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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01 Apr 2026
1Q2026 Flash Estimates Point to Stable Demand

According to the 1Q2026 flash estimates, Singapore’s residential property market is transitioning toward a more balanced and sustainable phase, supported by a calibrated increase in housing supply and steady underlying demand. Private residential property prices rose by 0.3% quarter on quarter in 1Q2026, moderating from the 0.6% growth recorded in 4Q2025, reflecting a healthier pace of appreciation amid improved supply conditions .

This moderation comes alongside a notable increase in new launches, with approximately 3,149 units, including Executive Condominiums, introduced during the quarter. Much of this supply was driven by sites from the Government Land Sales programme, which has significantly strengthened the pipeline of upcoming private housing. The expanded supply has enhanced market visibility and helped anchor buyer expectations, reducing the likelihood of sharp price movements while supporting a more orderly market environment .

In the public housing segment, HDB resale prices showed early signs of moderation, easing by 0.1% quarter on quarter in 1Q2026. This marks the first decline since 2Q2019 and reflects the impact of a significant ramp up in supply. The first BTO exercise of the year introduced about 4,692 flats, alongside approximately 4,320 Sale of Balance Flats, providing buyers with more options across both new and completed units .

Overall, the market is entering a phase where supply side measures are taking effect. The continued ramp up in both private and public housing supply is expected to support price stability while maintaining accessibility. With demand fundamentals remaining intact, the residential market is likely to see a more balanced and sustainable trajectory in the year ahead.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
01 Apr 2026
Dover Drive Site Draws 6 Bidders as One North Gains Traction

The Government Land Sales tender for the Dover Drive residential site closed with a total of 6 bidders, reflecting a notable increase in participation compared to recent GLS sites in the Media Circle area, which each attracted 3 bidders. This stronger turnout points to improving developer confidence in the one north and Queenstown precinct, supported by the area’s evolving residential and employment landscape.

The top bid of $951.0 million, translating to $1,556 psf ppr, was submitted by a consortium comprising Qingjian Realty, Forsea Residence and Jianan Realty Investments. The relatively tight clustering of bids suggests that developers share a similar view of the site’s underlying value, while the leading bid reflects a strong level of conviction in the precinct’s long term demand fundamentals. The site’s attributes, including its proximity to one north MRT station and Buona Vista, as well as its allowable commercial use at the first storey, further enhance its attractiveness by supporting convenience and liveability for future residents. 

The positive response to the tender also comes on the back of growing momentum within the one north corridor. The Government’s continued push to strengthen Singapore’s innovation economy, including plans for an expanded AI park and initiatives such as Kampong AI, is expected to reinforce one north’s position as a key hub for research, technology and high value industries. This, in turn, is likely to support a sustained pool of housing demand from professionals working within the area. 

In addition, developers are increasingly looking to build scale within the precinct. Qingjian Realty and Forsea Residence have previously secured sites in Media Circle for projects such as Bloomsbury Residences and the upcoming Hudson Place Residences. The latest successful bid at Dover Drive reflects a continued effort to strengthen their presence in a precinct that is still in its growth phase but showing clear signs of maturation.

At the same time, the expanding pipeline of residential sites under the GLS programme, including potential future parcels in Media Circle, provides greater visibility on supply. This may help to anchor buyer expectations and support a more measured pace of price growth, ensuring that market movement remains aligned with underlying demand fundamentals.

Overall, the Dover Drive tender results reinforce growing confidence in the one north precinct. With continued investment in infrastructure, innovation driven industries and a steady pipeline of residential developments, the area is progressively shaping into a well-integrated live work environment with sustained long term residential appeal.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
16 Mar 2026
February Developer Sales Reflect Growing Buyer Interest in Prime Segment

Singapore’s new private home market saw a moderation in developer sales in February 2026, largely influenced by seasonal factors rather than any structural weakening in demand. According to SRI Research, developers sold 246 new private homes (excluding ECs) in February, down from 466 units in January, representing a 47.2% month on month moderation. This softer performance was widely anticipated as the month coincided with the Chinese New Year festive period, a time that typically experiences fewer marketing activities and lower buyer turnout. As such, the February figures should be interpreted within the context of seasonal timing and launch schedules rather than a fundamental shift in market demand. 

Despite the monthly moderation, the Core Central Region (CCR) segment has shown encouraging momentum at the start of the year. In the first two months of 2026, a total of 225 CCR units were transacted, compared to 149 units over the same period in 2025, representing a 51.0% year on year increase. This improvement suggests that buyer interest within the prime residential segment has strengthened relative to a year ago. The pickup in activity may reflect growing confidence among high-net-worth buyers, improved pricing alignment between developers and purchasers, as well as selective project launches that have resonated with market demand. Overall, the CCR segment appears to be demonstrating measured resilience despite a calibrated supply environment and existing policy framework. 

The renewed interest in the prime segment was further highlighted by the successful launch of River Modern, which reportedly sold more than 90% of its units during its launch weekend. The strong take up illustrates how well-located developments in prime districts continue to attract confident buyers, even after a series of launches across the River Valley and Zion corridor over the past year. Buyers appear willing to commit when developments offer strong locational attributes, connectivity and long-term value prospects. 

Looking ahead, market activity is expected to gain renewed traction as several upcoming developments enter the launch pipeline. Projects such as Rivelle Tampines, Pinery Residences, Vela Bay, Hudson Place Residences and Tengah Garden Residences are anticipated to re-energize primary market activity across a diverse range of locations and buyer segments. These developments collectively span city fringe areas as well as emerging regional growth corridors, and their launches are expected to reintroduce a steadier cadence of supply into the market. 

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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