02 Sep 2024
1H2024 Singapore Rental Market Insights: School Proximity and Pricing Trends
Property Insight

The rental property market in Singapore during the second quarter of 2024 demonstrated notable trends and adjustments. The overall rental index showed a further moderation, with rental prices decreasing by 0.8% in 2Q2024, a smaller decline compared to the 1.9% drop in 1Q2024. This period also marked a stabilization in the market as rental prices in the first half of 2024 adjusted by -2.7%, a significant change from the 10.2% increase observed in the first half of 2023. The moderation can be attributed to the influx of newly completed developments entering the market, adding to the rental supply.

The number of non-landed rental contracts rose by 1.9% quarter-on-quarter, from 18,878 units in 1Q2024 to 19,558 units in 2Q2024. This increase is likely driven by the high volume of private developments completed in 2023, which have now entered the rental segment. The year-on-year growth of non-landed rental contracts in 1H2024 was 2.4%, reflecting continued demand for such properties. It is projected that the total non-landed rental volume for 2024 will fall between 78,000 and 80,000 contracts.

Newly completed developments, particularly those that obtained their Temporary Occupation Permit (TOP) recently, such as Normanton Park, Treasure at Tampines, Parc Clematis, and The M, have shown strong rental demand. Renters seem to favor newer units due to their fresh condition and minimal wear and tear.

Core Central Region (CCR) districts continued to lead in rental popularity, with District 9 securing the highest number of non-landed rental contracts in 1H2024, followed by Districts 10 and 15. These districts remain desirable among renters, underlining their prominence in the rental market.

The HDB rental market also experienced growth, with rental approvals increasing by 1.7% quarter-on-quarter from 9,398 in 1Q2024 to 9,554 in 2Q2024. A significant portion of these approvals (36.9%) were for 4-room flats, which saw the highest number of rental approvals since 3Q2023. Jurong West recorded the highest number of HDB rental transactions in 1H2024, followed by Tampines and Sengkang.

Despite the overall moderation in HDB rentals, the resale market strengthened in 1H2024, with a 6.9% increase in resale transactions compared to 1H2023. This trend indicates a shift towards resale flats among homeowners, partly due to the limited number of flats reaching their Minimum Occupation Period (MOP) in 2024.

School proximity significantly influenced rental growth in areas like Bukit Batok and Hougang, where highly sought-after schools like Princess Elizabeth Primary School and Holy Innocents' Primary School are located. The scarcity of larger flats and the high demand for school enrollment contributed to notable increases in rental prices in these areas.

Overall, the rental market in Singapore is stabilizing, supported by strategic housing initiatives from the government. These initiatives aim to alleviate rental pressures by boosting housing supply and providing targeted support for those in need, ensuring a balanced and accessible rental market for residents.

Click here for the full report  

  

Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics  

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Property Insight
15 Oct 2025
Developer Sales Outlook Brightens with New Launches Like Faber Residence and Penrith

Developers moved a total of 255 private residential units (excluding ECs) in September, moderating from the 2,142 units transacted in August. The slowdown was not unexpected, coinciding with the Lunar Seventh Month, a period where homebuying sentiment typically softens. However, the lull proved brief, as Skye at Holland achieved an exceptional performance, selling about 658 units (99% of its total) during its launch weekend in early October surpassing the entire September total.

The positive momentum is expected to continue with the upcoming launches of Faber Residence and Penrith, followed by Zyon Grand, The Sen, and Coastal Cabana (EC) in the coming months. These previews and launches are set to reignite sales momentum in the final quarter of the year, providing a healthy pipeline of new inventory for homebuyers and ensuring a steady stream of fresh supply to meet sustained demand from both upgraders and investors.

Part of the market optimism can be traced to the US Federal Reserve’s rate cut in 2024, which eased liquidity conditions and lifted buyer sentiment. This supportive backdrop was reinforced at the recent Federal Open Market Committee (FOMC) meeting, where the Fed reduced the Funds Target Rate by 25 basis points to a range of 4.00%–4.25%, signalling continued willingness to support growth and lower borrowing costs. The move is expected to enhance affordability and spur stronger buyer confidence, providing further upside for developers timing their launches to capture sentiment shifts.

In September, the highest transacted condominium was a four-bedroom unit at 21 Anderson, sold for $24.0 million. The spacious 4,489 sq ft freehold residence in Tanglin achieved $5,347 psf, marking it as the top condominium sale of the month. This sale reflects the renewed strength of the luxury segment, which saw 21 non-landed new homes priced at $10 million and above transacted in the first nine months of 2025—almost three times the 8 units sold in the same period of 2024.

Among individual projects, Canberra Crescent Residences emerged as the top-seller with 28 units sold at a median price of $2,001 psf, followed by Grand Dunman and River Green. These results reaffirm the continued depth of buyer demand across all regions, from OCR to CCR, as Singapore’s private residential market enters the final quarter on a firm footing.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
09 Oct 2025
UOL, SingLand and Kheng Leong JV Tops GLS Tender for Dorset Road Site at $1,338 psf ppr

The tender for the Government Land Sales (GLS) site at Dorset Road has officially closed, marking another milestone in the continued rejuvenation of the Farrer Park precinct. The joint venture between UOL Group, Singapore Land Group (SingLand), and Kheng Leong Company emerged as the top bidder, submitting a land price of $524.3 million, which translates to $1,338 psf ppr.

The outcome reflects UOL’s ongoing confidence in the city-fringe residential market, following the strong market reception of its recent joint-venture project, Skye at Holland, which has drawn considerable buyer attention. This momentum likely reinforced UOL’s conviction in pursuing another centrally located site with strong long-term growth potential.

A total of nine bidders participated in the tender, demonstrating sustained developer confidence in well-connected Rest of Central Region (RCR) plots. The competitive turnout underscores developers’ positive outlook for city-fringe housing demand, especially in established neighbourhoods like Farrer Park and Novena, where upcoming transformations are set to enhance the precinct’s appeal.

The Dorset Road site shares similar locational advantages. It is within walking distance of Farrer Park MRT station, City Square Mall, and the Connexion medical and lifestyle complex, while being minutes from key city districts such as Novena and Orchard. Proximity to the Novena healthcare hub, reputable schools, and a rich mix of amenities further enhances the site’s attractiveness to families, professionals, and investors alike.

The future development is expected to yield approximately 425 residential units, positioned within a vibrant and evolving community. The Farrer Park transformation aims to blend modern living with heritage preservation, introducing new housing integrated with sports, wellness, and green spaces that honour the area’s sporting legacy. This thoughtful approach will create a balanced, community-oriented urban environment, reinforcing the precinct’s appeal as a liveable city-fringe destination.

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here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
01 Oct 2025
3Q2025 Flash Estimates Highlight Balanced Growth in Private and Public Housing

Singapore’s residential property market sustained positive momentum in the third quarter of 2025, reflecting steady demand, a healthy launch pipeline, and stabilising trends across both private and public housing sectors.

Private Property Market

According to flash estimates, private property prices rose by 1.2% in 3Q2025, building on the 1.0% increase in the previous quarter. This brings cumulative growth for the first nine months of 2025 to 3.1%, notably higher than the 1.6% increase recorded during the same period in 2024. The uptick was driven by a strong pipeline of project launches, which provided more options for homebuyers and supported transaction volumes.

Developers exhibited confidence by releasing projects from GLS sites, which in turn helped stabilise primary market prices. Key launches such as Springleaf Residence, River Green, Promenade Peak, Canberra Crescent Residences, and Artisan 8 received healthy buyer response, while July’s wave of launches including The Robertson Opus, UpperHouse at Orchard Boulevard, and LyndenWoods—revitalised sentiment and widened market choices.

Looking ahead, momentum is expected to carry into 4Q2025, supported by previews of Skye at Holland, Faber Residence, Penrith, Zyon Grand, The Sen, Coastal Cabana, and the Jalan Loyang Besar EC. 

HDB Resale Market

HDB resale price growth continued to moderate, rising 0.4% in 3Q2025 compared to 0.9% in 2Q2025. For the first nine months, prices grew 2.9%, significantly slower than the 6.9% surge in the same period last year, indicating greater market balance.

Policy initiatives such as the upcoming Voluntary Early Redevelopment Scheme (VERS) aim to provide long-term renewal pathways for ageing estates, ensuring progressive rejuvenation. In the near term, demand for older flats is expected to remain niche, driven mainly by households downsizing or buyers prioritising affordability.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

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