15 Jul 2024
Monthly Developer Sales for June 2024
Property Insight

Modest Growth in New Home Sales

In June 2024, new home sales in Singapore showed a modest growth of 2.2% month-over-month, with 228 units sold, up from 223 in May. The majority of these sales occurred in the Outside Central Region (OCR), which accounted for 57.9% of the total sales. Notable developments contributing to this increase included The Lakegarden Residences, The Botany at Dairy Farm, Hillhaven, Lentor Hills Residences, and Hillock Green. The Rest of Central Region (RCR) and Core Central Region (CCR) followed, contributing 31.1% and 11.0% to the total sales, respectively.

Increased Interest in RCR

The RCR segment saw a significant 34.0% increase in sales from May to June, rising from 53 to 71 units. This growth was driven by developments such as Tembusu Grand, Pinetree Hill, The Continuum, The Landmark, and Grand Dunman. The limited new launches and smaller-sized developments in the first half of 2024 helped sustain interest in these properties, showcasing their lasting appeal.

Best-Selling Projects

The best-selling projects in June highlighted the competitive clustering effect, where developments launched in close proximity can boost each other's sales. The Lakegarden Residences led the sales with 23 units at a median price of $2,119 per square foot (psf). Other top performers included The Botany at Dairy Farm (21 units at $1,979 psf), Hillhaven (18 units at $2,124 psf), and Lentor Hills Residences (14 units at $2,104 psf). This phenomenon is similar to the retail strategy where stores like Watsons and Guardian are located near each other to maximize foot traffic.

Luxury Condo Sales in CCR

Luxury condominium sales in the CCR remained robust, with a notable transaction involving a 4-bedroom unit at Midtown Modern, which sold for $6.7 million ($3,698 psf). The first half of 2024 saw seven new launch condominiums surpass the $10 million mark, consistent with the same period in 2023. Developments such as Skywaters Residences, 32 Gilstead, and Watten House led these high-value transactions, reflecting sustained interest in luxury real estate driven by prime locations, exceptional design, and top-tier amenities.

Upcoming Launches

The second half of 2024 is expected to see a resurgence in market interest with several new property launches. These include Emerald of Katong, The Chuan Park, One Sophia, and Aurea. These fresh offerings are anticipated to generate significant interest due to their unique characteristics and prime locations, rejuvenating the real estate scene after a period of limited new launches.

Conclusion

June 2024's developer sales insights highlight a steady growth in new home sales, driven primarily by the OCR segment. The RCR showed significant sales growth due to sustained interest in key developments. The luxury segment in the CCR continued to attract high-value transactions, reflecting the enduring appeal of prime properties. Looking ahead, the market is poised for rejuvenation with several exciting new launches anticipated in the second half of 2024. Developers and buyers alike can leverage strategic location and timing to capitalize on market dynamics and growth opportunities.

 Click here for the full report   

Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics  

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Property Insight
27 Apr 2026
Singapore Private Residential Market 1Q2026 Performance and Outlook

Singapore’s private residential market in 1Q2026 reflects a phase of steady recalibration, where headline moderation masks underlying resilience. While new private home sales excluding Executive Condominiums declined from 2,940 units in 4Q2025 to 2,013 units in 1Q2026, this does not fully capture market activity. When EC transactions are included, total new home sales increased to 3,181 units, representing a 5.3% quarter on quarter rise. This highlights how the composition of launches, particularly the inclusion of EC projects such as Coastal Cabana and Rivelle Tampines, played a significant role in shaping overall figures rather than indicating a weakening in demand.

The EC segment emerged as a key driver of activity during the quarter, with 1,168 units sold, marking the highest quarterly performance since 3Q2017. This reflects sustained demand from owner occupiers and HDB upgraders, particularly in the Outside Central Region. The continued ramp up in EC supply through the Government Land Sales programme appears well aligned with this demand, helping to provide a steady pipeline of more accessible housing options while supporting overall market stability.

