Figures are based off the official flash estimates for URA quarterly statistics, released on 1 April 2025.

SINGAPORE, 01 April 2025 – As reflected in the latest flash estimates released by URA, the All-Residential Property Price Index exhibited a modest increase of 0.6% quarter-on-quarter (q-o-q) in 1Q 2025, while the total transaction volume of private homes inched down 15.3% over the same timeframe.

Favourable Economic Conditions Fuel Homebuying Activity

Recent months have seen the return of homebuyers to the new launch market, supported by favourable economic conditions, as reflected across various indicators and moderated interest rates.

On the whole, Singapore put up a better-than-expected financial showing last year. According to the Ministry of Trade and Industry, the national economy expanded by 4.4% in 2024, more than double of the 1.8% growth recorded for 2023. That said, while the market remains cautiously optimistic on growth prospects amid the escalating trade tension.

Singapore’s property market remains propped up by domestic demand. Good jobs, rising income and low unemployment rates have made private homes more accessible for Singaporeans. Moreover, the rising HDB resale prices will continue to help pave the way for Singaporeans to upgrade to private homes.

Moreover, interest rates had also begun tapering in the latter half of 2024, following a trio of rate cuts by the U.S. Federal Reserve (Fed) during September, November and December. This brought the Fed’s target interest rate range down to 4.25% to 4.50%, lowering borrowing costs and raising consumer optimism. Locally, core inflation rates also eased to an average of 2.7% last year, down from 4.2% in 2023.

While market conditions are encouraging and favourable for home buyers, some buyers may remain cautiously optimistic amid geopolitical headwinds. Singapore’s position as a key Asia-Pacific hub could prove advantageous, as its neutrality and strategic location may continue to attract interest even amid escalating trade tensions and the risk of a global economic slowdown.

All-Residential Private Home Prices and Transactions

As reflected in the latest flash estimate figures released by URA for 1Q 2025, overall private home prices rose moderately on the quarter, pushed further upwards by the solid performances of new launches debuting in the opening months of the year. In relation, the All-Residential Property Price Index was observed to have risen moderately by 0.6% quarter-on-quarter (q-o-q), carrying forward the upwards momentum demonstrated in 4Q 2024 when it rose 2.3% q-o-q.

However, despite the strong start to the year observed in the new sale market, overall transaction numbers of private homes exhibited a decline, dragged down by a downtick in the number of secondary market transactions. In 1Q 2025, the total transaction volume of private homes (up to mid-March) was 6,299 units, which is 15.3% less than the 7,433 units sold in 4Q 2024.

Chart 1: All-Residential Property Price Index and Total Private Transaction Volume

Also, according to flash estimates released by the Urban Redevelopment Authority (URA), the non-landed RCR property index showed the most pronounced growth among regional sub-markets, with a moderate yet notable 1.0% q-o-q increase.

Similarly, the non-landed CCR and OCR property price index saw 0.6% and 0.3% q-o-q growth. These increases were largely driven by higher price benchmarks achieved at recent new home launches across all market segments.

New Sale (Non-Landed Homes, Excluding ECs)

The private residential market maintained its upward momentum in 1Q 2025, with primary sales continuing their strong performance from the previous quarter. According to caveats as of 26 March 2025, new sale transactions in 1Q 2025 dipped 3.1% quarter-on-quarter (q-o-q) to 3,268 units per URA caveats (reflecting a higher base in 4Q 2024).  1Q 2025’s sales volume remained above all quarterly new home sales recorded between 4Q 2021 and 3Q 2024. This resilience was driven by several blockbuster launches taking place in either underserved locations lacking in new non-landed private residential supply or in established towns with strong amenities and transport links.

In January 2025, The Orie, the first launch in Toa Payoh since 2015, was launched and achieved outstanding performance. During its launch weekend, it moved 668 units (75%) at a median price of $2,704 psf, setting a new benchmark for the RCR.

February saw the launch of Parktown Residences, an integrated mega-development of over 1,193 units at Tampines, and ELTA, a 501-unit project at Clementi Ave 1. They sold 1,041 (87%) and 326 units (65%) during their launch weekend respectively.

Lentor Central Residences, in the new Lentor Hills cluster, is another popular up-and-coming housing estate. Despite being the sixth launch, its performance was still stellar. 445 units (93%) was snapped up at launch.

Stellar sales performance and buzz from the newly launched projects have also created interest in existing projects. Buyers who were unsuccessful in getting their desired unit may look towards other similar-priced projects. Thus, Pinetree Hill, Hillock Green and SORA also saw an uplift in units sold. One Bernam, one of the few existing launches located in the Downtown Core, was fully sold this quarter.

Chart 2: New Sale Transactions and Median Price for Non-Landed Homes (excluding ECs)

Table 1: Top 10 Best-Selling Projects in 1Q 2025

Executive Condominium

1Q 2025 saw a single EC launch with Aurelle of Tampines’s debut in March 2025 – the project saw 90% of its 760 units sold at an average price of $1,766 psf on launch day. According to caveat data, this resulted in a 54.7% q-o-q increase in EC sales by developers who sold 817 units in total over 1Q 2025. Notably, Aurelle of Tampines is also just 200m away from Parktown Residences, offering buyers an alternative option.

Following Aurelle of Tampines’s strong performance, the current supply of new EC homes is fairly limited. As of 26 March 2025, there are fewer than 130 units available across five projects island wide. Though there are another two projects at Plantation Close (Otto Place) and Jalan Loyang Besar slated to be launched this year, this incoming supply might still fall short of demand.

Resale and Sub-Sale (Non-Landed Homes, Excluding EC) 

Based on URA caveat as of 26 March 2025, resale transactions accounted for 39.8% of all non-landed private home sales (excluding ECs) in 1Q 2025, corresponding to a total of 2,294 resale units changing hands over the quarter. Compared to the last period, which saw 3,173 resale transactions in 4Q 2024, this represents a 27.7% q-o-q decline in the number of resale units sold.

Chart 3: Resale Transactions and Median Price for Non-Landed Homes (excluding ECs)

This finding also marks a continuation of 4Q 2024’s decline in resale transactions for non-landed private homes (excluding ECs), whereby a 4.9% q-o-q downtick was observed last quarter.

These successive downticks in resale volume could plausibly be due to competition posed by the new sale market, as well as the tapering number of private home completions. At present, URA’s full-year estimates for completions of private homes (excluding ECs) stand at 5,846 units for 2025, which is notably lower than the equivalent of 8,460 units for 2024.

Conversely, this relative scarcity of new completions could have fuelled price growth in the resale market, as available inventory diminishes. This resulting upwards price pressure dovetails with the slight 2.7% q-o-q uptick in median unit prices observed for 1Q 2025.

Chart 4: Sub-Sale Transactions and Median Price for Non-Landed Homes (excluding ECs)

Sub-sales, on the other hand, made up 3.5% of all non-landed private home sales (excluding ECs) in the quarter, clocking a total of 199 transactions based on available caveat data. On the quarter, this represents a 34.1% q-o-q decline from the 302 transactions recorded for 4Q 2024. Median unit prices in the sub-sale market also edged up by 0.4% q-o-q, reaching $2,064 psf.

These movements in the sub-sale market were likely shaped by the same factors influencing resale trends, namely the robust uptake of new launches and declining secondary stock.

Market Outlook

The coming months will likely see launches in the CCR and RCR, such as One Marina Gardens, Bloomsbury Residences (in Media Circle) and Upperhouse in Orchard Boulevard. One Marina Gardens and Bloomsbury Residences will appeal to astute buyers or investors who take a long-term view on the market as these locations undergo masterplan transformation. Separately, Upperhouse at Orchard Boulevard aims to attract well-heeled, lifestyle-driven buyers, with its location beside the Orchard Boulevard MRT station serving as an added advantage.

These buyers tend to take a more deliberate approach when evaluating investment opportunities, so sales for these projects may progress at a more measured pace, reflective of the discerning nature of these buyers.

