last year, indicating greater market balance.

Policy initiatives such as the upcoming Voluntary Early Redevelopment Scheme (VERS) aim to provide long-term renewal pathways for ageing estates, ensuring progressive rejuvenation. In the near term, demand for older flats is expected to remain niche, driven mainly by households downsizing or buyers prioritising affordability.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

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