2024 Year-End Review Of The Singapore Property Market: Key Numbers And Trends You Need To Know

2024 was a year that came with several surprises toward its end. Besides the first post-GFA harmonisation condos, we also saw a record number of million-dollar resale flats hitting the $1 million mark. We even saw a particular flat reach $1.73 million, a new height for an HDB property. This year really showed how much purchasing power Singaporeans have, be it from generational wealth transfer or just an improving post-Covid economy. Here are some of the numbers in hindsight:

Transaction volumes for private, non-landed homes (excluding ECs)

Type of Sale	2023	2024	Change
New Sale	6,244	6,290	+0.7%
Resale	10,233	11,758	+14.9%
Sub Sale	1,255	1,225	-2.4%
Total	17,732	19,273	+8.7%

Transaction volumes trended upward, ending the year up by 8.7 per cent from 2023. 

Resale non-landed homes made up most transactions, but we saw almost no change for new launches. There was also a slight dip in the number of sub-sales. 

Transaction volumes for private, non-landed homes by region (excluding ECs)

Market Segment	2023	2024	Total
Core Central Region	3,304	2,626	-20.5%
Outside Central Region	7,769	9,847	+26.7%
Rest of Central Region	6,659	6,800	+2.1%
Total	17,732	19,273	+8.7%

Transaction volumes fell in the CCR, as expected. This is due to ABSD hikes from the previous year (2023), raising the ABSD on foreigners to 60 per cent. As foreigners make up a significant buyer demographic for prime region properties, it’s no surprise that the region bears the brunt of such cooling measures. 

Transaction volumes in the RCR also saw just a small increase, likely driven up by four notable new launches in District 15: The Continuum, Tembusu Grand, Grand Dunman, and the very fast-selling Emerald of Katong (this almost sold out in just two days). 

The OCR made up the bulk of private, non-landed transactions, with one notably strong mover being Chuan Park. Another strong showing in the OCR came from Norwood Grand, which moved 84 per cent of its units on launch day. This was partly due to Norwood being the first new condo launch in its vicinity in about 12 years.

Overall price movement for private non-landed homes

Year	Median Unit Price ($ PSF)
2023	1,772
2024	1,822
Change	+2.8%

Overall, private non-landed prices rose by 2.8 per cent from the previous year. While they’re still climbing, we can see the pace has slowed from the aftermath of Covid. Back then, between 2021 to 2022, prices rose 7.4 per cent.

Here’s how the prices moved based on region:

Market Segment	2023 $PSF	2023 Volume	2024 $PSF	2024 Volume	Approx Gain/Loss
Core Central Region	$2,502	3,304	$2,206	2,626	-11.8%
Outside Central Region	$1,431	10,452	$1,571	13,035	+9.8%
Rest of Central Region	$2,168	6,668	$2,213	6,809	+2.1%
Singapore	$1,772	20,424	$1,822	22,470	+2.8%

Again, we see the CCR taking the brunt of the cooling measures, with a dip of 11.8 per cent over the year. This has resulted in a narrowing price gap between the RCR and CCR, and may represent an ongoing opportunity for Singaporean buyers, or foreign buyers who pay the same tax rates as citizens (e.g., US citizens). 

Prices are climbing noticeably in the OCR, though, with a rise of 9.8 per cent. HDB upgraders at the end of 2024 - and perhaps in the coming year - may be encouraged by a recent drop in home loan rates. 

This is not something within our control: the US Federal Reserve tends to lower interest rates as the country’s inflation issues stabilise, which has a knock-on effect on our SORA-pegged home loans. The US is undergoing a political shift, though, and it’s uncertain how 2025 will play out. If the US engages in tariffs that ramp up its inflation, the Fed may have to raise rates again. 

In any event, HDB upgraders remain the dominant buyer demographic, and their preferred area is the more affordable OCR.