Building on the recent momentum in new home sales, ERA has revised our earlier projection of 7,000 and 8,000 new home sales to 8,500–9,500 units for the whole of 2025.. In conjunction, sub-sale and resale transactions are also expected to reach between 1,100 to 1,300 units and 14,000 to 15,000 units respectively by the close of 2025.

Table 2: Upcoming launches in 2025

Executive Condominium 

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval. 

Figures are based off the official flash estimates for HDB/URA quarterly statistics, released on 1 April 2025.

According to the Housing and Development Board (HDB)’s flash estimates, the HDB RPI rose to 200.9, a 1.5% increase quarter-on-quarter (q-o-q) in 1Q 2025.

This is the 20^th consecutive quarter of growth of the RPI, which is on track to fall in line with ERA’s forecast of 3-6% annual price growth by the end of 2024.

Chart 1: HDB RPI vs Number of Transactions

Transaction Volume Down Amidst Seasonal Lull

There were a reported 6,392 HDB resale transactions recorded in 1Q 2025. This was a 7.7% decline y-o-y.

The lower transaction volume witnessed in the quarter can be attributed to the seasonal lull and the bumper crop of over 10,000 Build-to-Order (BTO) and Sale of Balance Flats (SBF) offered through an exercise in February. With these many BTO and SBF flats on offer, buyer’s eyes may have been pried away from the HDB resale market.

Compared to 4Q 2025, there were more 3-room and 4-room flats transacted in 1Q 2025, while the number of executive flats sold continues to decline.

February saw the first BTO launch of the year, which offered highlights such as a pair of Plus flat projects in Queenstown, as well as affordable projects in Woodlands and Yishun (Chencharu) – with one of the latter mentioned projects being an integrated housing development, with a bus interchange and commercial segment.

These SBF flats feature shorter waiting times compared to BTO flats. With 4 out of 10 SBF flats are already completed, this allows buyers to move in at a short notice.

The remainder of the SBF projects mostly had drastically reduced wait times and might be appealing to homebuyers who might have less urgent housing needs, offering a more affordable alternative to the resale market.

The SBF exercise offered flats in mature estates and centrally located (prime) locations, but without the new resale restrictions imposed on newer Prime Location Housing (PLH) flats. Combined with a shorter completion runway, these flats drew high application rates and could have stolen some of the thunder away from the resale market.

Applicants of these flats are waiting the results – should they not be able to secure a unit, we could very well see them return to the resale market in 2Q 2025.

Fewer MOP flats compared to 2024

In 2025, we will see 5,082 HDB flats fulfil their Minimum Occupation Period (MOP). This figure is 38.5% less than what we witnessed in 2024, which already saw stress being placed on resale prices.

This is apparent for resale flats in central locations and mature estates. BTO flats in these locations fall under the new classification of Plus and Prime classification BTO flats may have driven more homebuyers to seek out HDB resale homes instead.

Chart 2: Number of MOP Flats by year

These buyers are unwilling to accept the resale restrictions such as a 10-year Minimum Occupation Period, rental restrictions after MOP, subsidy clawback upon resale and resale income cap that the new classification of flats place on future buyers.

With fewer of these flats being made available, prices for them are steadily increasing, which could discourage buyers with more modest budgets from making their upgrades or purchases.

Likewise, knowing the lack of supply in the market now, homeowners of these flats could have greater holding power and are less likely to sell their units unless a good deal falls into their hands.

Million-Dollar Flat Transactions on the rise

In 1Q 2025, there was an increase in the number of million-dollar flat transactions from 285 in 4Q 2024, to 295 in 1Q 2025. This is a 3.5% q-o-q increase and a 61.2% y-o-y increase from 183-million-dollar transactions in 1Q 2024.

We noted that 271 (or around 78%) of these million-dollar flat transactions consisted of 4-room and 5-room flat transactions. A 5% increase from the previous four quarter average, this shows a trend of 4-room and 5-room flats increasing in price, driving the million-dollar flat market.

Chart 3: HDB Flat Transactions over $1m

The percentage of million-dollar flat transactions in 1Q 2025 accounted for 8.9% of all transactions this quarter, doubling 4.6% in 4Q 2024.

Flats in mature estates continue to make up the bulk of the million-dollar flat transaction, highlighting the demand for homes in choice locations.

Apart from private home downgraders, there are increasingly more HDB dwellers willing to shell out a premium for a newly and centrally located flats. They may choose to upgrade within the HDB market itself, opting to purchase larger homes in central locations with longer leases, such as newly-MOP flats. These homes offer outstanding location attributes, with good transport connectivity, amenities and proximity to good schools, making them a great choice.

With the decline in the number of MOP flats in 2025, we expect to see prices of these flats continue to rise amid firm demand.

Chart 4: HDB Transactions by Price Ranges

Despite this, the majority of HDB resale flats remain affordable. Some 53% of the HDB resale transactions in 1Q 2025 fell between $500k and $750k, a comfortable price range for most Singapore homebuyers. Another 24% fell between $250k and $500k. This makes up about three-quarters of HDB resale transactions that still remain affordable and accessible to homebuyers.

ERA’s Outlook and Forecast for the rest of the year

We should see a recovery in transaction volume in the following quarters as applicants of the BTO and SBF exercises that took place in the quarter are likely to look towards the resale market in the following months if they are unable to secure their units. This should, in turn bolster transaction volume in 2Q 2025.

With a reduced supply of MOP flats in 2025, which have been a key driver of price growth in recent years, we should see a moderate price growth, and fewer transactions to close out the year. We anticipate an overall 3% – 6% price growth, with 26,000 – 27,000 resale HDB flat transactions by end-2025.

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval. 

HDB has launched the tender for the Government Land Sale (GLS) parcel at Senja Close, for an executive condominium (EC). The tender for sale will close at 12 noon on 5 August 2025.

Site Details

Table 1: Details of Senja Close EC GLS Site

Map of the Senja Close EC site

Locational Attributes

The Senja Close site is within a 10-minute walk to Jelapang LRT station, which is two LRT stops away from Bukit Panjang Station on the Downtown Line (DTL). The DTL connects to Singapore’s downtown and eastern regions. Located a few stops away from Jelapang LRT Station is also Choa Chu Kang MRT and Bus Interchange on the North South Line (NSL).

Major roads and expressways serving the site include the Kranji Expressway (KJE), Woodlands Road, and the Bukit Timah Expressway (BKE). Additionally, Woodlands Regional Centre and the Jurong Lake District are 20 minutes away from the site.

Despite being located within a residential enclave, Senja Close is surrounded by three primary schools, all within a 1km radius. Residents can also experience the convenience of living near a suite of amenities. These include Senja Hawker Centre, Senja Woods (neighbourhood park) and Greenridge shopping centre (neighbourhood mall).

Price and Market Trends

Between 4Q 2020 and 4Q 2024, the median price psf of ECs in Bukit Panjang, District 23, and OCR have increased across the board. Over this period, median prices in Bukit Panjang and District 23 saw a big increase of 44.5% and 64.7% respectively. Additionally, OCR ECs recorded a significant 64.1% jump. For ECs in District 23, median prices have also risen 64.7% from $887 psf in 4Q 2020 to $1,461 psf in 4Q 2024.

Table 2: Prices of All Non-Landed Private Homes in the Vicinity

ECs are a popular choice amongst HDB upgraders

ECs have consistently been a popular choice among HDB upgraders. This is due to their more accessible pricing compared to private condos. Last year, new homes sized between 900 to 1,000 sqft in the OCR saw a 42% difference in median prices between ECs ($1.48M) and private condos ($2.10M). This gap highlights the value proposition of ECs, particularly for HDB upgraders who meet the income ceiling of $16K. Hence, buyers, particularly HDB upgraders, see value in ECs.

Apart from commanding lower prices than new private condos in the OCR, homebuyers have the additional flexibility of not needing to dispose of their existing home, prior to purchasing an EC. This is on top of the added benefit of ABSD remission for Singaporean purchasers.

Moreover, EC buyers may opt for the Deferred Payment Scheme (DPS), whereby they will only need to pay a deposit and defer their EC loan till after it has been completed. In this way, the buyers will not need to service two mortgages while waiting for their new home.

