2023 Year-End Review Of The Singapore Property Market: Key Numbers And Trends You Need To Know

7 min read

Things are finally starting to calm down in Singapore’s private property market, with 2023 seeing the tail-end of the post-pandemic supply crunch. But for many buyers, complaints of high prices are still prevalent: private home prices may be flattening out, but many upgraders still struggle to afford true, family-sized units; and in every market segment, the threat of ever-rising interest rates is looming.

Here’s a look at how things worked out this year:

Transaction volumes for private non-landed homes 

Volume for all non-landed homes excluding EC

Volume by type of sale (non-landed homes excluding EC)

Type of Sale	2022	2023	Change
New Sale	6,818	6,174	-9.4%
Resale	12,126	9,529	-21.4%
Sub Sale	699	1,111	+58.9%
Total	19,643	16,814	-14.4%

Volume by market segment (non-landed homes excluding EC)

Market Segment	2022	2023	% Change
Core Central Region	4,039	3191	-21.0%
Outside Central Region	9,089	7286	-19.8%
Rest of Central Region	6,515	6337	-2.7%
Total	19,643	16814	-14.4%

Overall, transaction volumes were down by 14.4 per cent from a year ago. The RCR saw the healthiest volumes for the year, barely down 22.7 per cent from 2022, while the CCR and OCR were both down by close to 20 per cent.

The stronger showing in the RCR is mostly due to the triple launch of The Continuum, Grand Dunman, and Tembusu Grand – all three projects are in District 15 in the RCR, and Grand Dunman is also a mega-development with 1,008 units. These were further supported by earlier new launches Pinetree Hill, The Landmark, and LIV@MB. 

Some realtors were surprised at the weaker showing in the OCR though; some said they expected Lentor Hills and Lentor Modern would have helped to boost OCR transaction numbers. And while J’den was one of the most significant OCR successes toward the end of 2023, it is a rather small condo (368 units). 

For the CCR, the drop in volume was expected and attributed to the 60 per cent ABSD rate slapped on foreigners (affluent foreign buyers make up a bigger portion of buyers in the CCR, compared to the other regions). Some projects – notably Pullman Residences – bucked the trend and saw strong sales anyway, but the recent cooling measure is taking its toll on this region. 

A note on rising sub-sales

As always, these make up a very small portion of the market (this year, only 1,111 out of 16,814 transactions). Nonetheless, this number is an almost 59 per cent increase compared to the year before. Some realtors attributed this to buyers from 2019 and 2020, looking to realise strong gains over the past three to four years.

(We highlighted some of the more notable transactions in this article) 

Realtors also opined that, among investment-oriented sellers, the rise in home loan interest rates may incentivise an earlier exit; possibly in the form of sub-sales. 

Price movements for private non-landed homes

Overall price movement

By Region

Region	Sales volume (2022)	Price psf (2022)	Sales volume (2023)	Price psf (2023)	Approx. gain / loss
Singapore	19,643	$1,720	12.0%	$1,927	+12.03%
CCR	4,039	$2,501	3,191	$2,526	+1.00%
OCR	9,089	$1,392	7,286	$1,563	+12.28%
RCR	6,515	$1,858	6,337	$2,195	+18.14%

Looking at overall prices, there was a roughly 12 per cent increase in price psf across the board. Price movements correlate to volumes, subject to largely similar forces this year: a softer market in the CCR due to cooling measures, and an uptick in RCR prices due to a slate of recent new launches. 

What isn’t reflected here, however, is the rapidly rising supply of homes. During the post-pandemic era, prices rose sharply due to a lack of housing; but as of end-2023, several major projects such as Jadescape, Normanton Park, and Treasure at Tampines are complete. These are among some of the largest mega-developments on the market. 

Couple this with moderating rental demand (also due to improved supply), higher home loan rates, and the wait-and-see period that often follows new cooling measures, and prices will probably continue to slow in 2024.

