09 Jul 2024
The Landed Property Market 1H2024 Review & Outlook
Property Insight

Stability & Sustained Demand

In the first half of 2024, the landed property market in Singapore experienced a stable yet moderate growth trajectory. The Landed Price Index showed a 1.8% increase in the second quarter, a slight deceleration from the 2.6% growth observed in the first quarter. Overall, landed prices rose by 4.5% in the first half of the year, a slower pace compared to the 7.0% increase during the same period in 2023. This moderation reflects a balanced market with consistent demand, primarily driven by private home upgraders and high-net-worth individuals (HNWIs).

Surge in High-Value Transactions

High-value transactions in the landed property segment saw a notable increase. The number of transactions priced at $10 million and above reached 38 units in 2Q2024, up from 33 units in 1Q2024, marking the highest quarterly total since 1Q2023. This rise indicates strong demand for exclusive and luxurious residences, fueled by limited supply, investment opportunities, and the appeal of prestigious addresses.

Leading Districts and Transaction Volume

District 19 led the landed property transactions with 152 units in 1H2024, followed by Districts 15 and 28, each with 102 units. The total number of landed transactions reached 839 in the first half of 2024, up from 755 in the same period in 2023, reflecting an 11.1% year-on-year growth. The total transaction value also increased by 4.3%, reaching $4.5 billion.

Private Home Upgraders

Private home upgraders significantly contributed to the market's dynamism. In 1H2024, 710 units were purchased by this group, compared to 635 units in 1H2023. This trend was particularly strong in 2Q2024, with 390 units bought, the highest quarterly number since 3Q2022. Factors driving this surge include the desire for larger living spaces and long-term investments.

Good Class Bungalow (GCB) Market

The GCB market continued to attract HNWIs, with at least 10 caveated transactions in 1H2024. The highest transacted GCB was at Ford Avenue, sold for $39.5 million. Despite challenges such as a major money laundering scandal and high-interest rates in 2023, GCBs remained highly coveted. The GCB market's resilience underscores the strong demand for prestigious and exclusive properties, bolstered by economic stability and favourable market conditions.

Outlook for 2024

The outlook for the landed property market in Singapore remains positive for the remainder of 2024. Steady price increases, robust transaction volumes, and strong demand from private home upgraders and HNWIs are expected to sustain market resilience. Buyers' preference for larger and more exclusive residences will continue to drive demand. The market's attractiveness to HNWIs seeking long-term investment opportunities and luxurious living spaces ensures its continued growth. Stable economic conditions are anticipated to further bolster this trend.

The landed property market in Singapore demonstrates a robust and resilient performance in 1H2024, supported by sustained demand from private home upgraders and affluent buyers. This sector's stability and moderate growth underscore its appeal as a prime investment and residential choice in Singapore's real estate landscape.

Click here for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

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23 Dec 2025
Singapore Private Property Market Outlook 2026

The Private Property Market Outlook 2026 highlights a transition from the exceptionally strong momentum seen in 2025 toward a more balanced and sustainable market environment in 2026. In 2025, buyer demand remained resilient despite higher price benchmarks, supported by stabilising interest rates, a fuller launch pipeline and strong domestic participation. Developers adjusted launch pacing more strategically as market visibility improved, while land tender activity strengthened meaningfully across all regions, signalling renewed confidence within the development sector 

Government Land Sales activity showed a clear uplift in 2025. Excluding EC sites, average land bid prices rose across the CCR, RCR and OCR, with the strongest growth recorded in the OCR. 

New private home sales surged in 2025, with 11M2025 transactions already surpassing full year 2024 figures. Total new sales reached 10,624 units in the first 11 months of 2025, representing a 64.2% year on year increase. All market segments recorded stronger sales, led by the OCR, which continued to anchor overall volumes. The CCR recorded the sharpest percentage growth, supported by a return of demand at the higher end of the market and a stronger pipeline of luxury launches.

Mass market projects dominated the list of best selling developments in 2025, reinforcing the depth of demand for well located and competitively priced OCR launches. Large scale developments such as Parktown Residence, Springleaf Residence and Aurelle of Tampines led sales volumes, while RCR and CCR projects also posted solid take up when pricing and location aligned with buyer expectations. This broad based performance underscores buyers continued preference for value alignment rather than speculative positioning.