In the resale market, transaction volumes moderated to 3,225 units in 1Q2026, continuing a gradual easing trend from the peak of 3,881 units in 3Q2025. Despite this moderation, resale activity remains healthy and broadly in line with historical norms. Demand continues to be supported by larger, well established developments, with the top selling projects led by Treasure at Tampines, Parc Esta and Stirling Residences. Notably, transaction volumes across the top developments were closely clustered, suggesting that demand is broad based rather than concentrated within a narrow segment. This points to a resale market that remains active and supported by genuine housing needs.

Looking ahead, the market is expected to remain supported by a steady pipeline of new launches, including projects such as Vela Bay, Tengah Garden Residences and Hudson Place Residences. These developments are likely to sustain transaction activity, particularly when supported by strong location attributes and competitive pricing. At the same time, macroeconomic conditions, including inflationary pressures and geopolitical uncertainties, may encourage a more measured pace of decision making among both developers and buyers.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
27 Apr 2026
HDB Resale Market Update 1Q2026: Balanced Growth

The HDB resale market in 1Q2026 reflects a continued transition towards a more balanced and sustainable phase, with both transaction activity and price movements pointing to a gradual normalisation of market conditions. Resale volumes rebounded to 6,285 units in the quarter, representing a 19.6% increase from 4Q2025. This recovery aligns with a recurring seasonal pattern, where activity typically moderates in the fourth quarter before picking up in the first quarter as deferred demand returns to the market. 

Price movements in 1Q2026 further reinforce this trend. The HDB Resale Price Index registered a slight moderation of 0.1% quarter on quarter, marking the first instance of easing since 2019. While modest in magnitude, this shift is directionally significant and reflects a continuation of the gradual slowdown in price growth observed throughout 2025. Rather than signalling a weakening market, this development points towards a stabilisation of prices following a sustained period of strong growth, supported by the cumulative impact of earlier supply side measures. 

Demand continues to remain broad based across towns and flat types, underpinned by factors such as affordability, availability and location attributes. Areas with a larger supply of flats and improving connectivity continue to anchor transaction volumes, while buyer interest in well located units remains firm. This is evident in the increase in million dollar transactions, which rose to 412 units in 1Q2026. The rise reflects not only the overall recovery in transaction volumes, but also sustained demand for larger and better located flats, particularly in mature estates with strong amenities and accessibility. 

Looking ahead, supply dynamics are expected to play an increasingly important role in shaping market conditions. The continued ramp up in BTO supply, the reintroduction of multiple Sale of Balance Flats exercises, and the expanding pool of MOP flats will enhance resale supply depth and provide buyers with greater choice. This is likely to reduce competition intensity for limited stock and support a more stable and sustainable pace of price formation.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
15 Apr 2026
Developer Sales Jump to 1,937 Units in March 2026 on Surge in New Launches

Developer sales staged a strong recovery in March 2026, with a total of 1,937 units sold including Executive Condominiums (ECs), a significant increase from the 266 units transacted in February. This marks the first time this year that monthly sales have crossed the 1,000-unit threshold, signalling a meaningful pickup in primary market activity following the seasonal lull during the Chinese New Year period.

The rebound in sales was largely driven by a corresponding increase in new project launches. Developers released 1,615 units in March, a substantial rise from the limited supply seen in February. Key projects such as Pinery Residences, Rivelle Tampines and River Modern were major contributors, collectively accounting for about 76.9% of total transactions. This highlights a clear trend in the current market environment where buyer demand remains intact, but is closely tied to the timing, quality and positioning of new launches.

The strong performance of these projects reflects how well calibrated offerings continue to resonate with buyers. In particular, Pinery Residences and Rivelle Tampines each recorded over 500 units sold, underscoring the continued strength of demand in the Outside Central Region (OCR), where pricing remains relatively accessible and is supported by first time buyers and upgraders. At the same time, River Modern’s robust take up, with 416 units sold at a median price of about $3,220 psf, points to sustained interest within the Core Central Region (CCR). 

Looking ahead, the momentum observed in March is expected to carry into the coming months, supported by a pipeline of upcoming launches such as Vela Bay and Tengah Garden Residences. As more projects enter the market across both established and emerging precincts, transaction volumes are likely to remain supported by genuine demand, albeit at a more calibrated pace.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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