New launches of 2024

Project Name	Total Number of Units in Project	Cumulative Units Sold to-date	Highest $PSF In 2024	Average $PSF In 2024	Lowest $PSF In 2024	Take-Up Rate
19 NASSIM	101	66	$3,819	$3,392	$2,957	65.3%
32 GILSTEAD	14	9	$3,505	$3,455	$3,431	64.3%
8@BT	158	84	$3,033	$2,748	$2,527	53.2%
ALTURA	360	353	$1,549	$1,491	$1,417	98.1%
ARDOR RESIDENCE	35	7	$2,497	$2,439	$2,375	20.0%
ATLASSIA	31	27	$2,238	$2,224	$2,188	87.1%
BARTLEY VUE	115	111	$2,158	$2,043	$1,876	96.5%
BLOSSOMS BY THE PARK	275	254	$2,673	$2,520	$2,241	92.4%
CANNINGHILL PIERS	696	684	$3,567	$2,969	$2,802	98.3%
CHUAN PARK	916	733	$2,765	$2,587	$2,269	80.0%
CLAYDENCE	28	6	$2,301	$2,292	$2,251	21.4%
EMERALD OF KATONG	846	840	$2,967	$2,637	$2,387	99.3%
ENCHANTÉ	25	22	$3,246	$2,869	$2,735	88.0%
GEMS VILLE	24	7	$2,226	$2,003	$1,849	29.2%
GRAND DUNMAN	1008	736	$2,977	$2,588	$2,285	73.0%
GRANGE 1866	60	45	$3,393	$3,184	$2,989	75.0%
HILL HOUSE	72	30	$3,378	$3,146	$2,963	41.7%
HILLHAVEN	341	265	$2,354	$2,102	$1,858	77.7%
HILLOCK GREEN	474	364	$2,555	$2,208	$1,764	76.8%
IKIGAI	16	14	$2,327	$2,320	$2,314	87.5%
IRWELL HILL RESIDENCES	540	538	$2,638	$2,638	$2,638	99.6%
J'DEN	368	341	$2,832	$2,571	$2,363	92.7%
JANSEN HOUSE	21	5	$2,121	$2,061	$2,023	23.8%
K SUITES	19	8	$2,443	$2,165	$2,052	42.1%
KASSIA	276	183	$2,225	$2,030	$1,821	66.3%
KLIMT CAIRNHILL	138	138	$3,863	$3,408	$3,162	100.0%
KOON SENG HOUSE	17	6	$2,410	$2,322	$2,284	35.3%
KOVAN JEWEL	34	15	$2,228	$2,120	$1,954	44.1%
LAVENDER RESIDENCE	17	17	$2,307	$2,049	$1,626	100.0%
LENTOR HILLS RESIDENCES	598	591	$2,443	$2,146	$1,922	98.8%
LENTOR MANSION	533	498	$2,476	$2,271	$2,104	93.4%
LENTOR MODERN	605	604	$2,468	$2,250	$1,986	99.8%
LENTORIA	267	180	$2,516	$2,183	$1,965	67.4%
LUMINA GRAND	512	447	$1,590	$1,514	$1,326	87.3%
MEYER BLUE	226	132	$3,569	$3,243	$2,984	58.4%
MIDTOWN BAY	219	138	$4,108	$3,546	$3,090	63.0%
MIDTOWN MODERN	558	558	$3,939	$3,439	$2,659	100.0%
MORI	137	137	$1,963	$1,848	$1,757	100.0%
NAVA GROVE	552	386	$2,703	$2,452	$2,209	69.9%
NORTH GAIA	616	592	$1,459	$1,326	$1,221	96.1%
NORWOOD GRAND	348	292	$2,252	$2,080	$1,895	83.9%
NOVO PLACE	504	446	$1,754	$1,655	$1,506	88.5%
ONE BERNAM	351	259	$3,351	$2,768	$2,289	73.8%
ORCHARD SOPHIA	78	45	$3,004	$2,886	$2,782	57.7%
PARC GREENWICH	496	496	$1,559	$1,456	$1,359	100.0%
PARQ BELLA	20	17	$2,359	$2,325	$2,282	85.0%
PASIR RIS 8	487	487	$1,891	$1,789	$1,742	100.0%
PERFECT TEN	230	230	$3,589	$3,476	$3,372	100.0%
PINETREE HILL	520	378	$2,763	$2,504	$2,139	72.7%
POLLEN COLLECTION	132	103	$2,434	$2,227	$1,477	78.0%
PROVENCE RESIDENCE	413	412	$1,551	$1,492	$1,454	99.8%
ROYAL HALLMARK	32	31	$2,304	$2,304	$2,304	96.9%
SANCTUARY@NEWTON	38	10	$2,835	$2,673	$2,589	26.3%
SCENECA RESIDENCE	268	246	$2,200	$2,061	$1,829	91.8%
SKY EDEN@BEDOK	158	158	$2,190	$2,094	$1,929	100.0%
SKYWATERS RESIDENCES	190	1	$6,100	$6,100	$6,100	0.5%
SORA	440	134	$2,502	$2,168	$1,851	30.5%
STRAITS AT JOO CHIAT	16	8	$2,170	$2,107	$2,059	50.0%
TEMBUSU GRAND	638	583	$2,725	$2,445	$2,193	91.4%
TENET	618	618	$1,651	$1,531	$1,397	100.0%
TERRA HILL	270	120	$2,844	$2,683	$2,238	44.4%
THE ARCADY AT BOON KENG	172	64	$2,754	$2,578	$2,357	37.2%
THE ARDEN	105	79	$1,904	$1,786	$1,620	75.2%
THE BOTANY AT DAIRY FARM	386	382	$2,345	$2,025	$1,805	99.0%
THE CARRARA	6	4	$3,179	$3,113	$3,063	66.7%
THE COLLECTIVE AT ONE SOPHIA	367	64	$2,917	$2,740	$2,561	17.4%
THE CONTINUUM	816	545	$3,091	$2,853	$2,641	66.8%
THE HILL @ONE-NORTH	142	55	$2,708	$2,582	$2,272	38.7%
THE HILLSHORE	59	3	$2,670	$2,592	$2,508	5.1%
THE LAKEGARDEN RESIDENCES	306	199	$2,556	$2,179	$1,899	65.0%
THE LANDMARK	396	396	$3,100	$2,805	$2,338	100.0%
THE MYST	408	308	$2,402	$2,123	$1,877	75.5%
THE REEF AT KING'S DOCK	429	429	$2,777	$2,665	$2,462	100.0%
THE RESERVE RESIDENCES	732	716	$3,154	$2,567	$2,304	97.8%
THE SHOREFRONT	23	7	$1,901	$1,897	$1,889	30.4%
UNION SQUARE RESIDENCES	366	106	$3,752	$3,166	$2,856	29.0%
WATTEN HOUSE	180	156	$3,576	$3,273	$3,118	86.7%
ZYANYA	34	28	$2,089	$1,996	$1,903	82.4%