The resale market also showed resilience in 2025, with total private resale transactions rising by 3.2% year on year. The RCR recorded the strongest resale growth, while OCR volumes remained stable despite competition from a very active primary market. Demand continued to favour relatively newer projects completed between 2018 and 2023, reflecting buyers preference for modern layouts, remaining lease tenure and established liveability.

Local buyers remained the dominant force in the private residential market. Singaporeans accounted for 83.9% of all non landed private transactions in 11M2025, while PR participation moderated slightly. Foreign buying activity remained subdued due to prevailing ABSD measures, with demand largely concentrated in specific market segments.

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here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
16 Dec 2025
Hougang Central GLS Attracts Top Bid of $1,179 psf ppr

The tender for the Hougang Avenue 10 / Hougang Central GLS site attracted sustained developer interest despite a more measured bidding environment. The mixed use site, which allows for a residential and commercial development integrated with a bus interchange, drew 3 bidders, reflecting selective yet committed participation for large scale integrated developments. This level of interest mirrors the earlier Chencharu Close tender, suggesting that developers remain focused on quality and strategic positioning rather than volume driven bidding 

The top bid of $1.50 billion was submitted by Horizon Residential Pte. Ltd. under UOL together with Horizon Commercial Trustee Pte. Ltd. under CapitaLand, translating to $1,179 psf ppr. This offer narrowly edged out the second highest bid by just 2.1 percent, highlighting strong conviction and disciplined pricing among the top contenders. The close spread between bids indicates that developers share a broadly aligned view on the underlying value of this site, particularly given its scale, commercial component, and transport integration.

The relatively limited number of bidders should be viewed in the context of the project’s size and complexity. Large integrated developments require strong balance sheets, operational expertise, and long term capital commitment. As such, participation tends to be concentrated among developers with proven mixed use experience. The high absolute bid values suggest that participating developers are taking a long term view of Hougang Central’s role as a town centre anchor that can support both residential demand and sustained retail activity over time.

From a locational perspective, the site benefits from immediate adjacency to Hougang MRT station, which supports strong and consistent footfall throughout the day. This advantage is expected to strengthen further when Hougang becomes an interchange with the completion of the new line around 2030. The surrounding mature HDB catchment provides a ready residential base that enhances the commercial viability of the development, while the integrated nature of the project appeals to both homeowners and investors seeking convenience and accessibility.

Looking ahead, broader infrastructure and planning initiatives under the Master Plan 2025 further reinforce the site’s appeal. Improved connectivity from the Cross Island Line, planned upgrades to Hougang Sport Centre, proximity to schools and healthcare facilities, and access to recreational spaces collectively enhance liveability and long term value. 

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
15 Dec 2025
Private New Home Sales in November 2025 Anchored by The Sen

Private new home sales in November 2025 moderated from the exceptionally strong performance seen in October, largely due to the absence of major new launches rather than a deterioration in underlying demand. Developer sales excluding executive condominiums reached 325 units, easing from 2,424 units in October. This moderation followed a sharp contrast in launch volumes, as October benefited from the release of 2,233 units, while November saw only 347 units launched, all of which came exclusively from a single project, The Sen.

Despite the quieter month, buyer activity remained well supported. The Rest of Central Region emerged as the dominant contributor, accounting for 66.2 percent of all private new home sales. This strong showing was directly linked to the launch of The Sen, which anchored market activity and became the focal point for buyers seeking well located city fringe homes. The Outside Central Region contributed 24.6 percent of sales, reflecting continued interest from buyers prioritising affordability and family sized layouts in suburban locations. 

At the project level, The Sen was the clear standout, achieving 77 units sold and leading the sales chart by a wide margin. As the final non landed private residential launch of 2025, it attracted sustained interest from both owner occupiers and investors, especially in a month with no competing new projects. Other RCR developments also recorded steady transactions. The Continuum and Bloomsbury Residences each sold 22 units, supported by their city fringe positioning. Overall, November’s sales distribution highlighted how buyers gravitated toward projects that offered either fresh market visibility or compelling value propositions when supply was limited 

On a year-to-date basis, new home sales excluding executive condominiums have shown a strong and sustained rebound in 2025. With November figures included, total developer sales reached 10,624 units in the first 11 months of the year. 

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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