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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18 May 2026
New Home Sales Rise in April 2026 Amid Strong Launch Momentum

Singapore’s new home market maintained its positive momentum in April 2026, extending the strong recovery observed in March as buyer activity continued to gain traction across the primary market. Developer sales rose to about 1,548 units in April, up from around 1,300 units in March, reflecting sustained interest from homebuyers amid a fresh wave of launches. 

The increase in transaction activity was largely supported by the launch of key projects such as Tengah Garden Residences and Vela Bay, which collectively accounted for approximately 74.3% of total monthly sales. Their strong performance highlights how buyer demand continues to be closely anchored to fresh launches that are strategically positioned in terms of location, pricing and long term value proposition.

Tengah Garden Residences emerged as the best performing project of the month, recording 855 units sold at a median price of about $2,111 $psf, while Vela Bay followed with 370 units transacted at a median price of approximately $2,865 $psf. Tengah Garden Residences reportedly achieved a take up rate of over 99% during its launch weekend, marking a significant milestone for Tengah as the precinct’s first fully private condominium development. The project’s strong reception reflects growing buyer confidence in Tengah’s longer term growth trajectory, supported by future infrastructure such as the Jurong Region Line and its increasing connectivity to major employment nodes.

Similarly, Vela Bay’s healthy sales performance reinforces the attractiveness of first mover projects within emerging precincts. Positioned within the evolving Bayshore area and located near Bayshore MRT station, the project benefited from buyers seeking early entry opportunities within a precinct that is expected to undergo progressive transformation over the coming years. The project’s waterfront orientation and proximity to the East Coast corridor further enhanced its appeal, particularly amid longer term coastal transformation plans.

Overall, the April results continue to reinforce a broader market trend where projects located within emerging residential clusters are able to generate strong demand when backed by clear infrastructure visibility and transformation narratives. Buyers appear increasingly willing to commit to developments that offer future growth potential, especially when entering at an earlier stage of a precinct’s evolution. At the same time, the market continues to transition towards a more balanced and sustainable phase, where sales performance is increasingly dependent on the quality, positioning and timing of individual launches rather than broad based exuberance. 

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
18 May 2026
New EC Policy Changes Aim to Strengthen Owner Occupation and Market Stability

The latest recalibration of the Executive Condominium (EC) scheme represents one of the most significant policy shifts for the segment in recent years, with the measures largely aimed at strengthening genuine owner occupation, improving accessibility for first timer households and supporting more sustainable market dynamics over the longer term. Broadly, the changes also appear aligned with the Government’s wider housing policy direction in recent years, where stronger emphasis has increasingly been placed on longer term occupation and moderating speculative activity across the residential market.

One of the most notable changes involves the extension of the Minimum Occupation Period (MOP) for newly launched ECs from 5 years to 10 years. Under the revised framework, EC owners will now need to occupy their units for a longer duration before they are allowed to sell their homes on the open market. Foreigners and corporate entities will only be eligible to purchase these ECs after the 10th year. The move signals a clear shift towards positioning ECs more firmly as owner occupied housing rather than shorter term investment assets. At the same time, the longer holding period may also moderate near-term speculative demand and reduce rapid turnover within the EC segment.

Another key measure is the tightening of foreigner access to EC resale units. Under the revised framework, foreigners will only be allowed to purchase privatised ECs after 15 years instead of the current 10 years. This effectively lengthens the transition period before ECs fully enter the unrestricted private residential market. The adjustment may help preserve the original social objective of ECs by ensuring that the housing type continues to primarily serve local households for a longer duration.

The Government has also enhanced support for first timer households through changes to allocation quotas and priority schemes. The quota for first timer families purchasing new ECs has been increased from 70% to 90%, reinforcing the intention of preserving EC accessibility for genuine owner occupiers and HDB upgraders. In addition, the priority period for second timer buyers has been extended from 1 month to 2 years, further strengthening the opportunities available for first timer applicants during the initial launch phases.

At the same time, the Deferred Payment Scheme (DPS) for new EC purchases will be removed for future EC Government Land Sales sites. The removal of DPS is likely intended to encourage more prudent financial planning and reduce highly leveraged purchases. While this may result in slightly higher upfront financial commitments for some buyers, it also helps reinforce financial prudence within the market.

Collectively, the measures suggest a broader repositioning of the EC scheme towards longer term home ownership and social support for first timer households. While some moderation in investor driven demand may emerge over time, underlying owner occupier demand within the EC segment is likely to remain supported, particularly from HDB upgraders seeking a transitional pathway into private housing. Over the longer term, the revised framework may contribute towards a more stable and sustainable EC market that remains aligned with its original policy intent.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
18 May 2026
Holland Plain GLS Tender Closes at $1,491 psf ppr with Sole Bid by Sim Lian

The Holland Plain GLS site closed with a sole bid of $454.0 million, translating to approximately $1,491 psf ppr, submitted by Sim Lian Land Pte Ltd and Sim Lian Development Pte Ltd. While the tender attracted only 1 bidder, the outcome should not necessarily be interpreted negatively. Instead, it reflects the increasingly disciplined and selective approach developers are adopting towards land acquisition amid a market environment where future supply visibility has become more pronounced across the Holland Plain and Turf City precincts. 

The latest tender result is particularly notable as Sim Lian had previously secured the earlier Holland Link GLS site within the same broader precinct in 2025 at approximately $1,432 psf ppr. The latest bid therefore came in moderately above the earlier benchmark, suggesting that the developer continues to hold longer term confidence in the transformation potential of the Holland Plain and Turf City corridor. The ability to secure multiple sites within the same emerging precinct may also allow for greater continuity in product positioning, branding and launch strategy over time. 

Recent GLS tenders within the broader Turf City and Holland Plain area have progressively shaped pricing expectations within the precinct. The earlier Dunearn Road GLS sites had attracted stronger participation levels, with the first parcel, expected to be developed into Dunearn House, drawing 9 bidders at $1,410 psf ppr, while the second Dunearn Road parcel secured a top bid of $1,625 psf ppr with 6 bidders. Against this backdrop, the moderation in bidder participation for Holland Plain may partly reflect growing supply visibility within the area, alongside broader considerations such as financing conditions, construction costs and existing developer pipeline exposure. 

The Holland Plain GLS site itself presents a relatively rare opportunity within the Bukit Timah and Holland vicinity. Located close to established landed housing enclaves and surrounded by greenery, the site is expected to appeal to developers seeking to create a more boutique and higher end residential development. The land parcel is expected to yield around 280 residential units, offering a manageable project scale at a time when developers remain cautious and increasingly risk aware. Its proximity to the future Turf City transformation, coupled with its low rise residential character, further enhances its long-term positioning within the precinct. 

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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