With no ABSD payable and the availability of the DPS, HDB owners will find it easier to upgrade to new ECs.

This widespread appeal is reflected by the over-50% take up rates observed at the last four EC launches, including the latest Aurelle of Tampines. These figures could be even higher if not for the second-timer quota of 30% at launch.

Potential Demand

Demand for this site will come from primarily from HDB upgraders living in the western and northern regions of Singapore. Between 2024 and 2027, an estimated number 2,344 flats (4-room and larger) in Bukit Panjang, Choa Chu Kang and Bukit Batok will fulfil their Minimum Occupation Period (MOP).

Given the scarcity of fresh EC supply in the immediate vicinity, we may see competitive bidding activity for this site. Likewise, the presence of an LRT station nearby and amenities like Senja Hawker Centre and Greenridge Shopping Centre could further boost the site’s attractiveness to developers and potential buyers alike.

Currently, the median transaction price of 5-room flats in 2024 at Bukit Panjang, Choa Chu Kang and Bukit Batok are $658,000, $618,000 and $758,500 respectively.

Additionally, this is the third Executive Condominium development in Bukit Panjang, which will further increase demand due to the limited supply of ECs in the Bukit Panjang planning area. This could also fuel buyers’ available cash on-hand, further boosting demand from HDB upgraders.

Table 3: HDB flats reaching MOP between 2024 to 2027

The last Bukit Panjang EC site tender (now Blossom Residences) dates back to December 2010, resulting in five bidders and a land cost of $271 psf ppr. Furthermore, with Blossom Residences being the last EC launch in Bukit Panjang since 2011, the Senja Close site could see some pent-up demand from HDB upgraders in the vicinity.

Shortage of New ECs

As of 27 March 2025, the current supply of new EC homes is fairly limited, with fewer than 130 units available across five projects island wide. Though there are another two projects at Plantation Close and Jalan Loyang Besar slated to be launched this year, this incoming supply might still fall short of demand.

Table 4: New ECs available

There is also a low EC supply in the pipeline. In the West, all existing new ECs are located in Tengah, which is a new estate. For those looking to stay in an estate with amenities and a transport network that is already established, they will look to this site. Moreover, the only other future launch in the West is the 560-unit Plantation Close (Parcel B) development is available.

Table 5: EC units in the pipeline

Developers have to be cautious because of buyers’ affordability

Due to the income ceiling of $16,000, as well as the Mortgage Servicing Ratio (MSR) and Total Debt Servicing Ratio (TDSR), the maximum loan a buyer can borrow is approximately $1.01 million. Amid rising EC prices, and a cap in loan quantum, EC buyers will now have to satisfy a larger initial cash outlay.

This may potentially deter upgraders to enter the EC market, instead opting for full private condominiums. Although they come with a higher price tag, buyers may only need to put a lower down payment. Moreover, they can take a larger loan as private properties are only subjected to only the TDSR, and not the MSR.

Rising EC Land Cost

The continued strong demand for new ECs has resulted in developers increasingly aggressive bidding strategy. Between 2015 and 2024, the average EC land costs have risen 164%, from $287 psf ppr to $733 psf ppr. To illustrate a more recent example, the Tengah Garden Walk EC site, subsequently launched as Copen Grand, was awarded to a joint venture between City Development Group and MCL Land, at $603 per square foot per plot ratio (psr ppr) in 2021.

As such, we could see new benchmark prices for ECs. Prices will be a far cry from the last EC sold in Bukit Panjang at Segar Road. In 2010, the site was awarded for just $271 psf ppr.

Chart 1: Land cost of ECs since 2015

Conclusion

Developers could show moderate interest in this Senja Close EC site, given limited competition due to the scarcity of fresh EC supply in the immediate vicinity. ECs also present less risk than other private sites, with a lower upfront cost and strong buyers’ demand. Developers could also take cues from the overwhelming demand at Aurelle of Tampines’s launch weekend and submit bid prices accordingly.

In view of the healthy EC demand, the government has committed to releasing three EC sites for sale in 1H 2025, and the Senja Close site is the smallest among them. Considering the size of the site, coupled with healthy EC demand, we could see more intense bidding competition. Since 2021, nine EC sites launched, averaging 6.7 bids from developers.

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval. 

Since the end of 2023, signs of a bottoming out begun to emerge in Singapore’s private residential rental market, with rents softening throughout 2024. Though the All-Private Residential property rental index saw a slight recovery of 0.8% quarter-on-quarter (q-o-q) in 3Q 2024, it had inched down 1.9% in the first nine months of the year.

This gradual easing in private home rents stemmed from a higher volume of completions in recent years. Between 2022 to 2023, almost 30,000 new private homes attained their Temporary Occupation Permit (TOP), resulting in downwards pressure on rents as the market adjusted to the influx of new supply.

Chart 1: Rental Index of Private Residential Properties

Source: URA, ERA Research and Market Intelligence

Said pressure is apparent when comparing median rents for non-landed private homes up till 3Q 2024. In the first nine months of the year, both the Core Central Region (CCR) and Outside Central Region (OCR) respectively saw downticks of 3.5% and 1.4% since the start of the year. In contrast, rents in the Rest of Central Region rose over the same period, albeit inching up slightly by only 0.4%.

Chart 2: Non-landed median rent by market segment

Source: URA, ERA Research and Market Intelligence

For the whole of 2024, a total of 88,523 rental contracts for private homes were inked, representing a 5.2% year-on-year (y-o-y) growth.

Chart 3: Private residential rental contracts

Source: URA, ERA Research and Market Intelligence

Fall in new private home completions next year could boost rental prices

In 2024, a total of 8,460 private homes were completed. However, we can expect 2025 new home completions to decline to some 5,846 units anticipated for 2025, new home completion is set to decline significantly by 30.9% year-on-year.

This notable change in supply is expected to bolster rental prices in the coming months, contributing to a slow but steady pace of growth. Moreover, with landlords of newly-completed homes being inclined to seek higher rents, this could set the stage for rental growth in the private residential market.

Chart 4: Private residential completions

Source: URA, ERA Research and Market Intelligence

Steady foreign hires underpin demand for private home rentals in 2024

Alongside stabilising private home rents, foreign workforce levels held steady in 2024, with Employment Pass (EP) and S-Pass hires closely mirroring last year’s numbers.

As of June 2024, the number of S-Pass holders stood at 176,000, while EP holders numbered 202,400; these statistics are comparable to the full-year figures of 178,000 S-Pass and 205,400 EP holders for 2023. In turn, this stability in foreign hires has helped sustain demand for private home rentals in 2024.

Chart 5: Foreign workforce numbers (EP and S-Pass holders)

Source: MOM, ERA Research and Market Intelligence

However, faced with potential volatility amid heightened geopolitical and trade tensions, tenants may choose to be more prudent with their rental budgets in 2025. This is despite Singapore’s status as a safe haven distanced away from the epicentre of these events.

Hence, with a more uncertain hiring outlook among multinational companies, the CCR could face duller foreigner demand and a moderation in rental prices next year. Concurrently, private home rents in the OCR and RCR may rise next year with growing demand, as more foreign tenants move towards the outskirts of Singapore to keep their rental expenses in check.

Diverging movements in private home rents across market segments

In 4Q 2024, the vacancy rate for CCR private homes moderated to 1.0%%. This spike was largely due to the completion of prime district projects that added to the supply of rentable units and placed downwards pressure on CCR rents. Examples include One Holland Village Residences (296 units) and The Avenir (376 units), which contributed significantly to the influx of new units in the market and increased competition for tenants among owners of CCR properties.

