News > Singapore Property Market Snapshot - September 2024

Singapore Property Market Snapshot - September 2024

17 October 2024

Explore how Singapore Property Market performed in September 2024 below:

Hot Topics in Singapore Property Market September 2024

1. Singapore’s private home prices slip 1.1% in Q3; first drop since Q2 2023.

Singapore private home prices experienced their first decline in 5 quarters, dropping 1.1% in Q3. Despite this, market experts predict a rebound in Q4 due to upcoming launches and falling interest rates. Landed property and CCR saw the largest price falls. While transaction volumes decreased, secondary sales remained strong. With expectations of a 1-4% price increase for the year, coupled with low unemployment rates and favourable interest rate forecasts, the market is poised for renewed activity ahead. Read more >>

2. Media Circle serviced apartment site not awarded as sole bid deemed too low by URA.

The Urban Redevelopment Authority (URA) did not award the tender for a serviced apartment site at Media Circle, as the sole bid of S$461 per square foot was considered too low. The site, part of the one-north business park, attracted only one bid, which was below the government's expectations, leading to the decision not to proceed with the award. Read more >>

3. Eight projects in Plus or Prime classification in Oct BTO launch.

The upcoming BTO sales exercise will feature 8,573 flats across various towns, with stricter resale conditions for Plus and Prime projects. National Development Minister Desmond Lee emphasises the need for additional subsidies to maintain affordability while preventing windfalls in the resale market. Read more >>

4. HDB resale price growth remains strong even as volume falls in September.

Resale prices of public housing in Singapore surged by 1.8% in September 2024 despite a drop in volume, driven by high demand and low supply. Prices have increased by 10% year-on-year, with 4-room flats leading the surge. The market is expected to face competition from upcoming BTO launches. Additionally, the number of million-dollar HDB flats is on the rise. 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 September 2024

1. 8@BT (Launched 21 September 2024)

Location: 6 - 8 Bukit Timah Link, D21

TOP: 2028

Tenure: 99 years

Number of units: 158

Price range: S$2,630 ~ S$2,780 PSF

(Image source: https://www.bukitsembawang.sg/8atbt)

2. Ardor Residence (Launched September 2024)

Location: 181 Haig Road, D15

TOP: 2026

Tenure: Freehold

Number of units: 35

Price range: S$2,380 ~ S$2,500 PSF

(Image source: https://www.nanshan.com.sg/index/industrial/property.html)

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 September 2024

For Condo new sale, the most popular projects with highest transaction volume in September are: 8@BT, Pinetree Hill, Hillhaven, Tembusu Grand, Hillock Green.

For Condo resale, the most popular projects are: Sol Acres, Cuscaden Reserve, High Park Residences, The Tapestry 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 September 2024

The most popular HDB projects with highest transaction volume in August are: West Edge @ Bukit Batok, Macpherson Spring, West Ridges @ Bukit Batok, Alkaff Vista, Fernvale Rivergrove.

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

The most expensive Condo transaction in September 2024 is a 4-bedroom unit on high floor at Cuscaden Reserve Condo, which was sold at $15 million for a total area of 3,757 sqft ($3,993 PSF). This is also the highest price ever transacted at Cuscaden Reserve Condo since its launch in 2019.

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

The most profitable Condo transaction in September 2024 happened at Northoaks Condo in D25 after being held for 56 months, recording a 16.9% annualised gain.

The highest annual loss percentage of the month was seen in a unit at Marina One Residences Condo, which recorded an annual loss of 4%.

Residential Listings (Condo, HDB, Landed) April - September 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) (July - September 2024)

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

*The data presented in this monthly report is accurate as of 17 October 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: 092024 - Singapore Property Market Snapshot.pdf

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Continue to read our previous monthly reports:

Singapore Property Market Snapshot - August 2024

Singapore Property Market Snapshot - July 2024

Singapore Property Market Snapshot - June 2024