SRI - Singapore Realtors Inc.

02 Jan 2025

4Q2024 Flash Estimates: Singapore’s Property Market at a Turning Point

The 4Q2024 URA and HDB Flash Estimates reveal a notable recovery in the private property market and a tempered growth in the HDB resale market. According to SRI Research, the private property price index grew by 2.3% in 4Q2024, rebounding from a 0.7% decline in the previous quarter. This resurgence is attributed to easing interest rates and a wave of new project launches, which boosted buyer confidence and increased transaction volumes.

Private property transactions saw a substantial quarter-on-quarter rise, with volume increasing by 25.0% to 6,715 units and transaction value surging 33.6% to $15.7 billion. The $1.5 million to $3.0 million price segment led the market, growing from 63.6% of sales in 2023 to 70.3% in 2024, reflecting buyers' preference for affordability and value. Overall, private property prices in 2024 increased moderately by 3.9%, down from the 6.8% growth recorded in 2023, signaling a stabilizing market influenced by Government Land Sales (GLS), inflationary pressures, and earlier cooling measures.

In the HDB resale market, prices grew at a slower pace of 2.5% in 4Q2024, compared to 2.7% in 3Q2024. Annual growth, however, reached 9.6%, nearly doubling the 4.9% increase in 2023. Cooling measures introduced in 3Q2024 have tempered million-dollar transactions, which declined by 13.9% quarter-on-quarter to 285 units in 4Q2024. Despite this, the overall number of such transactions in 2024 remains historically elevated, supported by demand for spacious executive flats and flats in mature estates.

Newer flats in mature estates dominated the million-dollar resale segment, accounting for 375 out of 382 transactions for flats with lease commencement dates from 2013 onwards. These properties are favoured for their accessibility, modern layouts, and longer leases, highlighting the importance of strategic urban planning in addressing buyer preferences.

In summary, the 4Q2024 estimates depict a recovering private property market and a resilient HDB resale segment, shaped by adaptive buyer sentiments and strategic interventions. Both markets are set for stable growth in 2025, underscored by a balance of robust demand, limited supply, and regulatory oversight.

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email:

mohan@sri.com.sg

31 Dec 2024

Sentosa Property Market 2025: Luxury Living and Investment Insights

Property transactions in Sentosa experienced a significant increase, growing by 43.8% year-on-year. From January to November 2024, 128 units were sold compared to 89 units during the same period in 2023. This impressive growth highlights Sentosa’s continued appeal as a premium residential destination.

Key developments like The Residences at W Singapore Sentosa Cove and Cape Royale significantly contributed to this growth. The Residences at W Singapore led the market with 81 units sold at a median unit price of $1,802 psf, demonstrating its appeal through luxurious waterfront living, premium facilities, and proximity to lifestyle hubs. Cape Royale also performed well, achieving a median price of $2,234 psf for 15 units. These projects continue to attract buyers looking for exclusive properties that combine luxury, tranquillity, and convenience.

In the landed property segment, detached houses garnered strong interest. A top transaction was recorded at 2XX Ocean Drive, where a property sold for $16.0 million at $1,844 psf, with a generous area of 8,675 square feet. Similarly, 8X Cove Drive fetched $14.2 million at $1,777 psf, further highlighting the strong demand for exclusive landed homes.

Among non-landed properties, Cape Royale achieved the highest transacted price of $9.6 million at $3,069 psf, underscoring its position as one of the most exclusive developments. Other notable transactions include a unit at Turquoise, sold for $9.0 million at $1,304 psf, and luxury condominiums such as The Oceanfront @ Sentosa Cove, Seven Palms Sentosa Cove, and Marina Collection. These recorded median unit prices ranging from $1,665 psf to $2,941 psf, catering to varied buyer preferences for spacious layouts, waterfront living, and premium amenities.

The overall performance of Sentosa’s property market reflects a strong preference for ultra-luxury living. The Residences at W Singapore stood out with multiple high-value transactions, including three separate sales around $6.1 million to $6.2 million, at unit prices between $1,825 and $1,892 psf. These results underscore its consistent popularity among buyers seeking prime locations and vibrant lifestyle offerings.