Table 1: Historical vacancy rate of completed private residential properties by market segment

Year/Quarter	Vacancy Rate – Islandwide (%)	Vacancy Rate – CCR (%)	Vacancy Rate – RCR (%)	Vacancy Rate – OCR (%)
2020	7.0%	11.0%	7.3%	5.1%
2021	6.0%	9.3%	7.0%	4.1%
2022	5.5%	6.9%	7.9%	3.6%
2023	8.1%	9.8%	8.1%	7.4%
1Q 2024	6.8%	8.9%	6.6%	6.0%
2Q 2024	6.1%	9.3%	5.8%	4.9%
3Q 2024	7.2%	11.2%	8.1%	4.9%
4Q 2024	6.6%	10.0%	7.3%	4.7%

Source: URA, ERA Research and Market Intelligence

In contrast, recently completed RCR projects close to the City Core could drive city fringe rents upwards. For instance, RCR developments like One Pearl Bank and The Reef at King’s Dock are well-positioned to support this trend, offering both desirable locational attributes as well as easy access to Singapore’s city core via car and public transport.

Much like the RCR, the OCR could also see rental demand and prices grow as more tenants opt for budget-friendly options in areas outside of the city.

Based on these observations, ERA holds a cautiously optimistic view that overall rental prices for private properties will see a flattish to marginal increase in 2025, within a projected range of 0 to 3% y-o-y as the market adjusts to the influx of new inventory. We also anticipate the number of private home rental contracts to remain consistent, with numbers expected to reach between 80,000 and 90,000 in 2025.

Median HDB rents grew slower across all towns in 2024

In 4Q 2024, median rents for HDB flats grew marginally across the board for all room sizes. On average, median rents for 3-room and 4-room flats inched up slightly by 1.3% and 0.1% y-o-y respectively. Similarly, modest upticks of 0.2% and 5.1% y-o-y were observed for 5-room and executive flats across the various towns over the same period.

Table 2: 4Q 2024 HDB median rents by town and y-o-y growth

4Q 2024						Y-o-y
Town	3-Room	4-Room	5-Room	Executive		Town	3-Room	4-Room	5-Room	Executive
Ang Mo Kio	$2,800	$3,400	$3,650	*		Ang Mo Kio	0.0%	3.0%	-4.0%	*
Bedok	$2,800	$3,200	$3,800	*		Bedok	3.7%	0.0%	5.6%	-100.00%
Bishan	$2,850	$3,500	$4,000	*		Bishan	-5.0%	0.0%	11.1%	*
Bukit Batok	$2,700	$3,200	$3,600	*		Bukit Batok	0.0%	0.0%	1.4%	*
Bukit Merah	$3,000	$3,900	$4,100	–		Bukit Merah	2.3%	2.6%	2.5%	*
Bukit Panjang	$2,600	$3,000	$3,200	*		Bukit Panjang	18.1%	0.0%	0.0%	-100.0%
Bukit Timah	*	*	*	*		Bukit Timah	*	*	*	*
Central	$3,200	$4,300	*	–		Central	6.6%	7.5%		*
Choa Chu Kang	$2,600	$3,000	$3,300	$3,400		Choa Chu Kang		0.0%	1.5%	-2.8%
Clementi	$3,000	$3,800	$4,200	*		Clementi	0.0%	-5.0%	0.0%	*
Geylang	$2,800	$3,600	$3,780	*		Geylang	3.7%	1.9%	-3.0%	*
Hougang	$2,700	$3,200	$3,400	$3,790		Hougang	3.8%	0.0%	-1.5%	-2.3%
Jurong East	$2,800	$3,500	$3,700	*		Jurong East	8.5%	11.1%	2.8%	*
Jurong West	$2,700	$3,400	$3,600	$3,800		Jurong West	3.9%	3.8%	2.9%	11.8%
Kallang/ Whampoa	$2,930	$3,800	$4,000	*		Kallang/ Whampoa	4.6%	5.6%	6.7%	*
Marine Parade	$2,900	$3,380	*	–		Marine Parade	3.6%	-3.4%	*	*
Pasir Ris	*	$3,200	$3,500	$3,800		Pasir Ris		0.0%	0.0%	0.5%
Punggol	$2,800	$3,200	$3,250	*		Punggol	-6.67%	0.00%	-4.41%	*
Queenstown	$3,000	$4,100	$4,500	*		Queenstown	0.0%	1.2%	4.7%	*
Sembawang	*	$3,100	$3,200	$3,500		Sembawang		3.3%	0.0%	0.0%
Sengkang	$2,800	$3,200	$3,300	$3,500		Sengkang	-1.1%	0.0%	-3.0%	-1.4%
Serangoon	$2,700	$3,500	$3,500	*		Serangoon	0.0%	9.4%	9.4%	-100.0%
Tampines	$2,800	$3,400	$3,550	$4,000		Tampines	0.0%	1.5%	-1.4%	8.1%
Toa Payoh	$2,800	$3,500	$4,000	*		Toa Payoh	0.0%	0.0%	5.3%	*
Woodlands	$2,500	$3,000	$3,200	$3,500		Woodlands	-3.1%	0.0%	-3.0%	-4.1%
Yishun	$2,600	$3,100	$3,300	*		Yishun	0.0%	3.3%	-5.7%	-100.0%
Average	$2,799	$3,419	$3,636	$3,661		Average	1.3%	0.1%	0.2%	5.1%

Source: HDB, ERA Research and Market intelligence
(-) Indicates that there are no rental transactions in the quarter
* Indicates that the median rent is not shown because there are less than 20 rental transactions in the quarter for that particular town and flat type

 

Chart 6: Number of rental approvals for HDBs

Source: HDB, ERA Research and Market Intelligence

Source: HDB, ERA Research and Market Intelligence

Furthermore, 35,709 HDB flats were rented out in 2024, representing a 6.2% y-o-y decline compared to 2023 (39,138 units leased).

Possible Price Growth with fewer HDB flats completing Minimum Occupation Period in 2025

In 2024, an estimated total of 11,952 HDB flats are expected to reach the end of their Minimum Occupation Period (MOP). However, this figure is set to fall significantly next year, with only 6,974 HDB flats projected to achieve MOP completion status by end-2025.

Moreover, 2025 is set to have the fewest MOP flats since 2015, which saw just 8,443 flats attaining MOP. This also marks a continued decline from the peak of 30,920 MOP flats recorded in 2022.

Chart 7: No. of HDB flats achieving MOP status by year

Source: data.gov.sg, ERA Research and Market Intelligence

Consequently, the HDB leasing market is likely to see price uplifts in 2025 as the squeeze on MOP flat numbers continues to tighten next year. Factoring in the possibility of a rise in demand for HDB rentals from price-sensitive tenants amid potential economic uncertainty, ERA predicts that HDB rents could rise 2 to 5% y-o-y next year.

Meanwhile, HDB flat rental volume is expected to range between 34,000 and 36,000 in 2025; this is lower than the full-year estimate of 36,000 to 38,000 for 2024, likewise due to a decrease in the number of MOP flats.

Rental market to favour landlords in 2025 as leasing inventory falls

With the supply of completed units tightening in both the private home and HDB markets, prices in the residential leasing market are primed for growth in 2025. Moreover, assuming no significant changes in economic conditions and foreign worker numbers, rental demand is also likely to stay consistent next year without any significant spikes or declines.

However, rental price growth is likely to diverge across the market, with newly completed homes expected to sustain stronger rent appreciation, while older properties may experience slower or flattish growth. Similarly, properties in Singapore’s outlying regions could see sharper increases in rents and stronger demand as tenants become more cost-conscious.

Come next year, ERA forecasts tempered rental price growth for private homes within a projected range of 0 to 3% y-o-y in the face of fewer completions and a more cautious economic outlook. We also anticipate the number of private home rental contracts to remain consistent, with numbers expected to reach between 80,000 and 90,000 in 2025.

The leasing market for HDB flats is expected to exhibit similar price movements, with rents growing within a ballpark range of 2 to 5% y-o-y. Meanwhile, demand for HDB rentals is predicted to trend lower with rental volume ranging between 34,000 and 36,000 in 2025.

 

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval. 