One notable change for 2024 is GFA harmonisation. Some launches in 2024, such as Emerald of Katong, have their square footage measured by post-GFA harmonisation rules (see the link above). This means that certain parts of the unit, such as air-con ledges, are not counted in the total square footage. This can raise the price psf, although actual livable space - along with the overall price - is unchanged. 

2024 top-selling projects in the Core Central Region (CCR)

Project Name	Sold In 2024	Median $PSF In 2024	Median Price In 2024	Tenure
THE COLLECTIVE AT ONE SOPHIA	64	$2,734	$1,213,500	99 yrs from 06/12/2023
19 NASSIM	54	$3,386	$3,382,140	99 yrs from 17/06/2019
ONE BERNAM	54	$2,738	$2,266,410	99 yrs from 10/12/2019
KLIMT CAIRNHILL	48	$3,377	$3,124,000	Freehold
WATTEN HOUSE	43	$3,246	$5,022,000	Freehold

2024 top-selling projects in the Rest of Central Region (RCR)

Project Name	Number of Units	Median $PSF In 2024	Median Price In 2024	Tenure
EMERALD OF KATONG	840	$2,627	$2,357,000	99 yrs from 07/11/2023
NAVA GROVE	386	$2,445	$1,965,800	99 yrs from 13/02/2024
THE CONTINUUM	240	$2,869	$2,542,000	Freehold
TEMBUSU GRAND	206	$2,424	$2,814,000	99 yrs from 25/04/2022
PINETREE HILL	195	$2,511	$2,079,000	99 yrs from 12/09/2022

2024 top-selling projects in the Outside of Central Region (OCR)

Project Name	Number of Units	Median $PSF In 2024	Median Price In 2024	Tenure
CHUAN PARK	724	$2,587	$2,327,361	99 yrs from 25/07/2024
LENTOR MANSION	492	$2,266	$1,790,500	99 yrs from 11/07/2023
LUMINA GRAND	447	$1,525	$1,520,000	99 yrs from 27/12/2022
NOVO PLACE	445	$1,651	$1,526,000	99 yrs from 11/12/2023
NORWOOD GRAND	291	$2,081	$1,522,000	99 yrs from 18/12/2023

Resale project performance in 2024

Continuing on from last year, realtors have expressed that the price gap between resale and new launch condos was still a challenge. Finding sellers was still tougher than finding buyers in 2024, with some potential sellers deterred by the high cost of a replacement property. 

