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
  

You may also like

Property Insight
16 Mar 2026
February Developer Sales Reflect Growing Buyer Interest in Prime Segment

Singapore’s new private home market saw a moderation in developer sales in February 2026, largely influenced by seasonal factors rather than any structural weakening in demand. According to SRI Research, developers sold 246 new private homes (excluding ECs) in February, down from 466 units in January, representing a 47.2% month on month moderation. This softer performance was widely anticipated as the month coincided with the Chinese New Year festive period, a time that typically experiences fewer marketing activities and lower buyer turnout. As such, the February figures should be interpreted within the context of seasonal timing and launch schedules rather than a fundamental shift in market demand. 

Despite the monthly moderation, the Core Central Region (CCR) segment has shown encouraging momentum at the start of the year. In the first two months of 2026, a total of 225 CCR units were transacted, compared to 149 units over the same period in 2025, representing a 51.0% year on year increase. This improvement suggests that buyer interest within the prime residential segment has strengthened relative to a year ago. The pickup in activity may reflect growing confidence among high-net-worth buyers, improved pricing alignment between developers and purchasers, as well as selective project launches that have resonated with market demand. Overall, the CCR segment appears to be demonstrating measured resilience despite a calibrated supply environment and existing policy framework. 

The renewed interest in the prime segment was further highlighted by the successful launch of River Modern, which reportedly sold more than 90% of its units during its launch weekend. The strong take up illustrates how well-located developments in prime districts continue to attract confident buyers, even after a series of launches across the River Valley and Zion corridor over the past year. Buyers appear willing to commit when developments offer strong locational attributes, connectivity and long-term value prospects. 

Looking ahead, market activity is expected to gain renewed traction as several upcoming developments enter the launch pipeline. Projects such as Rivelle Tampines, Pinery Residences, Vela Bay, Hudson Place Residences and Tengah Garden Residences are anticipated to re-energize primary market activity across a diverse range of locations and buyer segments. These developments collectively span city fringe areas as well as emerging regional growth corridors, and their launches are expected to reintroduce a steadier cadence of supply into the market. 

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
13 Mar 2026
Singapore Office Market 2026 Outlook: Stable Rentals and Resilient Investment Activity

Total strata office transactions increased from 330 deals in 2024 to 354 deals in 2025, representing a 7.3% year on year increase. This sustained level of activity highlights continued investor participation and confidence in strata titled office assets. Strata offices remain attractive to buyers due to their flexible ownership structures and relatively manageable investment quantum compared with whole building acquisitions. At the same time, structural factors such as limited new supply of strata titled office units and the desire for assets offering long term income visibility continue to support investor interest in this segment. 

High value strata office transactions also continued to take place during 2025, particularly within the Central Business District. Several notable transactions were recorded in prime buildings such as 20 Collyer Quay, Tokio Marine Centre, and 108 Robinson Road. The concentration of these transactions within District 1 highlights the enduring appeal of core CBD locations such as Raffles Place, Marina Bay, and Tanjong Pagar. These areas benefit from strong corporate clustering, established financial and professional services ecosystems, and excellent connectivity. As a result, buyers appear willing to commit significant capital to secure ownership in buildings that offer strong tenant appeal, efficient layouts, and long-term relevance within Singapore’s office landscape. 

From a leasing perspective, the office rental market remained broadly stable across Singapore’s major regions throughout 2025. Rental levels in fringe and decentralised regions also showed relatively stable performance, reflecting a balanced occupier market. Businesses appear to be making leasing decisions based primarily on operational needs, workforce considerations, and long-term location strategies rather than short term market fluctuations. 

Looking ahead to 2026, the Singapore office market is expected to continue progressing toward a more balanced and sustainable footing. Improving occupancy conditions, limited availability of quality office supply, and the resilience of key services sectors such as finance, information technology, and professional services are expected to support occupier demand. While ongoing geopolitical developments, including tensions in the Middle East, may introduce a degree of global uncertainty, Singapore’s reputation as a stable and well-regulated business hub continues to underpin corporate confidence. During periods of geopolitical volatility, multinational firms often prioritise stability and operational continuity, which may further reinforce Singapore’s attractiveness as a regional headquarters location. 

At the occupier level, companies are increasingly refining their workplace strategies, focusing on right sizing office footprints, consolidating operations, and upgrading into higher quality workspaces that support collaboration, talent attraction, and productivity. Consequently, newer Grade A developments in prime and well-connected locations are likely to remain particularly attractive to tenants who prioritise building quality, sustainability features, and accessibility to transport nodes and amenities. 

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
10 Mar 2026
Singapore Property Market: Strength Through Global Shocks

Singapore’s property market has demonstrated remarkable resilience across multiple global crises, reinforcing its reputation as a stable and trusted investment destination. While geopolitical tensions in the Middle East have introduced volatility in oil prices, financial markets and investor sentiment, historical patterns suggest that periods of global uncertainty have often strengthened Singapore’s position as a safe haven for capital. 

Over the past few decades, Singapore’s real estate market has experienced several major disruptions, including the SARS outbreak in 2003, the Global Financial Crisis in 2008, the COVID 19 pandemic and more recently global trade tensions in 2025. Despite short term disruptions, each crisis has been followed by a strong rebound in housing demand and transaction activity.

More recently, global markets experienced renewed uncertainty following the introduction of tariffs in 2025. Despite these developments, Singapore’s residential market remained resilient, with developer sales reaching their highest level since 2021. This reflects the continued depth of underlying housing demand and the stability of Singapore’s domestic market fundamentals. 

Recent launch performance also highlights continued buyer confidence. The River Modern development recorded strong take up during its launch weekend, with over 90 percent of units sold. Its location within District 9, direct connection to Great World MRT station and views of the Singapore River contributed to strong buyer interest. 

Overall, Singapore’s property market resilience reflects strong governance, transparent regulations, prudent fiscal management and a diversified economy. These structural strengths continue to anchor investor confidence, reinforcing Singapore real estate as one of the most stable and trusted asset classes in Asia.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Mask group
Singapore Realtors Inc

CEA License No. L3010738A

1 Kim Seng Promenade #17-10/12

Great World City, West Tower

Singapore 237994

+65 6958 5000

admin@sri.com.sg

For Home Owners

Buy
Sell
Rent
New Launch
Commission Guidelines

For Corporate

Property Management
Local Project Marketing
Capital Markets
Auction
International Project Marketing

For Agents

Why Join SRI?
Culture and Community
Technology & Tools
Mentorship
Training

Company

About
Team
Technology
Agent Reviews
Contact

© 2026 SRI Pte Ltd • Privacy Policy & Data Protection

Follow us on
iconiconiconiconicon