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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07 Aug 2026
Singapore Shophouse Market 1H2026: Higher Value Deals Drive Investment Growth

Singapore's shophouse market in 1H2026 demonstrated continued resilience despite a moderation in transaction volumes, with investment activity increasingly concentrated in higher-value assets. While the number of caveated shophouse transactions declined from 34 deals in 1H2025 to 25 deals in 1H2026, the total transaction value increased by 14.9% year-on-year, rising from $234.7 million to $269.5 million. This suggests that investors remained willing to deploy significant capital into larger, well-located and higher-quality conservation assets, reinforcing confidence in the long-term fundamentals of the shophouse sector.

Investor preference continued to favour longer-tenure properties. Freehold shophouses accounted for 76.0% of total transaction value in 1H2026, broadly unchanged from the previous year, while transaction value within this segment increased substantially from $176.7 million to $224.0 million. Although 99-year leasehold properties recorded a higher share of overall transactions compared to a year ago, demand remained firmly concentrated in freehold and 999-year leasehold assets, which together represented 84.0% of total transaction value. This reflects continued demand for scarce commercial assets that offer long-term capital preservation, stable rental income and limited exposure to lease decay.

Looking ahead, investment demand is expected to remain resilient through the second half of 2026, supported by Singapore's healthy economic performance, lower interest rate environment and the structural scarcity of conserved shophouses. Investors are likely to continue prioritising well-located assets offering resilient rental income, asset enhancement opportunities and long-term capital appreciation. The combination of limited supply, heritage value and stable income-generating potential is expected to provide continued support for transaction values and reinforce the long-term attractiveness of Singapore's shophouse market.

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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
07 Aug 2026
Berlayar Drive GLS Attracts Sole Top Bid of $576.8 Million

The Berlayar Drive Government Land Sales site attracted a sole bid of $576.8 million, equivalent to $1,515 per square foot per plot ratio, from a joint venture between Intrepid Investments Pte. Ltd. and GuocoLand (Singapore) Pte. Ltd. The bid underscores the developers’ continued conviction in the long-term potential of the Greater Southern Waterfront and their commitment to establishing a presence within one of Singapore’s most significant waterfront transformation precincts. 

Although the site received only one bid, this should not necessarily be interpreted as weak confidence in its prospects. Instead, it reflects increasingly disciplined land-acquisition strategies amid a larger GLS pipeline and more selective capital deployment. With a wider range of sites available, developers are likely to prioritise parcels that best complement their existing landbanks, development pipelines and risk profiles.

Berlayar Drive is the second private residential parcel within the new estate, following the Telok Blangah Road site. A further residential parcel at Berlayar Close is expected to be launched in December. This phased release reflects the Government’s measured approach to developing the Greater Southern Waterfront, allowing future housing supply to be introduced progressively rather than all at once.

The Berlayar Drive site is expected to yield approximately 415 residential units. Its smaller project scale should require a lower upfront capital commitment and reduce construction, financing and market-absorption risks compared with larger developments. The site also carries a maximum building height of five storeys, creating the potential for a distinctive low-rise residential offering focused on privacy, greenery and resort-style living.

Future residents are expected to benefit from proximity to Telok Blangah MRT station, VivoCity, Sentosa, the Southern Ridges and Labrador Nature Reserve. This combination of connectivity, retail and lifestyle amenities, waterfront surroundings and access to nature is likely to support healthy long-term owner-occupier demand.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
07 Aug 2026
Chitty Road and Veerasamy Road GLS Tender Draws $35.3 Million Top Bid

The tender for the Chitty Road and Veerasamy Road Government Land Sales site attracted seven bids, with YK Land Pte. Ltd submitting the highest offer of $35.3 million. The bid translates to approximately $962 per square foot of site area and was substantially higher than the second-ranked bid of $23.8 million, or $650 per square foot, submitted by Conint Pte Ltd and SEEDoE Ventures Pte Ltd. RPC One Pte Ltd placed third with a bid of $23.7 million. 

The site benefits from strong accessibility and a central location. It is within walking distance of Jalan Besar and Little India MRT stations, while Bugis, Rochor and the Central Business District are also nearby. Opportunities to acquire an entire cluster of conserved residential buildings in Singapore’s Central Area are exceptionally rare, giving the project the potential to become a distinctive heritage residential development.

Under the SA2 option, the site may accommodate up to 36 serviced apartment units with a minimum stay of three months. This could appeal to professionals, expatriates and other residents seeking medium- to longer-term accommodation. The higher unit yield may also offer the developer recurring rental income and greater operational flexibility.

Alternatively, the site could be developed into up to 18 strata landed houses, subject to approval. This option may appeal to affluent owner-occupiers and collectors seeking rare, restored heritage homes within a city-fringe location. With few new landed developments entering the market, the combination of conservation architecture and modern residential use could create a highly differentiated product.

The development’s value creation potential will depend less on maximising density and more on delivering a high-quality restoration. The investment proposition is therefore centred on placemaking, heritage preservation and product differentiation. The site may also benefit from the wider transformation of the surrounding precinct, including continued public investment and the nearby River Peaks I and II public housing developments.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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