01 Oct 2024
Singapore Property Market Overview 3Q2024: Flash Estimates for HDB and Private Sectors
Property Insight

The 3Q2024 URA and HDB Flash Estimates highlight key trends in Singapore’s real estate market during the third quarter of 2024. The private residential property index recorded a moderation of -1.1% in 3Q2024, contrasting with a 0.9% increase in 2Q2024. For the first nine months of 2024, prices moderated by 1.1%, a stark contrast to the 3.9% growth in the same period in 2023. This moderation was influenced by several factors, including the Hungry Ghost Festival, September school holidays, and limited new launches. Additionally, fewer high-value transactions (especially those priced above $10 million) likely contributed to the slower price growth.

Despite these challenges, the new launch market remained resilient. New home sales in 3Q2024 are expected to reach 1,072 units, a 47.9% quarter-on-quarter growth. The bulk of this growth was driven by the Outside Central Region (OCR), where sales jumped by 65.0%. This strong performance reflects buyer preference for more affordable housing options in areas outside the city center. In contrast, the Core Central Region (CCR) saw a 33.3% decline in sales due to fewer launches.

As buyers anticipate interest rate cuts from the US Federal Reserve, market sentiment may improve. The reduction in borrowing costs could lead to a resurgence in demand, particularly for upcoming projects like Norwood Grand and Meyer Blue. These projects are strategically positioned to benefit from renewed market activity.

The HDB resale market continued to show robust growth. Flash estimates indicate a 2.5% rise in resale prices for 3Q2024, slightly higher than the 2.3% increase seen in the previous quarter. Over the first nine months of 2024, HDB resale prices have risen by 6.8%, compared to 3.8% during the same period in 2023. Larger flat types, particularly 4-room and 5-room units, and newer flats (with leases starting from 2013) have driven this growth. These newer flats saw price increases of 3.7% between 2Q2024 and 3Q2024, reflecting their continued popularity among buyers.

A significant rise in million-dollar HDB transactions was also noted, with approximately 331 such deals in 3Q2024, up from 236 in 2Q2024. However, the impact of the cooling measures introduced in August 2024, including the reduction of the Loan-to-Value limit for HDB loans, is not yet reflected in these figures. The full effects of these policies are expected to become evident in late 4Q2024 or beyond.

As the market approaches the final quarter of 2024, the outlook for both the private and HDB resale markets remains cautiously optimistic. While demand for larger and newer flats continues to support price growth, buyers are encouraged to exercise prudence, considering long-term affordability and the evolving market landscape

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Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics  

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Property Insight
16 Apr 2025
Resilient Buyer Demand Supports March 2025 Developer Sales

In March 2025, developers sold 729 private residential units (excluding Executive Condominiums), reflecting a moderation from the 1,597 units moved in February. The lower sales volume can be attributed to fewer project launches and the March school holidays, which temporarily slowed buying momentum. Nonetheless, on a year-on-year basis, sales remained stable—up 1.5% from 718 units in March 2024.

A key highlight of the month was the overwhelming success of Aurelle of Tampines, the year’s first EC launch. It sold 705 units at a median price of $1,769 psf, making it the top-selling project across all categories. Located in a mature estate with excellent connectivity and established amenities, Aurelle attracted strong interest from first-time buyers and young families. The project was fully sold out by April, highlighting pent-up demand for affordably priced ECs in well-connected neighbourhoods.

In the private residential segment, Lentor Central Residences led the way, transacting 460 units at a median price of $2,213 psf. Its success underlines the growing appeal of the Lentor precinct within the Outside Central Region (OCR), driven by the area’s proximity to Lentor MRT, increasing launch activity, and integration with nearby amenities. The cumulative effect of several launches in this enclave is transforming Lentor into a vibrant residential node.

Sales in the Core Central Region (CCR) rebounded in March, with 46 new units sold—up from 28 in February. This was primarily driven by the launch of Aurea, which moved 24 units at a median price of $2,924 psf. The project’s success demonstrates sustained demand for luxury homes in prime locations, even amid cautious market sentiment.