今年2月本地新私宅共售出1575个单位（不包括执行共管公寓），环比增长45.4%。延续了今年的良好开局，上月成交量达1083个单位。

大型项目Parktown Residence和 逸泰·雅居（ELTA）的畅销是当月销量增长的主要原因。前者是位于淡滨尼的大型综合开发项目，售出1193个单位中的1041个或87.3%；后者位于金文泰，售出501个单位中的326个或65.1%。

今年首两个月，新私宅共售出2658个单位，占去年全年总销量6469个单位的四成。

同比来看，2月销量暴增929%。除受大型项目推动外，去年2月市场无新项目推出导致的低基数也是另一个因素。

综合大型项目 Parktown Residences 开盘表亮眼

Parktown Residence作为综合住宅与生活项目，吸引了诸多淡滨尼的组屋升级者。项目直接连接未来的淡滨尼北地铁站和巴士转换站、商场、民众俱乐部以及小贩中心等生活公共设施。此外， Parktown Residences也为住户提供完善的公寓设施，使其成为组屋升级者的理想选择。

开盘当周，项目的两卧房和三卧房单位已全部售罄，中位数价格分别为166万元和243万元，这也是组屋升级者价格可以承受的的理想范围。

该地区中，2024年和2025年约有2500多个组屋满五年居住年限（Minimum Occupation Period，简称MOP）而具有转售资格。

逸泰·雅居热销三分之二

逸泰·雅居是2月另一个受到市场欢迎的新盘，价格优势是其收到市场追捧的重要原因。其中，两卧房单位最受买家青睐，共售出179个单位，占两卧房总单位数的98%，中位数成交价为171万元。

一卧房单位也得到投资者认可，约78%的一卧房已售出，起价116万元。该区域有多所高等学府，吸引了大量国际学生，租赁需求持续旺盛。

松岩轩与宁芳苑为中央区以外买家提供选择

本月销量排名第三和第四的私宅是松岩轩与宁芳苑均，两个邻近项目均位于第21邮。两者涵盖多类户型，从两卧房到四卧房和五卧房单位，可满足不同需求的买家。

此外，两者的中位数交易尺价分别为2613元和2574元，均低于 2618元的中央区以外私宅中位数尺价。

近期，中央区以外的热门项目，如艺景峰（The Orie）和 嘉乐轩（Emerald of Katong），已刷新创新高。相比之下，松岩轩与宁芳苑的价格更具竞争力，被市场视为高性价比选择。

EC市场需求平稳，新项目于 3 月登场

2 月EC 共有 29个单位成交，较上月略有增长，由于无新 EC 项目推出，整体需求相对平稳。2月 EC 的中位数成交尺价为 1616 元，其中约 六成 交易来自近期推出的翠怡园（Novo Place）。

截至 今 年 3 月 17 日，市场上仅剩 119 个 未售EC 单位，库存正逐步被市场消化。随着淡滨尼新EC 项目晶莹轩（Aurelle of Tampines）的推出，EC 市场在 3 月重新活跃。

作为东部最大住宅区的一部分，晶莹轩同样将受益于周边组屋提升者的需求，

豪华住宅市场迎来两笔重磅交易

豪华住宅市场交易活动激增，共有14笔500万元及以上的交易。而1月仅为两宗笔。值得注意的是，纽顿区的32 Gilstead 有两个超过1400万元单位成交，买家为非新加坡永久居民的外国买家。

受额外买家印花税（ABSD）影响，外国买家对新私宅的需求保持平稳。2月，外国买家共完成了11笔交易，占当月总交易量的0.7%。永久居民买家则完成了110笔交易，占6.9%。

整体来看，新加坡人继续主导市场，2月成交量达到1479笔，占总销量的92.4%。这一比例超出过去12个月87.4%平均水平。

总结与预测

随着Aurea（重新发展黄金坊的私宅部分）和晶莹轩以及Lentor Central Residences的推出，预计3月新私宅销售应继续表现良好。

截至3月中旬，已累计售出超过680个EC和470个私宅单位，为今年首季的收官奠定了坚实基础。基于近期新私宅销售的良好势头，ERA已将之前预计的全年销量从7000至8000个单位，调整为8500至9500个单位。

 

免责声明

Government Land Sale Site Analysis – Bayshore Road 

URA has launched the tender for the Government Land Sale (GLS) parcel at Bayshore Road. The tender for sale closed at 12 noon on 18 March 2025.

 

Site Details 

Table 1: Details of Bayshore GLS Site

Source: URA

 

Map of Bayshore Road

Source: URA, ERA Research and Market Intelligence

 

Site and Locational Attributes

This Bayshore Road site will be the first development in the new Bayshore estate. This gives both the developer and buyers the first-mover’s advantage. It will also be the development located nearest to Bayshore MRT Station. Moreover, units facing East Coast Park could have unobstructed sea views. Such homes can command a price premium.

 

Masterplan

Bayshore will be a new housing estate, planned as an extension of Bedok town. It is located along East Coast Park, with two MRT Stations (Bayshore and Bedok South) within the estate. Designated as a car-lite district, there will be a transit proximity corridor that acts as a community spine with sheltered walkways and cycling paths. The entire estate will inject approximately 10,000 new homes, of which around 30% is meant for private housing.  Bayshore is zoned as a car-lite precinct.

The Masterplan for Bayshore area is set to enhance overall connectivity and increase the availability of amenities in the area for residents, both existing and new. As a new estate, there will be smart and sustainable features, while the living environment will encourage active lifestyles and healthy living.

The plot is the first private residential site in the up-and-coming Bayshore precinct and an inaugural project under the Bayshore Master Plan.

 

Transport and Connectivity

The Bayshore MRT Station will serve residents, located just across the road. Being on the Thomson-East Coast Line (TEL), commuters can travel directly to Marina Bay, Orchard, Upper Thomson and Woodlands.

For drivers, there is direct access to major roads such as the East Coast Parkway (ECP) Expressway which directly connects to central Singapore within a 15-minute commute time and Changi Airport.

Additional cycling networks will be developed in-line with the government’s vision to develop a car-lite neighbourhood, while connecting Bayshore with Round Island Route and the upcoming corridor from East Coast Park to Changi Beach.

 

Amenities

Residents can also look forward to new commercial and community facilities, park spaces and convenient access to East Coast Park.

In the future, once the estate is developed, there will be a variety of amenities such as shops, eateries, supermarkets, and medical and health facilities. Sports and recreational facilities, as well as resting spots, will also be provided.

Families with children may appreciate the site’s convenient location in proximity to a variety of educational institutions within 2km.

 

Table 2: Schools within 2km of the Bayshore Road site

Source: Google Maps, ERA Research and Market Intelligence

By 2026, another three stations (Bedok South, Sungei Bedok and Xilin) will be completed. This will provide residents with rail access to the Singapore University of Technology and Design (SUTD), the only university in the east.

 

Price and Market Trends

From 2020 to 2024 September, the median price psf of non-landed homes in Bayshore, District 16 and OCR have increased by 29.7%, 30.5% and 24.7% respectively. The growth in all areas are relatively paced at the same rate, with District 16 leading the increase in prices.

 

Table 3: Prices and Rents of All Private Homes in the Vicinity

Source: URA as at 24 October 2024, ERA Research and Market Intelligence

However, prices in District 16 could have been propped up by new launches in the area, whereas median prices in Bayshore are based on recorded resale transactions given the lack of new projects.

 

Potential Demand/Buyer Profile

With the Bayshore area being largely undeveloped since existing projects launched more than two decades ago, the addition of 515 out of an estimated 3,000 new private homes leads major initiatives in rejuvenating the area.

The site could also potentially attract HDB upgraders given that an estimated 2,012 flats will also fulfil their MOP within the next two years. The median price of 5-room and 4-room flats of less than 15 years transacted in Bedok at $976,500 and $815,000 respectively from January 2024, which could contribute to the down payment for a new home in Bayshore.

The Bayshore area is located in proximity to numerous private landed housing enclaves, such as the Kew and Sennett Estates. Demand could come from the sizable population of landed home owners, with older owners seeking to right-size their homes, or from larger families who want to live in the same project.

The last new launch at Siglap Road (Seaside Residences) in April 2017 saw 70% of  released units sold at launch. With 60% of the buyers identified from the East, the new launch with an attractive location and pricing highlights the pent-up demand in the area.

Buyers who see owning a private property as a long-term investment may see this Bayshore development as a viable option. Although future HDB estates nearby in Bayshore are likely to be classified as Plus, they could still generate upgrader demand. This provides a potential exit strategy in the future, as they could then right-size if they choose to.

While we can expect strong demand for this estate, developers having a strategic unit mix will be crucial for Bayshore Road’s eventual developer to address the diverse needs of different buyer segments. This includes catering to investors seeking rental opportunities, landed property owners right-sizing from nearby enclaves like the Kew and Sennett estates, and families (including HDB upgraders) relocating from nearby Tampines and Bedok.

With the right unit mix and pricing, we can expect the future development to be poised to draw significant buyer interest from aspiring first-movers, as well as upgraders. Homeowners from the many nearby projects, which are at least 20 years old, may consider moving to a brand-new development with the same locational attributes and a refreshed lease.

 

Multitude of Opportunities to be Leveraged on by Developers

Older condos along East Coast Parkway have significant en bloc potential, however, they could be unsuccessful due to the development’s large size. Previous en-bloc efforts of Laguna Park have failed, with the most recent tender in 2019 at $1.48 billion closing with no applicants. Mandarin Gardens had also failed to secure the required 80% threshold. A successful en bloc launch of the development could have seen reserve price of $2.88 billion ($953 psf ppr).

The last GLS site along East Coast Parkway at Siglap Road (Seaside Residences) was awarded at $624 mil ($858 psf ppr) to the highest of eight bids in 2017. The site’s premium location boasting the unique characteristic of sea views could have attracted developers to contend for the site.

Bayshore Road site is one of the more attractive sites on the 2024 GLS Confirmed List. Having observed lukewarm responses for previous sites, developers could have withheld bids to attempt competing for Bayshore.

The palatable size of the development could also be an attractive attribute for smaller developers, which they can leverage on to place competitive bids with lower risks.

 

Developers Could Compete for First-Mover Advantage in New Township

The Bayshore Road site marks the first GLS site in Bedok since 2020 and Bayshore area since 1997, highlighting the scarcity of new private residential homes. Given its prime location next to an MRT station, developers could be more willing to fork out a premium to secure the attractive site.

 

Table 4: Existing Developments in Bayshore

Source: URA as of 16 December 2024, ERA Research and Market Intelligence

 

The upcoming Bayshore estate also draws similarities to the township development in Lentor whereby new launches in the area consecutively set the bar for future launch prices. It will be in the developers’ best interest to leverage on first-mover advantage in penetrating the market for private residential homes in Bayshore.

The wave of new launches in November garnered overwhelming response. Emerald of Katong achieved a record-high with 99% of the development sold, along with Chuan Park with 76% sales during its launch weekend. This strong indication of homebuyer optimism could translate to strong developer confidence in future GLS performance.

 

Conclusion

The Bayshore Road GLS site attracted strong developer interest, with eight bidders competing in a highly competitive round. Sing-Haiyi Garnet had the highest bid of $658.8 million ($1,388 psf ppr), narrowly edging out the next highest bidder by 0.8%.

Despite headwinds faced by developers in the market, the Bayshore site is one of the land parcels many developers have been waiting for this year. The site’s allure and expected pent-up demand from buyers could give them confidence and provide the impetus for the aggressive bidding. Moreover, the plot’s palatable size could be draw for smaller-scale developers which resulted in the strong interest.

While bids amongst the top four bidders were aggressive, with a difference of 8%, there was a significant 35.9% gap between the lowest and highest bids. This reflects mixed market sentiments and the buying appetite of future buyers. Nonetheless, this site sets a new OCR land price benchmark, surpassing previous records in Clementi (now Elta) while being similar to Toa Payoh (now The Orie) in the RCR.

 

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval. 

In the month of February 2025, we witnessed 1,575 private new homes (excluding EC) sold in the month, this was a 45.4% increase month-on-month (m-o-m) following a promising opening to the year in January, which saw 1,083 private new homes transactions.

This is a stark 929% increase year-on-year, particularly due to the low base witnessed in February 2024, stemming from an absence of new launches in the market. Some 2,658 new non-landed private homes (excluding EC) were sold in the first two months of the year, this totals up to 41.1% of 2024’s total of 6,469 new non-landed private homes (excluding EC) sold by developers.

Table 1: New Home Sales over the Last Six months

Source: URA as at 17 March 2025, ERA Research and Market Intelligence

The robust sale can be largely attributed to the launch of Parktown Residences, an integrated mega-development of over 1,193 units at Tampines, and Elta, a 501-unit project at Clementi Ave 1.

Parktown Residences and Elta sold 1,041 and 326 units respectively in the month, or 87.3% and 65.1% of their total stock respectively.

Table 1: Top ten performing new launch projects (excluding EC) in Feb

Source: URA, ERA Research and Market Intelligence

Strong launch performance for Integrated Mega-Development Parktown Residences

Parktown Residences draw many Tampines HDB upgraders as it offers unparalleled convenience with direct access to the future Tampines North MRT station, bus interchange, retail mall, hawker centre, and community club. Additionally, the project is a mega-development, boasting over 1,000 units, and have lots of facilities. The culmination of these factors positions Parktown Residences as a fantastic product for HDB upgraders, resulting in a stellar launch performance which saw over 87% of its units transacted in the month.

Moreover, the 2-bedroom and 3-bedroom units were sold out, at median prices of $1.66m and $2.43m respectively, positioning them well within the sweet spot range for HDB upgraders.

With around 2,500 MOP flats in Tampines reaching eligibility between 2024 and 2025, Parktown Residences was well-positioned to attract upgraders with its competitive price quantum.

Elta Sells Two-Thirds of its Units

Elta was the other project that launched in the month to a welcome response, selling around 65% of its units. Two-bedroom units were the most popular at this project, selling 179 units, or 98% of their available stock due to their attractive prices, transacting at a median price quantum of $1.71m.

Likewise, one-bedroom units were popular among investors, with approximately 78% sold at prices starting from $1.16m. Investors are confident of the sustained rental demand from international students studying at tertiary institutions in Clementi.

Pinetree Hill and Nava Grove Provide RCR Value Propositions

The third and fourth best sellers this month were Pinetree Hill and Nava Grove, neighbouring projects located at Pine Grove in the RCR District 21. These projects sold units of various sizes, from smaller 2-bedroom units to larger 4- and 5- bedroom units.

Overall, Pinetree Hill and Nava Grove transacted at a median price of $2,613 psf and $2,574 psf respectively, which was below the RCR median of $2,618 psf. Following the launch hype of other RCR projects in recent months such as The Orie and Emerald of Katong which have set new benchmark prices for the region, Pinetree Hill and Nava Grove are now viewed as value-for-money projects in the RCR.

Muted Demand for EC Amidst No Launch, March to see New EC Launch

February clocked in 29 Executive Condo (EC) sales, a slight increase from the previous month, with no new EC launches. Overall, ECs this month were transacted at a median price of $1,616 psf, with almost 60% of transactions taking place at Novo Place, the most recent EC launch.

As of 17 March 2025, there remain only 119 unsold EC units and buyers are slowly snapping up the balance stock. We expect the EC market to be reinvigorated in March, following the launch of the Aurelle of Tampines. The EC project will be in the East’s largest residential town with a steady supply of ready upgraders from nearby HDB flats, leading us to expect a strong sales performance upon its launch.

Luxury Homes See Two High-Value Transactions by Foreigners

Chart 1: Buyer profile for homes transacted at $5mil and more

Source: URA as at 17 March 2025, ERA Research and Market Intelligence

The luxury home market saw a jump in transaction activity, with 14 new home transactions priced at $5 million and above. This is seven-times more than the previous month which saw a mere 2 transactions. Notably, two $14m and above units were purchased at 32 Gilstead by (non-Singaporean PR) foreign buyers.

Chart 2: Buyer profile for all new non-landed homes excluding ECs

Source: URA as at 17 March 2025, ERA Research and Market Intelligence

With the punitive Additional Buyer’s Stamp Duty still in effect, foreigner demand for new private homes continued to stay flat. February 2025 saw a total of 11 transactions made by foreign buyers, making up just 0.7% of the month’s total deals. Meanwhile, Singapore Permanent Resident (PR) buyers clocked 110 transactions in February, making up 6.9% of all new private home (excluding ECs) purchases in the month.