All new launches in 2023

These new launches have recorded sales in 2023:

Project Name	Total Number of Units in Project	Cumulative Units Sold to-date	Highest $PSF In 2023	Lowest $PSF In 2023	Median $PSF In 2023	Take-Up Rate
10 EVELYN	56	31	3062	2700	2818	55.4%
15 HOLLAND HILL	57	57	3127	2710	2902	100.0%
19 NASSIM	101	12	3906	3036	3565	11.9%
AMBER PARK	592	592	2784	1956	2480	100.0%
AMO RESIDENCE	372	371	2443	2150	2281	99.7%
ATLASSIA	31	23	2237	2036	2136	74.2%
BARTLEY VUE	115	98	2010	1732	1921	85.2%
BAYWIND RESIDENCES	24	24	2196	2080	2158	100.0%
BLOSSOMS BY THE PARK	275	227	2730	2196	2441	82.5%
BOULEVARD 88	154	140	4010	3644	3753	90.9%
CAIRNHILL 16	39	39	3215	2587	2865	100.0%
CANNINGHILL PIERS	696	680	3551	3002	3102	97.7%
CUSCADEN RESERVE	192	11	3401	3401	3401	5.7%
DALVEY HAUS	17	13	4301	3011	3577	76.5%
ENCHANTÉ	25	10	2902	2725	2832	40.0%
FORETT AT BUKIT TIMAH	633	633	2431	1909	1980	100.0%
GEMS VILLE	24	1	1912	1912	1912	4.2%
GRAND DUNMAN	1008	612	2819	2108	2522	60.7%
GRANGE 1866	60	35	3390	2796	3018	58.3%
HILL HOUSE	72	18	3263	2880	3210	25.0%
HILLOCK GREEN	474	132	2423	1882	2110	27.8%
HYLL ON HOLLAND	319	319	3059	2603	2879	100.0%
IKIGAI	16	11	2333	2238	2292	68.8%
IRWELL HILL RESIDENCES	540	537	3091	2282	2996	99.4%
J’DEN	368	330	2824	2109	2476	89.7%
JERVOIS MANSION	130	105	2250	2250	2250	80.8%
JERVOIS PRIVE	43	16	3229	2803	2923	37.2%
K SUITES	19	4	2196	1919	2010	21.1%
KI RESIDENCES AT BROOKVALE	660	654	2426	1860	2250	99.1%
KLIMT CAIRNHILL	138	92	4645	3134	3555	66.7%
KOPAR AT NEWTON	378	372	2952	2366	2550	98.4%
KOVAN JEWEL	34	7	2173	2035	2126	20.6%
LAVENDER RESIDENCE	17	10	2238	1710	1972	58.8%
LEEDON GREEN	638	632	3467	2339	2942	99.1%
LENTOR HILLS RESIDENCES	598	435	2451	1834	2107	72.7%
LENTOR MODERN	605	578	2357	1918	2063	95.5%
LES MAISONS NASSIM	14	14	5727	5050	5257	100.0%
LIV @ MB	298	298	2909	2137	2449	100.0%
MEYER MANSION	200	199	2900	2513	2787	99.5%
MIDTOWN BAY	219	128	4086	2867	3231	58.4%
MIDTOWN MODERN	558	538	4278	2583	2929	96.4%
MORI	137	128	2329	1758	1891	93.4%
MYRA	85	85	2712	1600	2345	100.0%
NEU AT NOVENA	87	87	2970	2551	2580	100.0%
ONE BERNAM	351	210	3344	2309	2620	59.8%
ONE HOLLAND VILLAGE RESIDENCES	296	296	3391	2601	2881	100.0%
ONE PEARL BANK	774	774	2976	2517	2765	100.0%
ORCHARD SOPHIA	78	32	2895	2758	2816	41.0%
PARK NOVA	54	53	4642	3213	3555	98.1%
PARKSUITES	119	35	2477	2173	2371	29.4%
PARKWOOD RESIDENCES	18	18	1860	1860	1860	100.0%
PARQ BELLA	20	13	2385	1940	2312	65.0%
PASIR RIS 8	487	481	2101	1743	1766	98.8%
PEAK RESIDENCE	90	90	2722	2295	2477	100.0%
PERFECT TEN	230	225	3670	2942	3255	97.8%
PICCADILLY GRAND	407	406	2174	1801	2046	99.8%
PINETREE HILL	520	166	2705	2215	2370	31.9%
PULLMAN RESIDENCES NEWTON	340	337	3729	2803	3217	99.1%
ROYAL HALLMARK	32	30	2289	1907	2174	93.8%
RYMDEN 77	31	31	1659	1659	1659	100.0%
SANCTUARY@NEWTON	38	2	2722	2571	2647	5.3%
SCENECA RESIDENCE	268	174	2374	1896	2085	64.9%
SKY EDEN@BEDOK	158	144	2177	1929	2107	91.1%
SKY EVERTON	262	262	2957	2957	2957	100.0%
TEMBUSU GRAND	638	376	2791	2280	2461	58.9%
TERRA HILL	270	104	2922	2233	2695	38.5%
THE ARDEN	105	47	1861	1565	1782	44.8%
THE ATELIER	120	120	2984	2479	2679	100.0%
THE AVENIR	376	376	3318	3011	3106	100.0%
THE BOTANY AT DAIRY FARM	386	225	2402	1712	2065	58.3%
THE COMMODORE	219	219	1590	1404	1528	100.0%
THE CONTINUUM	816	290	3016	2573	2730	35.5%
THE LAKEGARDEN RESIDENCES	306	95	2362	1880	2103	31.0%
THE LANDMARK	396	317	3108	2272	2651	80.1%
THE M	522	520	3322	2508	2990	99.6%
THE MYST	408	179	2323	1897	2070	43.9%
THE REEF AT KING’S DOCK	429	416	2738	2373	2625	97.0%
THE RESERVE RESIDENCES	732	661	2873	2197	2473	90.3%
THE SHOREFRONT	23	4	1919	1767	1899	17.4%
TMW MAXWELL	324	6	3739	3143	3337	1.9%
VAN HOLLAND	69	69	3193	2484	2865	100.0%
WATTEN HOUSE	180	111	3545	3077	3200	61.7%
WILSHIRE RESIDENCES	85	85	2919	2612	2780	100.0%
ZYANYA	34	26	1926	1790	1891	76.5%