Top resale performers

Project	Quantum Gains	% Gain	Sale Date	Transacted	Holding Period (Years)
LAGUNA PARK	+$2,410,000	438%	4/11/24	$2,960,000	25
HAWAII TOWER	+$3,225,000	416%	2/2/24	$4,000,000	24.9
SHERWOOD TOWER	+$1,243,888	395%	7/8/24	$1,558,888	18.8
RISING COURT	+$1,645,000	383%	17/7/24	$2,075,000	22
BOTANIC GARDENS VIEW	+$3,265,700	379%	9/9/24	$4,128,000	26.2

Bottom resale performers

Project	Quantum Loss	% Loss	Sale Date	Transacted	Holding Period (Years)
SUN COURT	-$343,367	-41%	19/8/24	$492,633	28
THE BERTH BY THE COVE	-$1,929,310	-35%	29/11/24	$3,600,000	17.3
THE SAIL @ MARINA BAY	-$1,165,392	-31%	25/4/24	$2,550,000	12.9
OUE TWIN PEAKS	-$552,530	-31%	21/5/24	$1,239,070	7.3
ORCHARD SCOTTS	-$1,643,340	-30%	9/7/24	$3,900,000	15

Some people may be surprised to see Hawaii Tower here, as this '80s-era condo has an unpopular layout. Units here have a curved layout that - whilst providing panoramic views - also makes for awkward interior design, and depending on how you handle the windows, the layout can also draw more heat from increased sun exposure. Nonetheless, the unit sizes are gigantic by today’s standards (over 2,200+ sq.ft.). Also, the prestigious Meyer Road location might more than compensate. 

The bottom performers may be dragged down by the CCR’s issues from cooling measures. For Sun Court, the performance may be due to age (built in 1985) and volatility (only 19 units), so we wouldn’t read too much into that. 

The rental situation in 2024

2024 rental contract volume

Market Segment	2023	2024	Change
Core Central Region	24,330	23,545	-3.2%
Outside Central Region	31,718	30,984	-2.3%
Rest of Central Region	28,062	26,448	-5.8%
Total	84,110	80,977	-3.7%

2024 rental prices

Market Segment	2023	2024	Change
Core Central Region	5.72	5.52	-3.5%
Outside Central Region	4.25	4.22	-0.7%
Rest of Central Region	5.26	5.18	-1.5%
Total	4.97	4.87	-2.0%

2024 saw a softening rental market, which was in line with expectations. This was a correction following the aftermath of COVID-19 when housing was still in short supply. The completion of more mega-projects, along with the completion of HDB projects previously delayed by COVID-19, continues to lower demand and rental rates. 

Top rental yield projects in 2024

PostalDistrict	Project Name	Tenure	CompletionDate	AveragePrice($psf)	#Transactions	AverageRent($psf pm)	#RentalContracts	RentalYield(%)
21	THE HILLFORD	60 yrs FROM 2013	2016	1,429	14	7.33	86	6.2
19	KOVAN GRANDEUR	99 yrs FROM 2010	2011	1,187	4	5.89	19	6
14	LE REGAL	Freehold	2015	1,399	4	6.64	31	5.7
14	# 1 SUITES	Freehold	2016	1,250	8	5.83	18	5.6
19	SUITES @ PAYA LEBAR	Freehold	2013	1,516	8	6.64	34	5.3

Note that The Hillford is “cheating” a bit, as it’s a 60-year lease property with an unusually low price. This makes it easy for The Hillford to beat other condos for gross rental yield.

Postal District	Project Name	Tenure	Completion Date	Average Price ($psf)	# Transactions	Average Rent ($psf pm)	# Rental Contracts	Rental Yield (%)
20	FABER GARDEN CONDOMINIUM	Freehold	1984	1,782	5	2.73	33	1.8
15	KING'S MANSION	Freehold	1982	1,926	7	3.13	33	1.9
10	ARDMORE PARK	Freehold	2001	4,229	6	6.56	75	1.9
9	LEONIE TOWERS	Freehold	1976	1,921	5	3.24	17	2
9	KIM SIA COURT	Freehold	-	2,073	7	3.71	52	2.1

The HDB resale market for 2024

We suspect HDB is quite unhappy with what they’re seeing, as resale flat prices remain frighteningly high. The number of flats priced at $1 million reached the 1,000 mark in 2024, while we’ve started seeing $1.5 million becoming the new milestone/aspiration for HDB sellers. SkyOasis @ Dawson also saw the most expensive HDB flat ever in 2024, at $1.73 million. 