One Marina Gardens also garnered positive investor interest, especially for its one- and two-bedroom units. Positioned as the inaugural development in the upcoming Marina South precinct, the project offers early movers a front-row seat to the district’s transformation into a dynamic waterfront community. Looking ahead, two additional plots in Marina South have been listed on the 1H2025 GLS Reserve List, indicating continued government commitment to shaping this precinct into a mixed-use lifestyle hub.

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for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email:

mohan@sri.com.sg

  

Property Insight
11 Apr 2025
Singapore Property Market: A Safe Haven Amid Global Trade Turbulence

Singapore’s property market has consistently demonstrated resilience in the face of global economic upheavals. From the Asian Financial Crisis (AFC) in 1997–1998 to the recent COVID-19 pandemic, history shows that periods of volatility have repeatedly paved the way for market rebounds and opportunity.

During the AFC, property prices corrected sharply amid a collapse in investor confidence. Yet, by 1999, prices stabilised, and buyer sentiment began recovering. Similarly, after the 2003 SARS outbreak, Singapore’s market rebounded swiftly, with new private home sales jumping 73.7% year-on-year by 2005. The 2008 Global Financial Crisis (GFC) triggered another slump, but a timely S$20.5 billion Resilience Package helped safeguard jobs and restore market confidence—leading to a remarkable 244.5% surge in new home sales by 2009.

The COVID-19 pandemic initially raised fears of prolonged market weakness. However, targeted fiscal aid, accommodative monetary policy, and the rapid reopening of borders supported a surprisingly swift recovery. New launches achieved healthy take-up rates, and prices rose despite initial restrictions.

Today, the challenge stems from escalating global trade tensions. Recent U.S. tariff hikes, including a cumulative 125% on Chinese imports and new levies on ASEAN exports, have prompted global manufacturers to rethink their supply chains. Although a temporary 90-day pause on steeper tariffs offers short-term relief, the broader uncertainty has already accelerated supply chain diversification. This realignment could benefit Singapore, which remains a neutral, well-connected logistics and financial hub.

Despite the turbulence, Singapore’s fundamentals remain strong.

Throughout multiple crises, a common thread has emerged: Singapore’s policy-driven stability. Timely interventions—such as the SARS Relief Package and the COVID-19 Support Package—have consistently cushioned market shocks. This is further reinforced by strict housing regulations, transparent frameworks, and a commitment to long-term affordability.

In short, while the global outlook remains volatile, Singapore continues to stand out as a beacon of opportunity, where long-term fundamentals shine through short-term storms.

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for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email:

mohan@sri.com.sg

 

Property Insight
04 Apr 2025
Kingsford Group Submits Top Bid for Lentor Gardens GLS Site

Kingsford Huray Development Pte Ltd submitted the winning bid of $429.2 million for the Lentor Gardens Government Land Sales (GLS) site, translating to $920 psf per plot ratio (psf ppr). This narrowly edged out the second bid of $905 psf ppr by just 1.7%, reflecting a competitive stance and long-term confidence in the site’s potential. Despite attracting only two bids, the results underscore that interest in Lentor remains firm, with developers taking a more measured approach amid prevailing market conditions.

The Lentor precinct has seen rapid transformation in recent years, progressively evolving into a vibrant residential hub. Developments such as Lentor Mansion, Lentoria, Lentor Hills Residences, and Hillock Green have collectively shaped a new housing cluster. The strong performance of Lentor Central Residences, with a 93% sales rate on launch weekend, further reinforces confidence that sensibly priced and well-positioned projects can still achieve good take-up.

One of Lentor’s key appeals lies in its suburban tranquillity paired with urban convenience. This is enhanced by the improving connectivity via Lentor MRT (Thomson-East Coast Line), proximity to schools, and access to nature. As infrastructure and amenities grow, the area is becoming a go-to option for families seeking modern housing in the northern region of Singapore.

Despite limited participation, the Lentor Gardens tender result is a signal that developers are still monitoring the precinct closely. Lentor’s steady evolution and growing popularity suggest that this area will remain on the radar of both homebuyers and investors. As the estate matures, Lentor’s transformation into a modern residential enclave underscores its potential to deliver quality homes that blend comfort, convenience, and connectivity.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email:

mohan@sri.com.sg