Summary
Wrapping up 2024, private home prices posted a notable 2.3% q-o-q jump after a short-lived decline previously. With an annual growth tally of 3.9%, momentum in the market remains steady, though milder than earlier spikes. A string of new projects has energized various segments, shaping the outlook for prospective homebuyers and investors.
4Q2024 Price Growth and Market Rebound
According to the latest data, the 2.3% quarterly price rise is the swiftest since 4Q2023, when prices climbed by 2.8% q-o-q. Non-landed private homes spearheaded this rebound, with values growing across the prime districts, city fringe, and suburbs. Notably, the Rest of Central Region (RCR) and Outside Central Region (OCR) saw increases of 3% and 3.3% respectively, while Core Central Region (CCR) prices rose 2.6% q-o-q.
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
Among these seven new launches—Chuan Park, Emerald of Katong, Meyer Blue, Nava Grove, Norwood Grand, The Collective at One Sophia, and Union Square Residences—over 8,500 cheques were collected as expressions of interest, according to Huttons. Developer sales climbed 194.8% over the previous quarter, reaching 3,420 units, the highest quarterly figure since 3Q2021.
RCR, OCR, and CCR Price Trends
With notable debuts like Meyer Blue and Union Square Residences, the RCR registered a 3% quarterly price jump, spurring heightened interest in nearby developments. The OCR, too, saw a robust 3.3% climb—a testament to the sustained appeal of suburban living. As for the CCR, its 2.6% gain reversed the previous quarter’s slight dip, aided by fresh inventory releases and discounts at select high-end projects.
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
In popular neighborhoods like Bedok and Clementi, steady interest in upgrading has also led to heightened inquiries for upcoming launches. On the horizon for 2025 are projects such as The Orie and Bagnall Haus, which are already enjoying robust take-up. Market watchers say that the sheer variety of new developments—from the 501-unit Elta to the 477-unit Lentor Central Residences—will attract both HDB upgraders and investors seeking options that fit their budget and location preferences.
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
Rental values stayed level through 4Q2024, capping a 1.9% drop for the year, a stark contrast to the 8.7% leap in 2023. Analysts predict newer developments will remain attractive due to modern facilities and strategic locations, whereas older blocks might see tenant interest taper off unless they adjust rents or refurbish. Suburban areas, in particular, could benefit from cost-conscious renters.
The Hillshore Launch Date
Conclusion
Looking ahead, the private real estate scene retains its appeal for both aspiring homeowners and seasoned investors. With more launches on the way and a disciplined approach to pricing, buyers can find options tailored to diverse budgets, while sellers benefit from stable market confidence. Whichever path you choose, the data suggests a balanced and thoughtful market ahead.