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

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May 2025 Sales Up Nearly 40% from a Year Ago

Developers sold 312 private residential units (excluding ECs) in May 2025, marking a measured pullback from April’s 663 units. This moderation was widely anticipated, as developers tactically held back major launches amidst external developments such as the Liberation Day tariff announcements and Singapore’s General Election period.

However, May 2025 saw a 39.9% year-on-year increase in sales compared to May 2024’s 223 units, signaling improved market sentiment. The first five months of 2025 recorded 4,350 units sold, excluding ECs—an impressive surge from the 1,688 units in the same period last year. This rebound highlights resilient buyer confidence and more compelling project offerings, even amid broader economic uncertainties.

Among the best-selling projects, One Marina Gardens stood out as the top performer, with 62 units sold at a median price of $2,975 psf. This city-fringe development’s success reinforces strong demand for premium RCR homes. Following closely was Bloomsbury Residences with 32 units sold at $2,506 psf, and The Hill @ One-North, which moved 26 units at $2,484 psf. These results point to growing interest in One-North, a precinct benefiting from its proximity to research, innovation, and business hubs.

Looking ahead, the second half of 2025 presents a pivotal window of opportunity. Developers are aligning project launches to coincide with lower unsold inventory, especially in the mass-market segment. From high-end branded homes to city-fringe freehold residences and ECs in emerging precincts, a diverse slate of projects will drive market momentum amid evolving buyer preferences.

Click

here

for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

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2H2025 GLS Programme Brings Fresh Opportunities for Homebuyers and Developers

The Government has expanded the 2H2025 Government Land Sales (GLS) Programme to maintain housing affordability and ensure a sustainable pipeline of private homes. The total estimated supply has increased by 8.2% compared to 1H2025, bringing it to 9,200 units across the Confirmed and Reserve Lists. This move builds on earlier injections of land supply and reflects a continued proactive approach in managing housing demand in Singapore’s land-scarce environment.

This calibrated supply approach is timely, especially as recent data shows that private residential prices moderated to a 0.8% increase in 1Q2025, down from 2.3% in 4Q2024. Inventory levels are also adjusting in response. Uncompleted unsold private residential units fell from 19,405 in 4Q2024 to 18,125 in 1Q2025, with the Outside Central Region (OCR) segment experiencing a sharp 43.6% year-on-year drop in unsold stock. This signals strong market absorption and buyer demand, especially among first-time buyers and HDB upgraders.

In response to the sustained demand for Executive Condominiums (ECs), the 2H2025 GLS Programme will introduce two new EC sites at Miltonia Close (Yishun) and Woodlands Drive 17, adding an estimated 990 units. This follows the introduction of three EC sites in 1H2025. Demand in the EC market remains robust. The expanded EC pipeline offers more options to middle-income households, reinforces affordability, and mitigates the “fear of missing out” effect in a tight market.

A clear theme in the 2H2025 GLS Programme is precinct intensification. This involves introducing sites in proximity to existing or upcoming developments, such as the second Turf City plot at Dunearn Road, the eighth site in Lentor at Lentor Central, and the new Dover Road plot in One-North. These strategic locations foster synergy between public infrastructure and housing, supporting the formation of cohesive, future-ready communities.

Click

here

for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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Lakeside Drive GLS Site Draws Strong Developer Interest with 6 Bidders

The Government Land Sales (GLS) site at Lakeside Drive attracted 6 bids, marking the second-highest number of bids for a GLS site in 2025 to date. CDL Polaris Properties and CDL Polaris Commercial secured the top spot with a $608 million bid, translating to $1,132 psf ppr. This bid outpaced the second-highest by approximately 10.4%, demonstrating CDL’s firm commitment and confidence in the site’s potential.

The strong showing contrasts with the response to the earlier Jurong Lake District white site, which received only two bids and was not awarded. This divergence underscores developers’ preference for sites with more straightforward development parameters and manageable risk, especially in today’s more cautious market climate. With commercial use permitted on the first storey, the Lakeside Drive parcel offers developers flexibility while remaining fundamentally residential in character.

Strategically located adjacent to Lakeside MRT Station, the site boasts immediate connectivity to Boon Lay and Jurong East MRT stations, placing residents within minutes of Jurong Point, Jem, Westgate, and IMM. The broader Jurong region is poised for enhanced accessibility with the upcoming Jurong Region Line and Cross Island Line, further integrating the area with major commercial and education hubs across Singapore.

Lakeside Drive stands out as a rare and timely opportunity for developers. Its location, potential buyer catchment, and proximity to key infrastructure upgrades position it as a highly desirable site with long-term 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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