SRI - Singapore Realtors Inc.

26 Jul 2024

URA Insights: 2Q2024 Trends in the Private Property Market

Property Insight

The private property market in Singapore exhibited mixed dynamics in the first half of 2024, according to the latest quarterly statistics.

New Home Sales Overview: New home sales in Q2 2024 moderated to 725 units, the lowest since Q4 2022, due to a reduced number of project launches which totalled only 634 units. The correlation between the lack of significant launches and decreased sales figures points to a strategic delay by developers, possibly aiming to optimize market conditions by spacing out project releases.

Performance by Region: The Outside Central Region (OCR) defied the broader slowdown, accounting for 65.5% of the total new home sales in the first half of 2024, marking a significant increase and the highest share since the first half of 2021. This surge in OCR underscores ongoing demand for properties in these locales, despite overall market moderation.

Top Selling Projects: "The Botany At Dairy Farm" led the sales in Q2 with 86 units sold at a median price of $1,994 per square foot, followed by "Hillhaven" with 63 units. The success of these projects has not only highlighted the enduring appeal of the OCR but also stimulated sales in neighboring developments, showcasing a dynamic market where the success of one project can uplift surrounding ones.

Private Resale Market: Contrasting with the new home segment, the resale market thrived, with a 41.4% quarter-over-quarter increase in transactions in Q2, reaching the highest level since Q2 2022. This rise is attributed to recently completed developments and relaunched projects at appealing price points, which have drawn significant buyer interest.

Notable Trends in Resale Segment: Developments like "Treasure at Tampines" and "The Residences at W Singapore Sentosa Cove" saw heightened activity, suggesting that the market for resale properties remains vibrant and responsive to quality offerings. This trend is likely to continue, driven by the availability of units completed in the previous year and compelling pricing strategies.

Market Outlook: Looking ahead, the anticipation of new project launches in the second half of 2024 is expected to reinvigorate the new home sales market.

Click here for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

You may also like

Property Insight

Singapore New Private Home Sales Jump 120% YoY in April 2025

In April 2025, developers sold a total of 663 private residential units (excluding ECs), a moderation from the 729 units transacted in March. However, compared to the same period last year, new private home sales rose sharply by 120.3%, up from 301 units in April 2024. This surge reflects an improved sales environment and stronger buyer responsiveness to new launches.

The Rest of Central Region (RCR) led performance with 551 units sold, contributing 83.1% of the total monthly sales. This surge was primarily driven by the successful launches of One Marina Gardens and Bloomsbury Residences. These projects sparked buyer interest due to their strategic locations, strong connectivity, and integration with key economic and lifestyle hubs.

One Marina Gardens was the best-selling project in April, moving 384 units at a median price of $2,948 psf. Located in the emerging Marina South precinct, the development benefited from a compelling first-mover advantage and integration into a larger master plan near Marina Bay. Buyers saw long-term value potential and were attracted to the vision of a vibrant waterfront lifestyle hub.

Bloomsbury Residences, situated within the dynamic one-north precinct, was the next standout performer, selling 107 units at a median price of $2,454 psf. As the first residential development in Mediapolis, its proximity to media, technology, and biomedical industries—as well as top educational institutions and transport connectivity—positioned it as a desirable live-work-play offering.

In the luxury segment, 21 Anderson achieved the highest non-landed transaction in April, with a 4,489 sq ft freehold unit sold for $23.0 million ($5,127 psf). This benchmark sale in the Tanglin planning area highlighted ongoing demand from high-net-worth individuals for rare, prestigious offerings despite overall market moderation.

The overall market outlook remains positive. Sustained momentum in Q1 2025 reflects market resilience supported by local demand, strategic launches, and a stable macroeconomic backdrop. Developers have successfully aligned new offerings with market expectations—balancing connectivity, pricing, and upside potential.

Click

here

for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email:

mohan@sri.com.sg

Property Insight

HDB Resale Prices and Transactions Show Steady Pace in 1Q2025

In 1Q2025, HDB resale prices increased moderately by 1.6%, compared to 2.6% in the previous quarter, reflecting a gradual recalibration driven by expanding housing supply and affordability measures. Transactions rose slightly, with 6,590 flats changing hands, marking a 2.6% increase quarter-on-quarter.

This slower resale market performance was partially attributed to seasonal effects like Chinese New Year festivities, which typically dampen resale activity. Concurrently, HDB significantly expanded housing supply, launching 10,622 flats through Build-To-Order (BTO) and Sale of Balance Flats (SBF) exercises. The SBF exercise, notably the largest since November 2020, offered 5,220 balance flats, with approximately 40% move-in ready, attracting buyers seeking immediate occupancy.