Take-up rates may differ slightly from the exact end-of-year numbers, as this was written just over a week prior to the end of 2023.

Top selling projects for 2023

Project Name	Sold In 2023	Median $PSF In 2023	Median Price In 2023	Tenure
THE RESERVE RESIDENCES	662	$2,473	$1,856,463	99 yrs from 29/11/2021
GRAND DUNMAN	612	$2,522	$1,985,000	99 yrs from 12/09/2022
LENTOR HILLS RESIDENCES	434	$2,107	$1,628,000	99 yrs from 25/04/2022
TEMBUSU GRAND	376	$2,461	$1,833,000	99 yrs from 25/04/2022
J’DEN	328	$2,476	$2,075,500	99 yrs from 01/03/1991

2023 ended with the normalisation of new launch prices at over $2,100 psf, and a median quantum of over $1.8 million for a new launch, family-sized condo unit. 

Top-selling CCR projects

Project Name	Sold In 2023	Median $PSF In 2023	Median Price In 2023	Tenure
LEEDON GREEN	632	$2,942	$2,016,000	Freehold
PULLMAN RESIDENCES NEWTON	337	$3,217	$2,158,000	Freehold
WATTEN HOUSE	111	$3,200	$4,996,000	Freehold
THE ATELIER	120	$2,679	$2,379,405	Freehold
KLIMT CAIRNHILL	92	$3,555	$5,575,000	Freehold

Top selling RCR projects

Project Name	Sold In 2023	Median $PSF In 2023	Median Price In 2023	Tenure
THE RESERVE RESIDENCES	661	$2,473	$1,856,463	99 yrs from 29/11/2021
GRAND DUNMAN	612	$2,522	$1,985,000	99 yrs from 12/09/2022
TEMBUSU GRAND	376	$2,461	$1,833,000	99 yrs from 25/04/2022
THE CONTINUUM	290	$2,730	$1,989,000	Freehold
BLOSSOMS BY THE PARK	227	$2,441	$1,857,000	99 yrs from 10/01/2022

Top selling OCR projects

Project Name	Sold In 2023	Median $PSF In 2023	Median Price In 2023	Tenure
LENTOR HILLS RESIDENCES	435	$2,107	$1,628,000	99 yrs from 25/04/2022
J’DEN	330	$2,476	$2,075,500	99 yrs from 01/03/1991
THE BOTANY AT DAIRY FARM	225	$2,065	$1,513,000	99 yrs from 18/06/2022
THE MYST	179	$2,070	$1,458,000	99 yrs from 11/05/2023
SCENECA RESIDENCE	174	$2,085	$1,571,000	99 yrs from 10/02/2021

Resale project performance in 2023

Realtors told us they saw problems with inventory, toward the end of 2023. It wasn’t just a struggle to find buyers in the expensive market, it was getting increasingly tough to find sellers. 

This was attributed to the cost of a replacement property: high prices offset much of the gains from HDB resale prices, or even some condos. In addition, those who owned second properties were less willing to sell, as buying again in future would mean incurring 20 per cent ABSD (for Singaporean buyers). 

