25 Oct 2024
3Q2024 Private Property Market: New Launches Drive 60% Growth in Sales
Property Insight

In the third quarter of 2024, the private property market in Singapore experienced a significant upswing, driven by new project launches and increased buyer optimism. Total new home sales rose from 725 units in the second quarter to 1,160 units in the third quarter, marking a 60% quarter-on-quarter increase. This growth was largely driven by a surge in sales in the Rest of Central Region (RCR) and Outside Central Region (OCR). OCR saw the highest rise, with sales increasing by 72.7%, from 414 units in 2Q2024 to 715 units in 3Q2024. Similarly, RCR sales rose by 70%, reflecting a strong preference for suburban and strategically located properties.

Strategic launches, such as 8@BT, Kassia, and Sora, played a crucial role in driving sales. These projects offered attractive features and pricing, appealing to both homebuyers and investors. Kassia and Sora were among the top-selling projects in OCR, with median prices of $2,052 and $2,153 per square foot (psf), respectively. In the RCR, Pinetree Hill led sales with 88 units sold at a median price of $2,499 psf, highlighting the demand for well-positioned properties offering value for money.

The private property price index, however, showed a slight moderation of -0.7% in 3Q2024, compared to a 0.9% increase in the previous quarter. This decline was primarily attributed to a reduction in high-value transactions, particularly in the Core Central Region (CCR), where fewer properties priced at $10 million or above were sold. Overall, private property prices for the first nine months of 2024 increased by 1.6%, compared to a 3.9% increase during the same period in 2023.

Private resale transactions also showed positive growth, with a 1.5% increase quarter-on-quarter in 3Q2024. A total of 3,860 units were transacted, up from 3,802 units in 2Q2024. For the first nine months of 2024, resale transactions reached 10,351 units, a 21.8% year-on-year increase compared to 2023. This growth has been largely supported by HDB upgraders, who accounted for a significant portion of the transactions. The number of HDB upgraders in the private resale market increased by 20.1% year-on-year, reflecting continued interest in upgrading to private properties despite broader market uncertainties.

Looking ahead, new project launches and a favorable interest rate environment are expected to drive a strong finish for the private home sales market in 2024. The Federal Reserve’s interest rate cuts have improved buyer sentiment, leading to a renewed confidence in property investment. This optimism was evident in the success of the Norwood Grand project, which sold 84% of its units during its launch weekend. If interest rates continue to fall, affordability will improve, potentially boosting demand further.

Click here for the full report 

Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics 

  

Email: mohan@sri.com.sg   

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Property Insight
19 Mar 2025
GLS Tender Results: Bayshore Road Site Attracts Strong Developer Interest

Sing-Haiyi Garnet Pte. Ltd. secured the Bayshore Road residential site with a top bid of $658.9 million ($1,388 psf ppr), narrowly surpassing Sing Holdings Residential Pte. Ltd. by 0.8%. The tender attracted eight bidders, reflecting strong developer interest in this well-located site.

This marks the highest number of bidders for a non-EC GLS site since Jalan Tembusu in 2022, underscoring the continued demand for well-located private residential plots. The Bayshore precinct is undergoing major transformation, presenting an opportunity for developers to establish an early foothold in a future waterfront district.

The site’s strategic location enhances its appeal. It is close to Temasek Junior College, Temasek Secondary School, and the upcoming Bayshore MRT station on the Thomson-East Coast Line. Connectivity is further strengthened by the East Coast Parkway (ECP), providing easy access to the CBD and Changi Airport.

This land parcel is the first private residential site launched in the Bayshore neighbourhood, an area envisioned as a dynamic residential and community hub. The Urban Redevelopment Authority (URA) plans to integrate development with green spaces, places of worship, sports and recreational facilities, and educational institutions, fostering a holistic living environment.

The precinct's long-term potential likely contributed to the keen competition, with developers leveraging the First-Mover Advantage to set a benchmark for future developments. The Bayshore transformation began in October 2024 with the launch of two Build-To-Order (BTO) projects. This signals the evolution of Bayshore into a vibrant, well-integrated residential enclave with a blend of coastal living and urban convenience.

The site's proximity to a prestigious landed housing enclave provides an opportunity to attract potential upgraders. Homeowners in these exclusive estates may transition to new condominiums offering modern facilities, enhanced security, and a low-maintenance lifestyle. Additionally, a mature residential catchment could encourage existing homeowners to downsize or invest, further supporting demand.

Overall, this GLS tender reinforces Bayshore’s potential as a desirable residential district, offering connectivity, urban transformation, and investment potential. The strong bidding interest reflects developers’ confidence in the area's long-term value.

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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
18 Mar 2025
February 2025 New Launches Drive Strong Developer Sales

Developers sold a total of 1,575 units (excluding ECs) in February, maintaining strong market momentum from January’s 1,083 private residential units transacted. This marks the second consecutive month of robust sales, driven by sustained demand for newly launched projects. The key contributors to February’s performance were Elta and Parktown Residence, the only two new launches, which played a pivotal role in sustaining buyer interest and driving sales.

The Outside Central Region (OCR) was the primary driver of sales, accounting for 92.2% of total private residential units (excluding ECs) sold, significantly surpassing the Rest of Central Region (RCR) at 6.2% and the Core Central Region (CCR) at 1.6%. This highlights the ongoing demand for mass-market homes, particularly in well-connected suburban locations offering attractive price points. The influx of new launches provided fresh options, stimulating activity in this segment.

GLS Supply Pipeline Strengthens Market Resilience

While new home sales transactions remain substantial, they align with market demand, reflecting measured absorption of available supply. With more project launches expected and an increase in Government Land Sales (GLS) sites, the market maintains a steady pace.

Most recent project launches originated from GLS sites, as collective sale activity has moderated. 

Best-Selling Projects in February

The top-selling project was Parktown Residence, which transacted 1,041 units at a median price of $2,363 psf. The strong response is attributed to Tampines' first fully integrated development, which seamlessly blends thoughtfully designed residences with a retail mall, MRT connectivity, and bus interchange access, transforming it into a self-sustaining lifestyle hub.

The second best-selling project was Elta, with 326 units sold at a median price of $2,538 psf. Its success stems from pent-up demand, as it is the first new residential project in the Clementi planning area since 2020.

Market Outlook: Sustained Momentum in 1Q2025

March is expected to sustain market momentum, supported by Aurelle @ Tampines, Lentor Central Residences, and Aurea. These new projects will drive continued buyer interest, reinforcing market resilience.

With the transition into 2Q2025, upcoming launches—including Arina East Residences, Marina View Residences, Artisan 8, and One Marina Gardens—are set to energize the market, providing new opportunities for homebuyers and investors while ensuring stability.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email:

mohan@sri.com.sg

 

Property Insight
10 Mar 2025
One-North’s Growth: Qingjian Realty & Forsea Residence Submit Top Bid for Media Circle

The Government Land Sales (GLS) tender for Media Circle (Parcel A), designated for residential development with commercial use on the first storey, concluded with a top bid of $315.0 million ($1,037 psf ppr). The top bid came from CNQC Realty (Bloomsbury) Pte. Ltd. (Qingjian Realty), Forsea Residence Pte. Ltd., and Hoovasun Holding Pte. Ltd. 

Having already secured another site in Media Circle, Qingjian Realty and Forsea Residence continue to expand their One-North presence. Their aggressive acquisition strategy underscores confidence in the area's long-term growth, given One-North’s role as a hub for innovation, research, and technology-driven industries. Their strong optimism in the demand for high-quality residential projects is reflected in their competitive bid, further reinforcing the precinct’s attractiveness.

Located within the Queenstown Planning Area, Media Circle (Parcel A) benefits from its strategic positioning in a vibrant mixed-use environment. The area’s limited housing stock presents a unique opportunity to meet demand while leveraging proximity to key industries, educational institutions, and transport networks. This creates a highly connected and convenient residential ecosystem that integrates seamlessly with the live-work-play model.

The Rest of Central Region (RCR) experienced 5.8% growth in non-landed home prices in 2024, surpassing the 3.1% increase in 2023. This price momentum signals renewed buyer interest, supported by new project launches such as The Hill @One-North, Emerald of Katong, and Nava Grove. These developments reinforce the RCR’s investment potential and desirability as a residential choice.

With the upcoming Bloomsbury Residences launch at Media Circle, expectations are set for new pricing benchmarks. Based on market trends and buyer sentiment, new launch prices are projected between $2,300 and $2,400 psf. This aligns with the premium pricing attached to RCR properties, reflecting strong demand and a resilient private residential market.

As Singapore’s property market continues to evolve, the sustained interest in One-North developments highlights the importance of strategic land acquisition in prime locations. Developers remain optimistic, recognizing the area’s growth potential and the need for well-integrated urban solutions.

 

Click

here

for the full report  

  

  

Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics 

  

  

Email:

mohan@sri.com.sg