Lastly, Singaporeans continued to dominate the market in February, accounting for 1,479 transactions or 92.4% of total new private home sales (excluding ECs) for the month. This share exceeds the past 12-month average of 87.4%.

Closing Thoughts and Forecast

March should see a continuation of the strong new home sales momentum with the launch of the CCR mixed-use development Aurea (formerly Golden Mile Complex), Aurelle of Tampines, an EC launch and, the OCR project Lentor Central Residences.

 

2024 saw a rebound in landed home transactions amid more moderate price growth. The rebound in interest was largely driven by rising non-landed home prices, enabling homeowners to sell their properties at higher prices and reduce the capital outlay needed to transition to landed homes.

Landed Property Price Index and Transactions

The Landed Property Price Index recorded its slowest year-on-year (y-o-y) growth of 0.9% in 2024 and is showing signs of stabilising. This marked a significant slowdown compared to the period of rapid price growth seen between 2021 and 2023.
Amid the more moderate price growth, the market saw a rebound in landed home transactions. Landed transactions rose 31.2% y-o-y to 1,687 units in 2024, compared to 1,286 units sold in 2023.

Chart 1: Landed Property Price Index and Transactions

Source: URA, ERA Research and Market Intelligence

Price quantum

The majority of landed homes sold in 2024 continued to fall within the $2.5mil to $5mil price tag. At least 942 landed homes were sold within the $2.5mil to $5mil price compared to 658 in 2023.

This could be attributed to several reasons. Firstly, landed homes in this price bracket had comparable quantums to non-landed homes, prompting more buyers to make the leap to landed homes instead. Secondly, with the pickup in resale home transactions in 2024, more owners were able to sell their non-landed properties for higher prices and reduce the capital outlay for one to transition to landed homes.

However, with rising prices, a total of 390 landed homes were transacted between the $5mil and $7.5mil price tag in 2024 compared to 274 units in 2023.

Chart 2: Price Quantum 2023 versus 2024

Source: URA, ERA Research and Market Intelligence

Type of properties

Compared to 2023, more terrace and semi-detached homes were sold in 2024 amid a slower pace of price growth. Terrace and semi-detached homes saw price growth of 3.9% and 2.5% y-o-y, respectively. This is in contrast with the 9.5% and 8.5% year-on-year growth recorded in 2023.

Buoyed by demand, terrace homes saw the steepest growth in median prices growing from $3.675 mil in 2023 to $3.930 mil in 2024. Comparatively, semi-detached home and detached homes saw median prices remaining similar to the previous year.

Table 1: Transaction Volume and Average Price by Landed Property Type

Purchasers address indicator

In conclusion

Recent interest rate cuts and a more positive economic outlook have driven brisk sales in Singapore’s residential property market, with one of the early beneficiaries being the landed segment.

Landed homes saw increased transaction volumes in 2024 and this trend is expected to persist this year, primarily driven by upgrader activity by non-landed property owners.

Despite ongoing global headwinds, ERA remains cautiously optimistic about the landed home segment which is potentially supported by more upgrader activities in 2025.

Assuming stable macroeconomic conditions and no unforeseen negative shocks, ERA expects the landed property market to gain momentum in 2025, with a projected year-on-year price growth of 3-5% and an estimated 1,800 to 2,000 landed transactions.

 

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval.

在新楼盘艺景峰（The Orie）和Bagnall Haus等项目的推动下，今年伊始本地新私宅延续热销，共售出1083个私宅单位（不包括执行共管公寓，EC），环比增长超四倍.

同比方面，一月新私宅增长256%。值得一提的是，去年同期有更多新楼盘推出，除The Arcady at Boon Keng和顶林佳苑（Hillhaven）两个私宅项目外，还推出了一个EC项目昱丰嘉园（Lumina Grand）。

一月热销新私宅中，除上述两个新楼盘外，位于丹戎巴葛的柏南华庭（One Bernam）也表现亮眼。因其价格降至接近2021年的开盘价，吸引多个买家在春节前的最后一周入场。

图表一：今年一月销量前五的新私宅项目（不包括EC）

资料来源：市区重建局、ERA研究与市场情报

艺景峰是自2016年以来在大巴窑推出的首个项目，本月售出680个单位，占其总单位的87.5%，中位数尺价为每平方英尺2731元，部分高层的一卧房和两卧房单位甚至突破了每平方英尺3000元。大多数买家是新加坡本地人，他们中有些在附近长大，倾向继续住在这个市镇。由于大巴窑地区的市场需求高加上供应有限，艺景峰的热销在意料之中。

位居次席的为柏南华庭。共售出99个单位，中位数尺价为2521新元，低于2021年5月项目首次推出时的每平方英尺2650元。随着其他地区私宅的快速增长，买家可能意识到柏南华庭的价值已被低估。作为核心中央区项目，它的价格显得比其他中央区的新项目更为实惠，后者的中位价格已达每平方英尺2725新元。整体看来，随着两个区域尺价的进一步缩小，核心中央区的项目具有吸引力。

位于第16邮区的Bagnall Haus是一个小型永久地契项目。它在推出首月共售出113个单位中的75个，中位数尺价为2494元。项目不仅填补了东海岸地区15年来的供应缺口，靠近地铁站也是是买家青睐的主要因素。此外，项目两卧房和三卧房单位的价格介于200万元至250万元之间，也在多数买家负担范围内。

Hillock Green延续了去年12月的良好趋势，单月售出21个单位，中位数尺价为2253元。因价格实惠并适合家庭居住，这个项目在去年一直畅销。随着伦多区（Lentor）新私宅供应的减少，新项目的推出为市场带来更多选择。

150万元至250万元的私宅最受市场欢迎

值得一提的是，超过57%售出的新私宅价格在150万元至250万元的区间。

细分来看，约21%的售价介于150万元至200万元，其中主要是两卧房；其余36%售价介于200万元至250万元的单位则主要是三居室。

去年新私宅的销售表明， 房价可负担性仍是买家的首要考虑。为此，他们愿意等到价格达到预期时才出手。随着利率长期保持高位，加上地缘政治问题，预计这一趋势可能会在今年持续。

执行共管公寓销量减少

执行共管公寓在1月仅售出21个单位，环比和同比分别下降87.4%和92.1%。因最近推出的项目翠怡园（Novo Place）在去年底已卖出88%的单位，市场中的库存有限。本月执行共管公寓销售中，除翠怡园外，昱丰嘉园和North Gaia也有多个单位成交。

外国买家仅有13笔交易

图表一：非有地私宅买家背景概况

资料来源：市区重建局、ERA研究与市场情报

受额外买家印花税（ABSD）影响，外国买家的需求继续低迷。今年1月，外国买家共完成了13笔交易，仅占本月总交易的1.2%。永久居民买家在当月完成了92笔交易（不包括EC），占8.5%。

新加坡人在仍是购买主力，共有972笔交易，占本月新私宅销售的90.3%（不包括EC）。这一比例与过去12个月的平均水平87.3%接近。

豪华私宅销售情况（500万元及以上）

有趣的是，今年1月豪华私宅市场出现了两笔引人注目的交易，交易额超过1500万元。两笔交易均在位于乌节林荫道（Orchard Boulevard）的永久地契项目柏皓（Park Nova）。

根据市区重建局的数据，其中一笔交易为一个四卧房单位，面积为2906平方英尺，成交价达1660万元或尺价5708元。另一笔是顶楼单位，面积为5898平方英尺，成交价高达3890万元或尺价6593元。

这两笔交易的买家均为非新加坡人，四卧房单位由一名外国人购买，而顶层单位则由一名永久居民购得。若按额外买家印花税推算，即外国人为60%，永久居民为5%（首次购房），两位买家分别支付了约995万元和194万元的税款。

图表二：500万元及以上豪宅买家背景概况

资料来源：市区重建局、ERA研究与市场情报

未来几个月私宅市场展望

尽管近期利率下调和经济前景改善为市场注入活力，但由于利率可能长期保持高位、特朗普总统任期的不确定性以及持续的贸易紧张局势，都可能影响新加坡的经济发展并给房地产市场带来挑战。

总体来看，ERA产业对2025年新加坡私宅市场持谨慎乐观态度。在强劲的宏观经济支持下，新加坡有望巩固其“安全港”的地位。这可能会增强买家信心，并在全球经济面临挑战的情况下，提振市场的新私宅需求。
今年首季，将有更多备受期待的项目推出，如逸泰• 雅居（ELTA）、Parktown Residences和Lentor Central Residences，这些项目有望推动市场延续热卖势头。
同样，2025年即将推出的三个EC项目也应受到追捧，其中两个在东部，分别是晶莹轩（Aurelle of Tampines），另一个位于惹兰罗央勿刹（Jalan Loyang Besar）地区。第三个则在西部的田园弄（Plantation Close）附近。
我们预计，今年新私宅销售有望实现增长，销量可达7000至8000个单位。

Table 2: Upcoming launches in 2025

Source: ERA Project Marketing

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval.

