Summary
In the final quarter of 2024, private home prices surged by 2.3% q-o-q, bouncing back from a slight dip in the previous quarter. This uptick brings the overall price growth to 3.9% for the entire year, marking a gentler rise than in preceding years. Buyers and sellers alike can glean insights from these trends as new launches continue to propel transactions across Singapore.
4Q2024 Price Growth and Market Rebound
The Urban Redevelopment Authority’s final figures confirm that the 2.3% q-o-q increase outpaced any recent quarterly surge, topping the 0.7% dip seen earlier in 3Q2024. This boost was largely fueled by robust new project launches and steady demand across various sub-markets, cementing the RCR and OCR as rising hotspots with gains of 3% and 3.3% in 4Q2024, respectively.
Record Number of Seven New Launches in 4Q2024
Developers rolled out seven new non-landed projects during 4Q2024, five of which launched in November alone. Lee Sze Teck of Huttons Asia points out that this level of activity was reminiscent of November 2019, marking an exceptionally high volume of fresh offerings.
The Seven Major Projects and Strong Demand
The newly released projects, including the 916-unit Chuan Park and 846-unit Emerald of Katong, garnered significant buyer attention, collectively amassing more than 8,500 cheques. This enthusiasm drove new home sales to 3,420 units in 4Q2024—a nearly threefold jump from 3Q2024—signaling robust uptake despite economic uncertainties.
RCR, OCR, and CCR Price Trends
Prices in the RCR rose by 3% q-o-q, buoyed by Meyer Blue, Emerald of Katong, Union Square Residences, and Nava Grove. The success of these launches also boosted the sales of earlier projects nearby, reflecting a ripple effect in city-fringe areas. Meanwhile, suburban OCR properties logged a 3.3% price surge, partially thanks to well-received launches such as Norwood Grand and Chuan Park.
Cuscaden Reserve, Klimt at Cairnhill, and CCR Performance
Rebounding from the 1.1% slip in 3Q2024, the CCR saw a 2.6% climb in the final quarter, partly driven by enticing discounts on some luxury developments. Cuscaden Reserve’s 85% sell-through and Klimt at Cairnhill’s complete sell-out underscore the enduring demand for prime addresses, especially when prices are strategically tuned.
Highest Yearly RCR Growth and Overall Sales Trends
Over 2024, the RCR’s 5.8% price boost outpaced both the CCR’s 4.5% and the OCR’s 3.7%. Although mass-market activity cooled from the heights seen in earlier years, new home sales still managed to match 2023’s levels, at 6,469 units. Meanwhile, the robust resale segment hit 14,053 transactions, its highest in three years.
Landed Home Prices and Slower Growth
After back-to-back quarterly drops, landed home prices clocked a modest 0.9% upswing for the year. This subdued growth was enough to lure more buyers: landed transactions rose by close to 30% y-o-y, reflecting how certain buyers leveraged the price gap between non-landed and landed segments.
Dynamic Local Insights and Future Pipeline
Across local hotspots like Tampines and Queenstown, potential buyers and investors are keeping an eye on future projects with diverse unit mixes and pricing structures. New launches such as Parktown Residence and Elta could fulfill pent-up demand from families wanting to move closer to schools or community facilities. This pipeline of projects is set to keep market momentum alive through 2025.
Outlook, Price Projections, and Trust in Data
PropNex anticipates private home prices may rise by 3% to 4% in 2025, aligning with Singapore’s broader economic performance. The agency foresees stronger OCR launches priced between $2,200 and $2,500 psf, with city-fringe RCR units possibly reaching $2,800 psf. ERA expects a similar 3% to 5% price climb, underpinned by new project supply hitting the market, which it estimates at 24 launches, adding more than 19,000 units into the pipeline.
Rental Segment and Divergent Trends
Though rents remained flat in 4Q2024, 2024 as a whole saw a 1.9% decline in rental prices—compared to an 8.7% increase in 2023. ERA’s Marcus Chu expects rentals in newly completed homes to maintain growth, while older projects could experience slower demand. Tenants looking for more cost-friendly options may increasingly favor outlying regions where prices are typically more affordable.
ELTA Condo Launch
Conclusion
As Singapore’s private housing market continues to evolve, the final quarter’s rebound and the array of upcoming launches paint a dynamic outlook for 2025. Whether you’re a prospective buyer eyeing a suburban unit near family amenities or an investor scouting prime properties, the fundamentals of consistent demand and controlled supply remain in play.