As such, good resale units may have been a bit tougher to find, by around mid-2023.

Top 5 resale performers

Project	Sale Date	Transacted	Quantum Gains	% Gain	Holding Period (Years)
THE WINDSOR	16/8/23	$3,410,000	$2,660,000	355%	18
TEXTILE CENTRE	3/10/2023	$990,000	$765,000	340%	20.6
SHERWOOD TOWER	30/1/23	$1,380,000	$1,060,000	331%	18.1
THE CENTREPOINT	30/3/23	$2,100,000	$1,608,000	327%	16.9
THE CENTREPOINT	27/4/23	2100000	$1,600,000	320%	23.1

Bottom 5 resale performers

Project	Sale Date	Transacted	Quantum Loss	% Loss	Holding Period (Years)
HELIOS RESIDENCES	21/4/23	$3,150,000	-$1,833,000	-37%	10.5
MARINA BAY RESIDENCES	18/10/23	$6,900,000	-$2,390,000	-26%	9.6
REFLECTIONS AT KEPPEL BAY	17/1/23	$3,068,000	-$916,040	-23%	9.7
6 DERBYSHIRE	31/8/23	$920,000	-$267,648	-23%	5.8
THE SAIL @ MARINA BAY	15/9/23	$4,300,000	-$1,178,480	-22%	14.2

This year’s surprise entry is Textile Centre, as it’s mainly thought of as a commercial building, and is not exactly the best-looking project along Beach Road/Bugis. There are also KTVs in the commercial podium, which is usually unattractive to buyers – but perhaps the rising prominence of the Ophir-Rochor Corridor makes up for that. 

For the bottom performers, the usual suspects are all present (Reflections at Keppel Bay, for instance, is a familiar name to market watchers: it intermittently makes the news for both the biggest losses and the biggest profits). We have a more detailed explanation of the performance of these luxury freehold projects here. 

Rental market for private non-landed properties in 2023 (excluding ECs)

2023 saw a continuation of the brutal fall in supply and rise in rental prices. Needless to say, landlords were still in an advantageous position albeit the warnings that rental price increases are slowing down as sentiments points towards moderation.

The relentless rise has led to the government implementing a temporary increase in the occupancy cap for both private and HDB dwellings just recently.

Overall, leasing volume fell 16 per cent, to 72,466 leases from 86,506 the year before.

By market segment, the CCR saw the greatest dip of around 17 per cent while the RCR saw the smallest decrease of 15 per cent.

Volume of rental contracts

Market Segment	2022	2023	Change
Core Central Region	25,242	20,964	-16.95%
Outside Central Region	32,175	26,796	-16.72%
Rest of Central Region	29,089	24,706	-15.07%
Total	86,506	72,466	-16.23%

Rental price change by market segment

Market Segment	2022	2023	Change
Core Central Region	$4.90	$5.83	+18.98%
Outside Central Region	$3.55	$4.36	+22.82%
Rest of Central Region	$4.35	$5.35	+22.99%
Total	$4.18	$5.08	+21.53%

Top rental yield projects in 2023

District	Project	Tenure	Completion	Average Price	No. of Transactions	Average Rent ($PSF PM)	# Rental Contracts	Yield (%)
21	THE HILLFORD	60 YRS FROM 2013	2016	1,399	18	7.75	84	6.7
14	LE REGAL	FREEHOLD	2015	1,279	8	6.8	26	6.4
23	LAUREL TREE	FREEHOLD	2021	1,326	13	6.71	27	6.1
14	PAVILION SQUARE	FREEHOLD	2018	1,452	4	7.25	27	6
14	GRANDVIEW SUITES	FREEHOLD	2016	1,131	5	5.46	16	5.8

Bottom rental yield projects in 2023

District	Project	Tenure	Completion	Average Price	No. of Transactions	Average Rent ($PSF PM)	# Rental Contracts	Yield (%)
15	KING’S MANSION	FREEHOLD	1982	1,877	5	3.14	29	2
10	ARDMORE PARK	FREEHOLD	2001	4,317	4	7.16	74	2
15	FERNWOOD TOWERS	FREEHOLD	1994	1,739	5	3.1	36	2.1
10	THE LADYHILL	FREEHOLD	2002	2,617	4	4.65	5	2.1
10	BISHOPSGATE RESIDENCES	FREEHOLD	2012	3,688	4	6.54	5	2.1

HDB resale market

2023 saw HDB volumes fell by 6.57 per cent from 26,720 to 24,964 which follows a similar trend between 2021 and 2022.

In terms of prices, 2-room flats saw the highest price increase – also similar between 2021 to 2022 at 9.1 per cent. This was followed by 7.8 per cent for multi-generational flats.

5-room flats saw the smallest increase in price of 4.4%. This is similar to 2022 when 5-room flats also saw the smallest increase in price at 8%.

Resale transaction volume in 2023

Resale transaction by flat type

Row Labels	2022 Volume	2022 Avg $PSF	2023 Volume	2023 Avg $PSF	Approx Gain/Loss
1 ROOM	10	$692	6	$728	+5.2%
2 ROOM	456	$603	660	$658	+9.1%
3 ROOM	6,335	$532	6,159	$562	+5.6%
4 ROOM	11,309	$541	10,999	$574	+6.1%
5 ROOM	6,713	$519	5,681	$542	+4.4%
EXECUTIVE	1,885	$499	1,457	$530	+6.2%
MULTI-GENERATION	12	$513	2	$553	+7.8%
Grand Total	26,720	$532	24,964	$564	+6.0%

BTO launches in 2023

Estate	BTO	Launch	Est. Completion	Units
Bukit Merah	Alexandra Peaks	5-Dec-23	59 months	904
Bedok	Chai Chee Green	5-Dec-23	39 / 43 months	1234
Jurong West	Jurong Arcadia	5-Dec-23	37 months	716
Bukit Panjang	Petir Park Edge	5-Dec-23	48 months	334
Bishan	Sin Ming Residences	5-Dec-23	32 months	732
Queenstown	Ulu Pandan Vista	5-Dec-23	59 months	890
Woodlands	Urban Rise @ Woodlands	5-Dec-23	51 months	848
Woodlands	Woodlands Beacon	5-Dec-23	50 months	399
Choa Chu Kang	Rail Green I & II @ CCK	4-Oct-23	39 months (Rail Green I @ CCK)/ 48 months (Rail Green II @ CCK)	1895
Tengah	Plantation Edge I & II	4-Oct-23	36 months (Plantation Edge I)/ 40 months (Plantation Edge II)	1010
Kallang Whampoa	Rajah Residences	4-Oct-23	52 months	739
Kallang Whampoa	Tenteram Vantage	4-Oct-23	45 months	1040
Kallang Whampoa	Verandah @ Kallang	4-Oct-23	42 months	1143
Queenstown	Tanglin Halt Cascadia	4-Oct-23	54 months	973
Bedok	Bedok South Blossoms	30-May-23	3Q 2027	1640
Kallang Whampoa	Farrer Park Arena (PLH)	30-May-23	4Q 2027	569
Serangoon	Serangoon North Vista	30-May-23	3Q 2027	330
Tengah	Parc Meadow @ Tengah	30-May-23	1Q 2027 – 2Q 2027	1985
Tengah	Plantation Verge	30-May-23	3Q 2027	971
Tengah	Brickland Weave	28-Feb-23	4Q 2027	1641
Kallang Whampoa	Farrer Park Fields (PLH)	28-Feb-23	2Q 2028	1274
Jurong West	Jurong West Crystal	28-Feb-23	3Q 2027	271
Kallang Whampoa	Rajah Summit	28-Feb-23	2Q 2028	510
Queenstown	Ulu Pandan Glades (PLH)	28-Feb-23	2Q 2029	732

Executive Condominium launch in 2023

2023 saw only 1 EC launch – Altura. The EC in Bukit Batok made headlines for setting a new record in prices which we’ve also covered extensively in our pricing review. Despite this, it’s almost 90% sold to date.

Project	Units	Units Sold-To-Date	Lowest $PSF In 2022	Highest $PSF In 2022	Median $PSF In 2022	Take-Up
ALTURA	360	312	1325	1585	1478	86.7%

Going into 2024

The combination of rising interest rates, higher housing supply, and even developers turning cautious signals a change in the market. 

Genuine home buyers have a lot to look forward to: even if prices don’t drop, it’s likely that they’ve lost their upward momentum. And with the slew of newly completed projects, those seeking resale options may find a much wider range to choose from. Sellers, however, may soon need to adjust their expectations. 

For more updates and news on the Singapore private property market, follow us on Stacked. We’ll also provide you with an in-depth look at new and resale projects alike. 

If you’d like to get in touch for a more in-depth consultation, you can do so here.