Compared to the lukewarm performance in December, which saw only 203 new private homes (excluding ECs) sold, January saw new home sales pick up again following the launches of projects such as The Orie and Bagnall Haus. In total, 1,083 new homes (excluding ECs) were sold in January. Month-on-month (m-o-m), we witnessed more than a four-fold increase in new homes sold.

With a 256% increase year-on-year (y-o-y), new home sales outperformed the start of the previous year (January 2024), despite having more new launches (The Arcady at Boon Keng, Hillhaven, and the Executive Condo (EC) project Lumina Grand).

Buyer activity in the month was largely driven by the newly launched projects The Orie and Bagnall Haus, as well as the movement of units at One Bernam, which presented itself as a value buy, being priced close to its launch price from 2021. Buyers were quick and decisive in their property purchases before the Chinese New Year took place in the last week of the month.

Best-Performing New Launches

Table 1: Top five performing new launch projects (excluding EC) in January 2025

Source: URA, ERA Research and Market Intelligence

The three top performing projects, as mentioned were The Orie (RCR, 680 units sold), One Bernam (CCR, 99 units sold), and Bagnall Haus (OCR, 75 units sold) – one for each market segment.

Additionally, we also noted Hillock Green and Chuan Park selling over 20 units in the month.

The Orie, being the first Toa Payoh launch since 2016, sold 680, or 87.5% of its units in the month, for a median price of $2,731 psf, with some high floor 1 and 2-bedroom units breaking through the $3,000 psf price point. Majority of the buyers were Singaporeans who grew up in this area and were looking for their next home.

The strong performance was expected due to pent-up demand in Toa Payoh, coupled with the limited availability of plots in the area.

One Bernam took the number two spot for new home sales in the month with 99 units sold. The median sale price of $2,521 psf was lower than when the project first launched in May 2021 ($2,650 psf). With the rest of the market growing at a fast rate, buyers could have found One Bernam to be undervalued, as it had a more affordable price as a CCR project when compared to newer RCR projects which are setting benchmark prices, transacting at a median price of $2,725 psf. This made buyers flock to One Bernam, which presented itself as an attractive CCR value buy as the CCR-RCR price gap shrinks further.

Bagnall Haus is a small freehold D16 condo, which sold 75 of its 113 units within its launch month. The FH development neto MRT checked many boxes for homebuyers. Selling at a median price of $2,494 psf, it plugged a 15-year supply gap in the Upper East Coast area. Its 2- and 3-bedroom units were within the $2-2.5m sweet spot, making it an enticing product for both investors and owner-occupiers.

Continuing the trend from December, Hillock Green also performed well, transacting 21 units at $2,253 psf. It has consistently performed as a best-seller in 2024, with its attractive pricing compared to the benchmark prices being set islandwide by recent new launches, and its family friendly layouts. Lentor’s supply of new home has been dwindling but the launch of is set to inject fresh options into the market.

Buyers Find Sweet-Spot Pricing in New Private Homes Priced Between $1.5M to $2.5M

We noted that over 57% of new home sales fell within the $1.5m to $2.5m price range.

We can further narrow this down to about 21% of new homes sold in the $1.5m – $2m price range, mainly consisting of 2-bedroom units – and the remaining 36% of new homes sold in the $2m – $2.5m price range, consisting mainly of 3-bedroom units.

This is a trend that we have prior witnessed in 2024, suggesting that affordability remains paramount for buyers, who are willing to wait out and spend when units with the size and layout they desire meet their pricing expectations. This trend is likely to persist in 2025 as higher-for-longer interest rates and geopolitical concerns weigh on market sentiment.

Executive Condominium (EC)

January clocked in just 21 Executive Condo (EC) sales, falling 87.4% m-o-m and 92.1% y-o-y. With the newest EC, Novo Place selling out 88% of its units to close out 2024, EC buyers are slowly snapping up the balance stock in the market. EC projects which sold multiple units in the market consisted of Novo Place, Lumina Grand, and North Gaia.

Buyer Profile

Chart 1: Buyer profile for all new non-landed homes excluding ECs 

Source: URA, ERA Research and Market Intelligence

With the punitive Additional Buyer’s Stamp Duty still in effect, foreigner demand for new private homes continued to stay flat. January 2025 saw a total of 13 transactions made by foreign buyers, making up just 1.2% of the month’s total deals. Meanwhile, Singapore Permanent Resident (PR) buyers clocked 92 transactions in January, making up 8.5% of all new private home (excluding ECs) purchases in the month.

Lastly, Singaporeans continued to dominate the market in January, accounting for 972 transactions or 90.3% of total new private home sales (excluding ECs) for the month. This share aligns closely with the past 12-month average of 87.3%.

Luxury Properties (Non-Landed Homes $5 Mil and Above)

Interestingly, the luxury property market saw two standout transactions in January 2025, both surpassing the $15 million mark. These high-value deals occurred at Park Nova, an ultra-luxury freehold development on Orchard Boulevard.

According to URA caveat data, one transaction involved a 2,906 sqft four-bedroom unit that sold for $16.6 million ($5,708 psf). The other was a penthouse sale, which saw the 5,898 sq ft property changing hands for a remarkable $38.9 million ($6,593 psf).

Both buyers in these transactions were non-Singaporean, with the four-bedroom unit acquired by a foreigner and the penthouse purchased by a PR. Hence, based on the prevailing ABSD rates of 60% for foreigners and 5% for PRs on their first property purchase, this translates to roughly $9.95 million paid in taxes by the four-bedder’s buyer and approximately $1.94 million for the penthouse’s buyer.

Chart 2: Buyer profile for homes transacted at $5mil and more

Source: URA, ERA Research and Market Intelligence 

What Lies Ahead for the New Private Home Market in the Coming Months?

Though recent interest rate cuts and a more positive economic outlook have breathed new life into the new launch market, challenges remain with the possibility of higher-for-longer interest rates, an impending Trump presidency, as well as ongoing trade tensions that could impede Singapore’s economic growth.

Nonetheless, ERA remains cautiously optimistic about Singapore’s residential market in 2025. Supported by strong macroeconomic fundamentals, Singapore is likely to strengthen its position as a ‘safe harbour’ amid potentially stormy conditions. This could, in turn, boost buyer confidence and bolster demand for new private homes even in the face of a challenging global economy. 

In the next two months of 1Q2025, we are likely to see the launch of more highly anticipated projects such as ELTA, Parktown Residences, and Lentor Central residences. These projects will continue to drive the momentum of the primary market following the sizable start witnessed in January.

The same applies for the three upcoming EC projects of 2025, two of which are in the East (Aurelle of Tampines and Jalan Loyang Besar) and one in the West (Plantation Close).  

As such, barring any unforeseen circumstances, the new private residential market could see growth, with sales possibly reaching between 7,000 and 8,000 units in 2025.

Table 2: Upcoming launches in 2025

Source: ERA Project Marketing

Disclaimer

This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval.