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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11 Nov 2025
Bukit Timah Road GLS Draws Strong Developer Interest with Top Bid at $1,820 psf ppr

The Bukit Timah Road Government Land Sales (GLS) site attracted strong developer interest, drawing eight bidders in total. The top bid was submitted by HH Investment Private Limited, a company linked to Taiwan’s Huang Hsian Construction Corporation, at $566.3 million or $1,820 psf ppr. This outpaced the second-highest bid from Hoi Hup Realty and Sunway Developments by 12.3%, underscoring robust confidence in the site’s long-term potential. It also marks the highest GLS land bid since the Cuscaden Road site in 2018, which achieved $2,377 psf ppr.

The spirited participation highlights developers’ optimism toward the Core Central Region (CCR) market amid its ongoing recovery. With limited centrally located residential plots available, the strong premium over competing bids demonstrates the strategic value developers place on sites that combine connectivity, exclusivity, and investment resilience.

Located within the Newton Planning Area, the site is zoned for Residential (Non-Landed) use and is expected to yield about 340 housing units. It benefits from direct access to Newton MRT Interchange, linking the North–South and Downtown Lines, and close proximity to Orchard Road and the CBD. This connectivity enhances its appeal among both investors and owner-occupiers seeking convenience and long-term capital stability.

The area’s transformation is further supported by the upcoming Draft Master Plan 2025, which envisions Newton evolving into a vibrant mixed-use precinct anchored around Newton Circus, Scotts Road, and Monk’s Hill. These clusters are set to feature enhanced greenery, improved public spaces, and an integrated mix of residential, lifestyle, and retail offerings. The Bukit Timah Road GLS site will likely emerge as a key catalyst in this rejuvenation, potentially serving as the first major residential development to lead Newton’s renewal journey.

The tender outcome mirrors earlier activity in the Newton precinct, particularly the Kampong Java Road GLS site that was awarded for Kopar at Newton, which attracted seven bids at the time. The consistency of competition affirms the enduring attractiveness of Newton as a luxury residential enclave and its positioning for long-term growth.

Market momentum in the CCR strengthened in 3Q2025, with developers selling 903 units, the highest quarterly figure since 4Q2010 (994 units). This resurgence reflects growing confidence and demand among affluent buyers, buoyed by recent successful launches such as River Green, UpperHouse at Orchard Boulevard, and The Robertson Opus. These projects have reignited enthusiasm for luxury homes through strong branding, architectural distinction, and desirable locations.

The sustained performance of the CCR segment reinforces the market’s resilience, particularly for premium developments that continue to draw discerning local and foreign buyers seeking enduring value.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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04 Nov 2025
Kingsford Tops Bid for Telok Blangah Road GLS Site at $1,326 psf ppr

Kingsford Development has emerged as the top bidder for the Telok Blangah Road Government Land Sales (GLS) site, marking a strategic expansion of its landbank into the Rest of Central Region (RCR). The developer submitted a winning bid of $918.3 million ($1,326 psf ppr), surpassing the second-highest offer by 4.4%. This reflects Kingsford’s strong conviction and competitive stance in securing a site within one of Singapore’s most ambitious urban transformations—the Greater Southern Waterfront (GSW).

With the GLS programme ramping up to ensure a steady housing pipeline, developers are exercising greater selectivity and spreading participation across more sites. The Telok Blangah Road parcel stands out as a trophy opportunity for forward-looking developers seeking early positioning in this transformative district. The site is expected to yield about 745 residential units, offering excellent connectivity and proximity to HarbourFront, VivoCity, and Sentosa Island—key lifestyle and retail anchors that enhance its attractiveness. Nearby rejuvenation works, including the planned redevelopment of HarbourFront Centre into a 33-storey mixed-use building, will further reinforce the precinct’s long-term appeal.

As the first private residential plot under the GSW transformation, the Telok Blangah Road site is expected to set early benchmarks for design, pricing, and urban integration—much like the Turf City GLS site in Bukit Timah.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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27 Oct 2025
3Q2025 HDB Resale Market Trends: Steady Growth and Sustained Demand

The HDB resale market maintained steady momentum in 3Q2025, reflecting sustained buyer confidence amid an evolving public housing landscape. While the pace of growth moderated compared to 2024, transaction volumes and prices continued to show resilience, supported by stable demand for well-located and newer flats that have recently reached their Minimum Occupation Period (MOP).

Overall, HDB resale prices increased by 2.9% in the first nine months of 2025, moderating from the stronger 6.9% growth recorded during the same period in 2024. The moderation reflects a gradual normalisation in market conditions as more Build-To-Order (BTO) and Sale of Balance Flats (SBF) supply enters the pipeline. The ramp-up of new flats, particularly those with shorter waiting times, provided buyers with more options and helped to ease the pace of resale price growth.

Resale transactions reached about 7,500 cases in 3Q2025, slightly higher than the previous quarter. Demand remained healthy in both mature and non-mature towns. Mature estates such as Ang Mo Kio, Toa Payoh, and Queenstown continued to attract steady demand due to their accessibility and established amenities, while non-mature towns such as Yishun, Woodlands, and Sengkang drew buyers looking for affordability and newer flats with remaining lease value.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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