We also did see an increase in resale flat transactions:

Year	Volume
2023	25,755
2024	27,535
Change	+6.9%

The price movements, as well as the increase in volumes, may reflect on more buyers opting for a larger or prime resale flat in light of higher condo prices. Here’s how prices have moved up:

	2023		2024
Flat Type	Volume	Average $PSF	Volume	Average $PSF	Approx Gain/Loss
1 ROOM	6	$728	11	$763	+4.8%
2 ROOM	688	$659	795	$703	+6.7%
3 ROOM	6,355	$563	6,721	$600	+6.7%
4 ROOM	11,357	$574	11,862	$617	+7.5%
5 ROOM	5,843	$543	6,398	$577	+6.3%
EXECUTIVE	1,503	$530	1,742	$560	+5.7%
MULTI-GENERATION	3	$538	6	$619	+15.1%

Putting aside 3G flats (because just six transactions aren’t enough to draw many conclusions), it’s 4-room flats that saw the biggest uptick in price. Unsurprising as these are the most common flat sizes, but you can see resale flats continued to pick up in price across all sizes. 

New BTO launches in 2024

Estate	BTO Name	Launch Date	Est. Completion	Type	Units
Bedok	Bedok North Springs	21 Feb 2024	38 months	Mature	433
Bedok	Bedok South Bloom	21 Feb 2024	40 months	Mature	528
Punggol	Matilda Riverside	21 Feb 2024	37 months	Non Mature	962
Choa Chu Kang	Rail Garden @ CCK	21 Feb 2024	45 months	Non Mature	465
Queenstown	Tanglin Halt Courtyard	21 Feb 2024	58 months	PLH	251
Hougang	Tanjong Tree Residences @ Hougang	21 Feb 2024	39 months	Non Mature	360
Woodlands	Woodgrove Edge	21 Feb 2024	38/39 months	Non Mature	1127
Yishun	Chencharu Hills	19 Jun 2024	44 / 45 months	Non Mature	1277
Queenstown	Holland Vista	19 Jun 2024	57 months	PLH	342
Woodlands	Marsiling Peak I & II	19 Jun 2024	35 / 54 months	Non Mature	1609
Tampines	Tampines GreenTopaz	19 Jun 2024	37 months	mature	561
Kallang/Whampoa	Tanjong Rhu Riverfront I & II	19 Jun 2024	48 / 55 months	PLH	2063
Jurong West	Teban Breeze	19 Jun 2024	54 months	Non Mature	1086
Bedok	Bayshore Palms	16 Oct 2024	47 months	Plus	710
Bedok	Bayshore Vista	16 Oct 2024	45 months	Plus	734
Ang Mo Kio	Central Trio @ AMK	16 Oct 2024	59 months	Plus	422
Pasir Ris	Costa Riviera I & II	16 Oct 2024	37 / 38 months	Standard	767
Kallang/Whampoa	Crawford Heights	16 Oct 2024	50 months	Prime	312
Sengkang	Fernvale Oasis	16 Oct 2024	33 months	Standard	851
Sengkang	Fernvale Sails	16 Oct 2024	27 months	Standard	545
Kallang/Whampoa	Kallang View	16 Oct 2024	43 months	Plus	271
Bedok	Kembangan Wave	16 Oct 2024	41 months	Plus	348
Woodlands	Marsiling Ridge	16 Oct 2024	43 months	Standard	292
Geylang	Merpati Alcove	16 Oct 2024	44 months	Plus	433
Jurong West	Taman Jurong Skyline	16 Oct 2024	52 months	Standard	1844
Kallang/Whampoa	Towner Breeze	16 Oct 2024	48 months	Plus	355
Bukit Batok	West BrickVille @ Bukit Batok	16 Oct 2024	24 months	Standard	689

2024 was the first time we saw the launch of Plus model flats. These come with the same restrictions as Prime flats, but the cost is lower; they’re near the neighbourhood hub (usually the place with the mall and train station) but not necessarily close to the city centre. The first of these will be the Bayshore enclave. 

There were only two EC launches in 2024, with predictably high take-up rates:

Project	Units	Units Sold To Date	Lowest $PSF In 2024	Highest $PSF In 2024	Median $PSF In 2024	Take-Up
Novo Place	504	445	1,506	1,754	1,651	88.3%
Lumina Grand	512	447	1,326	1,590	1,525	87.3%

The prices probably come as a relief to upgraders, who are struggling with new, family-sized condo units often breaching the $2 million mark. Novo Place, in particular, was an interesting launch, as it’s a true example of first-mover advantage: there’s no other EC in Tengah yet, so its performance will be closely studied. 

Overall, 2024 did see the private non-landed market calm down a bit. However, the decrease in home loan rates, coupled with surging interest in new launches toward the end of the year, warns of another potential wave of exuberance in 2025. 

For more updates over the year, follow us on Stacked. If you would like to review your next steps in your property journey, feel free to reach out to us here for a consultation.