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.

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics