16 Oct 2024
8@BT Dominates New Home Sales as Market Surges in September 2024
Property Insight

Developers sold 401 units (excluding ECs) in September, a strong rebound from the 211 units in August, reflecting a significant 90.0% month-on-month increase. This surge signals renewed market activity and growing buyer confidence. The strong performance can largely be attributed to the end of the Hungry Ghost Festival. The post-festival period often sees a revival in sentiment, allowing developers to capitalize on renewed interest. Strategic project launches, such as 8@BT, further benefited from this revival, tapping into pent-up demand.

On a year-on-year basis, new home sales saw an 84.8% rise, with 217 units sold in September 2023. This growth reflects a broader positive trend, with developers launching new projects to meet the resurgent demand from buyers confident in long-term real estate investments.

Best-Selling Projects in September

The project 8@BT led the list with 83 units sold at a median price of $2,727 psf, thriving in September’s sales. Pinetree Hill followed with 72 units sold at $2,501 psf. Other notable projects included Hillhaven, Tembusu Grand, and Hillock Green, indicating a strong preference for the Rest of Central Region (RCR) and Outside Central Region (OCR).

Local Buyers Lead at 8@BT

The transaction data for 8@BT reveals a strong preference among local buyers. Out of the 83 units sold, 76 units were bought by Singaporean buyers, representing 91.6% of total sales. Singapore Permanent Residents (PRs) accounted for 6 units, making up 7.2%, while foreigners represented only 1.2%.

Rest of Central Region Tops Sales in September

The Rest of Central Region (RCR) led with 55.1% of total units sold, reflecting strong buyer interest in areas balancing centrality and affordability. Best-selling projects like 8@BT and Pinetree Hill, both located in the RCR, performed well. The Outside Central Region (OCR) followed with 41.1%, driven by suburban projects like Hillhaven and Hillock Green, which offered affordability and liveability. The Core Central Region (CCR) accounted for only 3.7% of sales, likely due to fewer launches during the month. Typically catering to luxury buyers, CCR projects saw limited activity compared to other regions.

Highest Transacted Price in September

The highest transacted condominium sale in September took place at 32 Gilstead in the prime district of Novena, with a 4-bedroom unit sold for $14.6 million. The spacious unit, covering 4,209 sq ft, fetched a price of $3,480 psf, underscoring the demand for luxury properties. The buyer was a Singapore Permanent Resident (PR), reflecting the appeal of such properties to high-net-worth individuals.

Positive Rebound Expected

The positive momentum seen in September is expected to continue, driven by upcoming launches such as Norwood Grand and Meyer Blue in October. Additionally, the launch of Union Square Residences in November is anticipated to reinvigorate the market, marking a shift after quieter months. The influx of new launches, coupled with a recent interest rate cut by the US Federal Reserve, is expected to accelerate the recovery in the new home sales segment.

With favorable conditions, the new home sales market is well-positioned for a strong finish to the year, attracting significant interest from homebuyers.

 

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Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics  

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Property Insight
25 Apr 2025
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.

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email:

mohan@sri.com.sg

 

Property Insight
25 Apr 2025
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.

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email:

mohan@sri.com.sg

  

Property Insight
16 Apr 2025
Resilient Buyer Demand Supports March 2025 Developer Sales

In March 2025, developers sold 729 private residential units (excluding Executive Condominiums), reflecting a moderation from the 1,597 units moved in February. The lower sales volume can be attributed to fewer project launches and the March school holidays, which temporarily slowed buying momentum. Nonetheless, on a year-on-year basis, sales remained stable—up 1.5% from 718 units in March 2024.

A key highlight of the month was the overwhelming success of Aurelle of Tampines, the year’s first EC launch. It sold 705 units at a median price of $1,769 psf, making it the top-selling project across all categories. Located in a mature estate with excellent connectivity and established amenities, Aurelle attracted strong interest from first-time buyers and young families. The project was fully sold out by April, highlighting pent-up demand for affordably priced ECs in well-connected neighbourhoods.

In the private residential segment, Lentor Central Residences led the way, transacting 460 units at a median price of $2,213 psf. Its success underlines the growing appeal of the Lentor precinct within the Outside Central Region (OCR), driven by the area’s proximity to Lentor MRT, increasing launch activity, and integration with nearby amenities. The cumulative effect of several launches in this enclave is transforming Lentor into a vibrant residential node.

Sales in the Core Central Region (CCR) rebounded in March, with 46 new units sold—up from 28 in February. This was primarily driven by the launch of Aurea, which moved 24 units at a median price of $2,924 psf. The project’s success demonstrates sustained demand for luxury homes in prime locations, even amid cautious market sentiment.

One Marina Gardens also garnered positive investor interest, especially for its one- and two-bedroom units. Positioned as the inaugural development in the upcoming Marina South precinct, the project offers early movers a front-row seat to the district’s transformation into a dynamic waterfront community. Looking ahead, two additional plots in Marina South have been listed on the 1H2025 GLS Reserve List, indicating continued government commitment to shaping this precinct into a mixed-use lifestyle hub.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email:

mohan@sri.com.sg