25 Oct 2024
HDB Resale Prices Rise 2.7% in 3Q2024 Driven by Larger and Newer Flats
Property Insight

In the third quarter of 2024, the HDB resale market in Singapore experienced strong growth, driven by an increasing preference for larger and newer flats. The HDB Resale Price Index rose by 2.7% in 3Q2024, up from 2.3% in the previous quarter. This brought the total increase for the first nine months of 2024 to 6.9%, significantly higher than the 3.8% rise during the same period in 2023. The price increase was largely due to a higher proportion of transactions involving 4-room and 5-room flats, which have seen growing demand. Additionally, the increased value of newer flats with leases commencing from 2013 onwards has contributed to the overall price growth. These newer flats are commanding price premiums due to their better condition and newer age, pushing overall resale prices higher.

HDB resale volume also saw positive growth in 3Q2024, with a quarter-on-quarter increase of 10.7%. The demand was particularly strong for larger flats, with 5-room flats recording a 13.9% rise in transactions, followed by a 11.8% increase in sales for 4-room flats. In total, HDB resale transactions reached 22,562 units in the first nine months of 2024, compared to 20,188 transactions during the same period in 2023, marking a notable rise in overall sales activity.

The rise in HDB million-dollar resale transactions also underscored the demand for newer flats. In 3Q2024, the number of million-dollar resale flats increased significantly to 331 units, up from 236 units in 2Q2024. Notably, flats with leases commencing from 2013 and onwards accounted for 132 of these transactions, compared to just 80 in the previous quarter. This trend highlights the growing willingness of buyers to pay a premium for newer, well-located flats, further boosting the overall resale market performance.

The outlook for the HDB resale market remains optimistic, supported by strong underlying demand. The October 2024 Build-To-Order (BTO) exercise saw the launch of 8,573 flats across 15 projects under the new classification framework, attracting over 35,000 applicants. With such high interest, a substantial number of potential buyers may face disappointment if they are unable to secure a flat, which could drive them to the resale market as an alternative for immediate housing needs. This spillover from the BTO exercise is expected to bolster the resale market, especially in popular estates, as unsuccessful applicants seek available units.

In conclusion, the third quarter of 2024 has been characterized by rising prices and increasing volumes in the HDB resale market, driven by demand for larger and newer flats, as well as the impact of unmet demand from the BTO exercise. The outlook for the remainder of the year remains positive, with sustained interest expected to drive market activity, though the usual seasonal slowdown may lead to a more stable end to the year. Buyers are encouraged to remain cautious and balance evolving market opportunities with long-term financial sustainability to ensure prudent decision-making in an ever-changing real estate environment.

 

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
16 Feb 2026
Developer Sales for January 2026 Rebound to Strongest Level Since October

Singapore’s private residential market began 2026 on a firm footing, with developer sales staging a decisive rebound from the seasonal moderation observed in December. According to URA data compiled by SRI Research, new home sales excluding Executive Condominiums rose to 466 units in January, up from 197 units in December. When ECs are included, total developer sales climbed to 990 units, compared with 234 units in the preceding month.

January marked the strongest monthly performance since October, reflecting renewed buyer activity supported by a coordinated wave of new launches. A total of 1,534 units were introduced to the market across segments, providing fresh supply and helping to catalyse transactions at the start of the year. The rebound was largely anchored by three key launches: Coastal Cabana in the EC segment, Newport Residences in the Core Central Region, and Narra Residences in the Outside Central Region.

The OCR accounted for the majority of transactions, contributing 71 percent of total developer sales including ECs. This was primarily driven by Coastal Cabana and Narra Residences, both of which cater to owner occupiers and HDB upgraders seeking relatively accessible price points. Coastal Cabana emerged as the top selling project in January, moving 504 units at a median price of $1,790 $psf. The strong take up underscores resilient demand in the EC segment, where buyers continue to view ECs as an attractive pathway into private housing.

Narra Residences recorded 122 units sold at a median price of $2,148 $psf, reflecting sustained demand for well priced OCR projects that offer a balance of affordability and lifestyle appeal. Together, these developments reinforced the role of mass market and EC launches in anchoring overall transaction volumes.

In the CCR, Newport Residences achieved a solid opening performance, with 132 units sold at a median price of $3,070 $psf. As the first CCR launch of the year, its performance signals a gradual stabilisation in prime segment sentiment. Buyers in this segment remain selective and tend to focus on well-located developments with strong connectivity and long term liveability attributes. The RCR contributed 12 percent of January sales, reflecting steady interest in city fringe projects where buyers continue to weigh affordability alongside accessibility.

Overall, January’s performance demonstrates that the market remains responsive to well positioned launches across segments. While transaction volumes may fluctuate month to month due to seasonality, underlying demand fundamentals remain constructive as 2026 progresses.

Click

here

for the full report: 

  

  

Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics 

  

  

Email:

mohan@sri.com.sg

  

Property Insight
13 Feb 2026
Budget 2026 Analysis: What It Means for Singapore’s Property Market

Singapore Budget 2026 is delivered against a backdrop of heightened global uncertainty, including geopolitical tensions and financial market fragility. Despite these external headwinds, Singapore’s macroeconomic outlook remains steady, with GDP growth projected at 2% to 4% and inflation expected to moderate to 1% to 2%. These forecasts reflect a stable economic environment that supports business confidence and household resilience. The Budget reinforces Singapore’s long-term strategy of anchoring high value industry clusters, investing in research and innovation, and strengthening structural competitiveness. Together, these measures provide a firm foundation for the property market across residential, industrial and commercial segments.

On the industrial front, the Government’s continued emphasis on anchoring high value industry clusters such as advanced semiconductor packaging, aerospace and biomedical sciences carries direct implications for space demand. These sectors require high specification facilities including cleanrooms, advanced manufacturing space and research laboratories. 

A key highlight of Budget 2026 is the strengthening of One North as Singapore’s AI and innovation nucleus. The development of a larger AI park and the launch of national AI Missions across advanced manufacturing, connectivity, finance and healthcare signal a coordinated push to embed artificial intelligence across core economic sectors. 

Within this evolving ecosystem, the upcoming Hudson Place Residences at Media Circle Parcel A is well positioned to benefit from One North’s continued expansion. Its proximity to research facilities, transport infrastructure, educational institutions and business parks situates it within a live work environment anchored by structural economic transformation rather than short term cyclical drivers.

Finally, Budget 2026 introduces broad based cost of living support across all HDB flat types, including cash payouts, GST Vouchers, MediSave and CPF top ups, CDC Vouchers, U Save rebates and S and CC rebates. These measures cushion household expenses, strengthen balance sheets and reinforce affordability within the housing ecosystem.

Overall, Budget 2026 signals policy continuity, economic resilience and calibrated growth. For the property market, the combination of structural economic transformation, disciplined supply management and household support measures points toward a stable and sustainable trajectory in 2026 and beyond.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
11 Feb 2026
What Lies Ahead for Singapore Rental Market in 2026

The Singapore rental property market has entered a more stable and balanced phase heading into 2026, following a period of sharp adjustment in earlier years. Data from 2025 points to a market that remains fundamentally resilient, underpinned by genuine housing demand rather than speculative pressures. Total non-landed rental transactions rose by 3.8% year on year to 84,622 units, reflecting sustained leasing activity even as rental growth moderated and conditions normalised.

Leasing momentum in 2025 was broad based across all market segments. The Core Central Region recorded the strongest growth, with rental transactions increasing by 5.7% to 25,532 units. This reflects a gradual return of depth in the prime rental segment, supported by expatriates, senior professionals, and corporate tenants who continue to prioritise centrality, connectivity, and proximity to employment nodes. 

At the project level, rental demand in 2025 remained concentrated within large scale, well located developments across all regions. In the CCR, projects such as The Sail @ Marina Bay, D’Leedon, and Marina One Residences continued to anchor leasing activity due to their proximity to employment hubs and transport infrastructure. In the RCR, Normanton Park emerged as the top performing project by rental transactions following its recent completion, highlighting strong tenant acceptance for large, amenity rich city fringe developments. In the OCR, rental demand was more evenly distributed across multiple projects, reflecting tenant preferences for affordability and convenience rather than concentration in a single dominant development.

Overall, the rental market in 2026 is likely to be characterised by stability rather than acceleration, supported by steady employment conditions, population stability, and a more balanced supply environment.

 

Click

here

for the full report:  

 Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics 

  

  

Email:

mohan@sri.com.sg

  

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