Sentosa’s enduring reputation as a luxury enclave is underpinned by its integration of exclusivity, tranquil beachfront living, and proximity to Singapore’s business districts. It offers a lifestyle investment opportunity for high-net-worth individuals seeking properties with capital appreciation potential. The appeal is further bolstered by the phased expansion of Resorts World Sentosa, introducing luxury hotels, a waterfront promenade, and non-gaming attractions like Minion Land at Universal Studios Singapore. These enhancements will drive both tourism and residential demand, ensuring Sentosa’s continued status as a world-class destination.

Looking ahead, Sentosa’s unique blend of serene waterfront living and urban convenience will maintain its status as a highly sought-after residential locale. With exciting transformations, enhanced infrastructure, and global recognition for luxury waterfront living, Sentosa’s property market remains a compelling proposition for investors and residents alike. The steady demand for premium residences underscores the island’s appeal, solidifying its position as one of Singapore’s most prestigious real estate markets.

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email:

mohan@sri.com.sg

20 Dec 2024

2025 Market Outlook: Why Is CCR a Magnet for Investors & Buyers?

The Core Central Region (CCR) demonstrated robust activity in 2024 across new sales, resale, and sub-sale segments, reflecting a diverse range of buyer preferences and market trends. New sales were led by The Collective at One Sophia, which recorded 62 units sold at a median price of $2,732 psf. Its competitive pricing and strategic location made it particularly appealing to buyers. Other notable projects included 19 Nassim, with 52 units sold at a median price of $3,386 psf, offering a premium location and exclusivity, and Klimt Cairnhill, achieving a similar median price of $3,378 psf. Despite limited launches in 2024, demand for prime projects showcasing strong location, branding, and quality amenities remained evident.

The resale market emerged as the most resilient segment, registering significant transaction volumes. Cuscaden Reserve led with 147 units sold at a median price of $3,014 psf, benefiting from its prime location in District 10 and competitive pricing. Other strong performers included The Residences at W Singapore Sentosa Cove, with 81 units sold at $1,802 psf, appealing to buyers seeking waterfront living, and D’Leedon, which achieved 65 units sold at $1,982 psf. Resale transactions grew by 14.4% year-on-year, highlighting sustained demand for completed homes with strong locational attributes amidst limited new launches.

The sub-sale market saw a significant resurgence, with a 59.4% year-on-year increase in transactions. Leedon Green led the segment with 12 units sold at a median price of $2,863 psf, driven by its prime District 10 location, modern design, and proximity to prestigious schools. Kopar at Newton followed closely with 10 units sold at $2,555 psf, leveraging its location near Newton MRT and reputable schools. Sub-sales reflected increased investor activity and buyer interest in projects nearing completion, as they offered attractive pricing and shorter waiting times.

The luxury property segment in the CCR saw several notable transactions in 2024. The highest new sale was at Skywaters Residences, where a unit spanning 7,761 sqft sold for $47.3 million at $6,100 psf. In the resale market, two adjacent units at The Ritz-Carlton Residences Singapore, Cairnhill, were each sold for $16.5 million at $5,397 psf, demonstrating continued interest in branded luxury residences. Sub-sale highlights included a transaction at The Avenir, where a unit sold for $8.9 million at $3,686 psf.

Foreign and PR buyers continued to play a significant role in the CCR market. U.S. buyers led the foreign segment with 70 units sold, supported by ABSD exemptions under the Singapore-USA Free Trade Agreement. Chinese PRs dominated the PR segment, accounting for 138 units sold, reflecting sustained interest despite higher ABSD rates for foreign buyers.

Looking ahead to 2025, the CCR is poised for further growth, with anticipated new launches such as Marina View Residences and Aurea expected to rekindle buyer interest. Marina View Residences, offering 683 units in District 1, is set to attract professionals and investors with its strategic location and exceptional accessibility. Aurea, with its heritage-inspired design and prime District 7 location, is positioned to appeal to buyers seeking contemporary urban living. The CCR remains Singapore’s premier residential region, characterized by its luxury offerings, strategic locations, and strong capital appreciation potential.

Click

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for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email:

mohan@sri.com.sg