Older flats with lease commencement dates of 1990 or earlier represented 39.4% of resale transactions, up slightly from 38.6% in 4Q2024. Buyers continued gravitating towards these mature flats, driven by larger sizes, established locations, and affordability. Newer flats from 2013 onwards accounted for 29.6% of transactions, remaining stable compared to the previous quarter.

The government’s ongoing investment through initiatives such as the Neighbourhood Renewal Programme (NRP), Home Improvement Programme (HIP), and Lift Upgrading Programme (LUP) significantly enhanced older flats' liveability. These programmes, improving interiors, common areas, and accessibility, ensure older flats remain attractive despite shorter leases.

Looking ahead to 2025, HDB resale market demand is expected to remain resilient, driven by couples, families, and unsuccessful BTO applicants needing immediate housing solutions. Interest will likely concentrate in well-located estates offering proximity to key amenities and transport nodes.

To manage demand-side pressures, the government is proactively increasing housing supply. In July 2025, approximately 5,400 BTO flats will launch across several estates, accompanied by a concurrent SBF exercise offering about 3,000 flats, totalling 8,500 units for 2025. This diverse supply caters to varied buyer profiles and needs.

Overall, the HDB resale market in 2025 is set for sustainable balance, ensuring price stability and supporting long-term affordability amid expanding public housing options.

Click

here

for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email:

mohan@sri.com.sg

Property Insight

Healthy Demand Sustains Private Property Market Growth in 1Q2025

The private resale market remained firm in 1Q2025, recording 3,565 transactions, a slight 3.7% moderation quarter-on-quarter but marking a significant 32.6% increase year-on-year, the strongest first-quarter performance since 2022. This growth demonstrates resilient demand, particularly for move-in ready homes amid limited new supply.

Treasure at Tampines was the best-performing non-landed resale condominium, with 47 transactions in 1Q2025. The project's strong performance may have benefited from spillover demand driven by nearby launches such as Parktown Residence. Resale units in large-scale developments like Treasure at Tampines remain attractive due to their established amenities and competitive pricing compared to new launches.

New home sales in 1Q2025 totalled 3,375 units, a slight 1.3% dip from 4Q2024 but nearly tripling year-on-year from 1,164 units in 1Q2024. This represents the strongest first-quarter new launch performance since 2021, reflecting improving buyer sentiment and robust market confidence. Developers responded by launching 3,139 units during the quarter, signalling confidence in continued demand recovery. The measured absorption rate aligns with market fundamentals, supported by government land sales (GLS) rather than collective sales, indicating a steady and sustainable flow of supply.

The private property price index edged up 0.8% in 1Q2025, moderating from 2.3% growth in 4Q2024. The modest yet consistent price increase indicates healthy market fundamentals, driven by steady demand and new project launches, particularly from GLS sites.

The positive sales momentum in 1Q2025 reflects resilient buyer demand, strategically timed launches, and a supportive macroeconomic backdrop, particularly in the Outside Central Region (OCR) and Rest of Central Region (RCR), which balance affordability and growth potential.

Amid ongoing geopolitical trade tensions, Singapore’s real estate market remains attractive to global investors as a safe haven, supported by political stability, transparency, and strong economic fundamentals. Market resilience is further reinforced by regulatory safeguards such as the Seller’s Stamp Duty (SSD), Total Debt Servicing Ratio (TDSR), Loan-to-Value (LTV) limits, and a high Additional Buyer’s Stamp Duty (ABSD) rate of 60% for foreigners, effectively curbing speculation.

Historically, Singapore’s real estate resilience has been policy-driven. Government intervention through financial relief measures during past crises, coupled with strategic trade deals and a transparent legal framework, underpins the market’s stability and adaptability even in uncertain global conditions.

However, prudence is advised for buyers amid evolving economic conditions and interest rates. Long-term affordability and financial sustainability remain essential considerations for property investments in the coming months.

Click

here

for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email:

mohan@sri.com.sg

Singapore Realtors Inc

CEA License No. L3010738A

1 Kim Seng Promenade #17-10/12

Great World City, West Tower

Singapore 237994

admin@sri.com.sg

For Home Owners

Commission Guidelines

For Corporate

Property Management

Local Project Marketing

Capital Markets

International Project Marketing

For Agents

Culture and Community

Technology & Tools

Company

© 2023 SRI Pte Ltd • Privacy Policy & Data Protection

Follow us on