News > Singapore Property Market Snapshot - October 2024

Singapore Property Market Snapshot - October 2024

18 November 2024

Explore how Singapore Property Market performed in October 2024 below:

Hot Topics in Singapore Property Market October 2024

1. New Sembawang North, Woodlands North housing areas to yield 14,000 homes.

Singapore Government plans to build 14,000 homes in Sembawang and Woodlands by 2035 to meet housing demand. The new estates will offer a mix of BTO flats and private homes with amenities like parks, shops, and community hubs. These developments aim to stabilise the property market while incorporating themes from the areas heritage. Read more >>

2. HDB reports S$6.775B deficit for FY2023, higher than FY2022.

The shortfall is attributed to ongoing construction projects, flat sales deficits, and CPF housing grants disbursements. CEO Tan Meng Dui highlights increased BTO flat supply and affordability measures. HDBs expenses include rental flats, upgrading projects, and residential services management. Read more >>

3. Condo prices up in Q3, but landed properties drag overall figure down by 0.7%; rents rose 0.8%.

Residential rents in Singapore rebounded by 0.8% in the third quarter after 3 consecutive quarters of decline, signalling a revival in the private housing market. Despite a 0.7% dip in overall property prices, home sales increased, with transaction volumes hitting a 12-month high. Unsold inventory decreased, indicating a manageable housing stock level. Read more >>

4. More than 33,000 applicants for 8,573 new flats in HDB’s October BTO exercise so far.

Singles flock to apply for two-room Flexi flats, with 10,292 applicants competing for 1,902 units. Interest remains high despite stricter resale conditions, with some projects seeing up to 6.3 applicants per unit. However, less popular locations face lower application rates. Plus and Prime flats attract attention but come with longer minimum occupation periods and resale restrictions. Read more >>

Price Indexes

*Index value is 1 at year 2008

Price Indexes shown are powered by REA Property Price Index - an accurate and objective indicator of the real estate market performance. Read more about our index here.

1. Residential Property Price Index (Condo, HDB, Landed)

2. Commercial Price Index (Office)

New Launches in October 2024

1. Norwood Grand (Launched 19 October 2024)

Location: 2 Champion Ways, D25

TOP: 2030

Tenure: 99 years

Number of units: 348

Price range: S$2,002 ~ S$2,133 PSF

(Image source: https://www.cdlhomes.com.sg/norwoodgrand/)

2. Meyer Blue (Launched 5 October 2024)

Location: 81 Meyer Road, D15

TOP: 2028

Tenure: Freehold

Number of units: 226

Price range: S$3,213 ~ S$3,427 PSF

(Image source: https://uolhomes.com.sg/project/meyer-blue/)

Residential Property Snapshot

1. Top 5 Districts with highest Month on Month (M-o-M) Index Change

2. Top 5 most popular Condo projects in October 2024

For Condo new sale, the most popular projects with highest transaction volume in October are: Norwood Grand, Meyer Blue, Pinetree Hill, Hillock Green, Lentor Mansion.

For Condo resale, the most popular projects are: Cuscaden Reserve, Kingsford Waterbay, Stirling Residences, High Park Residences and Inz Residence.

Definitions by URA :

*New Sale: The sale of a unit direct by a developer before the issuance of the Certificate of Statutory Completion and the Subsidiary Strata Certificates of Title or the Certificates of Title for all the units in the development.

*Resale: The sale of a unit by a developer or subsequent purchaser after the issuance of the Certificate of Statutory Completion and the Subsidiary Strata Certificates of Title or the Certificates of Title for all the units in the development.

3. Top 5 most popular projects (HDB) in October 2024

The most popular HDB projects with highest transaction volume in October are: Tampines Greenweave, Eastcreek @ Cranberra, Tampines Greenridges, Eastlink I @ Canberra, West Edge @ Bukit Batok.

4. Top 5 highest transacted price (Condo) in October 2024

The most expensive Condo transaction in October 2024 is a 4-bedroom unit on low floor at 32 Gilstead Condo, which was sold at $14.5 million for a total area of 4,219 sqft ($3,434 PSF).

5. Top 5 Transactions by Annualised Capital Gain/Loss in October 2024

The most profitable Condo transaction in October 2024 happened at Changi Rise Condominium in D18 after being held for 3.36 years, recording a 17.8% annualised gain.

The highest annual loss percentage of the month was seen in a unit at Pine Grove Condo, which recorded an annual loss of 3%.

Residential Listings (Condo, HDB, Landed) May - October 2024

*New Listing: the total number of listings that are newly added in that particular time period

Commercial Snapshot

1. Top 5 Office and Retail Sale (by volume and transacted price) (August - October 2024)

2. Top 5 Shophouses with Highest Transacted Price (Sale and Rent) in October 2024

*The data presented in this monthly report is accurate as of 18 November 2024. While we strive to provide the most up-to-date information available, it is important to note that there may be a small percentage of transactions that experience delays in reporting from the respective agencies and government sources. Therefore, the data provided should be interpreted with this in mind, and you are encouraged to verify the latest information for your specific needs.

*All analytical and visually interpreted data in this report is powered by RealAgent, a comprehensive app for real estate professionals. It offers a blend of property information, real-time transaction data, and advanced analytics, ensuring accurate and up-to-date insights for our report. Find out more about RealAgent here.

Download the full report (PDF) here: 102024 - Singapore Property Market Snapshot.pdf

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Continue to read our previous monthly reports:

Singapore Property Market Snapshot - September 2024

Singapore Property Market Snapshot - August 2024

Singapore Property Market Snapshot - July 2024