17 May 2024
1Q2024 URA/HDB Flash Estimates
Property Insight

In the first quarter of 2024, the private residential index in Singapore moderated to a 1.5% increase compared to the 2.8% rise in the final quarter of 2023. This period, typically marked by seasonal slowdowns due to Chinese New Year and school holidays, saw a reduced number of major new project launches, leading to decreased sales transactions. Despite this, new developments like Lumina Grand, Hillhaven, The Arcady at Boon Keng, Lentoria, and Lentor Mansion drew significant attention, reflecting their unique appeal and strategic locations in the competitive market.

Transaction volumes in the private sector moderated to 3,482 units in the first quarter from 4,334 units in the previous quarter, partially due to the timing of data collection which only covered up to mid-March, not fully capturing the impact of launches like Lentor Mansion. Final data, expected by April 26, will provide a more complete picture of the market dynamics during this period.

Landed property markets remained stable, with a slight decrease in price growth from 4.6% to 3.4%. The high-value segment, particularly properties over $10 million, maintained consistent transaction numbers, hinting at a steady demand in this luxury category. The upcoming residential projects and enhancements in public transportation, such as the Thomson-East Coast Line extension, are anticipated to sustain interest and activity in both new launches and the private resale market, potentially benefiting areas like Tanjong Rhu and Marine Parade.

The public housing sector, represented by HDB resale markets, also experienced subtle growth. Prices in the HDB resale market saw a marginal increase of 1.7% in the first quarter, with a notable rise in transactions from 6,567 in the previous quarter to 6,928. This uptick is partly attributed to the expiration of a 15-month waiting period for private property sellers, enabling a new influx of buyers into the HDB resale market. Additionally, the number of million-dollar HDB transactions surged to 185 in the first quarter, marking a significant increase from both the previous quarter and year-over-year, reflecting a growing demand for larger living spaces. Notably, areas like Sengkang are approaching the million-dollar threshold, exemplifying the rising property values across Singapore.

In summary, while the private residential market saw a slight dip in sales and price growth due to seasonal factors and a lack of new launches, the market remains robust, buoyed by strategic new developments and stable interest in high-value properties. The HDB resale market, conversely, demonstrated resilience and growing appeal, particularly in the premium segment, indicating a broad-based demand for housing across different sectors in Singapore's real estate landscape.

Click here for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

You may also like

Property Insight
27 Apr 2026
Singapore Private Residential Market 1Q2026 Performance and Outlook

Singapore’s private residential market in 1Q2026 reflects a phase of steady recalibration, where headline moderation masks underlying resilience. While new private home sales excluding Executive Condominiums declined from 2,940 units in 4Q2025 to 2,013 units in 1Q2026, this does not fully capture market activity. When EC transactions are included, total new home sales increased to 3,181 units, representing a 5.3% quarter on quarter rise. This highlights how the composition of launches, particularly the inclusion of EC projects such as Coastal Cabana and Rivelle Tampines, played a significant role in shaping overall figures rather than indicating a weakening in demand.

The EC segment emerged as a key driver of activity during the quarter, with 1,168 units sold, marking the highest quarterly performance since 3Q2017. This reflects sustained demand from owner occupiers and HDB upgraders, particularly in the Outside Central Region. The continued ramp up in EC supply through the Government Land Sales programme appears well aligned with this demand, helping to provide a steady pipeline of more accessible housing options while supporting overall market stability.

In the resale market, transaction volumes moderated to 3,225 units in 1Q2026, continuing a gradual easing trend from the peak of 3,881 units in 3Q2025. Despite this moderation, resale activity remains healthy and broadly in line with historical norms. Demand continues to be supported by larger, well established developments, with the top selling projects led by Treasure at Tampines, Parc Esta and Stirling Residences. Notably, transaction volumes across the top developments were closely clustered, suggesting that demand is broad based rather than concentrated within a narrow segment. This points to a resale market that remains active and supported by genuine housing needs.

Looking ahead, the market is expected to remain supported by a steady pipeline of new launches, including projects such as Vela Bay, Tengah Garden Residences and Hudson Place Residences. These developments are likely to sustain transaction activity, particularly when supported by strong location attributes and competitive pricing. At the same time, macroeconomic conditions, including inflationary pressures and geopolitical uncertainties, may encourage a more measured pace of decision making among both developers and buyers.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
27 Apr 2026
HDB Resale Market Update 1Q2026: Balanced Growth

The HDB resale market in 1Q2026 reflects a continued transition towards a more balanced and sustainable phase, with both transaction activity and price movements pointing to a gradual normalisation of market conditions. Resale volumes rebounded to 6,285 units in the quarter, representing a 19.6% increase from 4Q2025. This recovery aligns with a recurring seasonal pattern, where activity typically moderates in the fourth quarter before picking up in the first quarter as deferred demand returns to the market. 

Price movements in 1Q2026 further reinforce this trend. The HDB Resale Price Index registered a slight moderation of 0.1% quarter on quarter, marking the first instance of easing since 2019. While modest in magnitude, this shift is directionally significant and reflects a continuation of the gradual slowdown in price growth observed throughout 2025. Rather than signalling a weakening market, this development points towards a stabilisation of prices following a sustained period of strong growth, supported by the cumulative impact of earlier supply side measures. 

Demand continues to remain broad based across towns and flat types, underpinned by factors such as affordability, availability and location attributes. Areas with a larger supply of flats and improving connectivity continue to anchor transaction volumes, while buyer interest in well located units remains firm. This is evident in the increase in million dollar transactions, which rose to 412 units in 1Q2026. The rise reflects not only the overall recovery in transaction volumes, but also sustained demand for larger and better located flats, particularly in mature estates with strong amenities and accessibility. 

Looking ahead, supply dynamics are expected to play an increasingly important role in shaping market conditions. The continued ramp up in BTO supply, the reintroduction of multiple Sale of Balance Flats exercises, and the expanding pool of MOP flats will enhance resale supply depth and provide buyers with greater choice. This is likely to reduce competition intensity for limited stock and support a more stable and sustainable pace of price formation.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
15 Apr 2026
Developer Sales Jump to 1,937 Units in March 2026 on Surge in New Launches

Developer sales staged a strong recovery in March 2026, with a total of 1,937 units sold including Executive Condominiums (ECs), a significant increase from the 266 units transacted in February. This marks the first time this year that monthly sales have crossed the 1,000-unit threshold, signalling a meaningful pickup in primary market activity following the seasonal lull during the Chinese New Year period.

The rebound in sales was largely driven by a corresponding increase in new project launches. Developers released 1,615 units in March, a substantial rise from the limited supply seen in February. Key projects such as Pinery Residences, Rivelle Tampines and River Modern were major contributors, collectively accounting for about 76.9% of total transactions. This highlights a clear trend in the current market environment where buyer demand remains intact, but is closely tied to the timing, quality and positioning of new launches.

The strong performance of these projects reflects how well calibrated offerings continue to resonate with buyers. In particular, Pinery Residences and Rivelle Tampines each recorded over 500 units sold, underscoring the continued strength of demand in the Outside Central Region (OCR), where pricing remains relatively accessible and is supported by first time buyers and upgraders. At the same time, River Modern’s robust take up, with 416 units sold at a median price of about $3,220 psf, points to sustained interest within the Core Central Region (CCR). 

Looking ahead, the momentum observed in March is expected to carry into the coming months, supported by a pipeline of upcoming launches such as Vela Bay and Tengah Garden Residences. As more projects enter the market across both established and emerging precincts, transaction volumes are likely to remain supported by genuine demand, albeit at a more calibrated pace.

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