Singapore private home prices saw a 2.3% quarter-on-quarter (q-o-q) increase in Q4 2024, marking a significant rebound from the 0.7% decline in the previous quarter. This represents the fastest quarterly growth since Q4 2023, when prices rose by 2.8%. For the full year, private home prices in Singapore grew by 3.9%, a slowdown compared to the 6.8% increase in 2023, 8.6% in 2022, and 10.6% in 2021, according to PropNex.
The final Q4 2024 figures align with the flash estimates released earlier, confirming the steady upward trend in Singapore private home prices.
Non-Landed Homes Drive Price Growth
The non-landed private homes segment led the charge in Q4 2024, with prices climbing 3.0% q-o-q. This growth was fueled by strong performances across all sub-markets, particularly in the city fringe (Rest of Central Region, or RCR) and suburban areas (Outside Central Region, or OCR), which saw price increases of 3.0% and 3.3%, respectively. Prime areas (Core Central Region, or CCR) also experienced a 2.6% q-o-q rise in prices.
Record New Launches in Q4 2024
A record seven new private residential projects were launched in Q4 2024, with five of them hitting the market in November alone. According to Lee Sze Teck, senior director of data analytics at Huttons Asia, this was the first time since November 2019 that five new projects were launched in a single month.
The seven major launches—Chuan Park (916 units), Emerald of Katong (846 units), Meyer Blue (226 units), Nava Grove (552 units), Norwood Grand (348 units), The Collective at One Sophia (367 units), and Union Square Residences (366 units)—garnered over 8,500 expressions of interest. Developers sold 3,420 new homes during the quarter, a 194.8% increase from Q3 2024 and the highest quarterly sales since Q3 2021.
Regional Performance Highlights
- RCR: Prices rose 3.0% q-o-q, driven by successful launches like Meyer Blue, Emerald of Katong, Union Square Residences, and Nava Grove. These projects also boosted sales of nearby developments such as Tembusu Grand, The Continuum, and Pinetree Hill.
- OCR: Prices grew 3.3% q-o-q, supported by strong sales at Norwood Grand and Chuan Park.
- CCR: Prices increased 2.6% q-o-q, rebounding from a 1.1% decline in the previous quarter. Projects like The Collective at One Sophia contributed to this growth, while discounts earlier in the year helped clear unsold inventory at developments like Cuscaden Reserve and Klimt at Cairnhill. Upcoming new launches could also include The Robertson Opus.
Year-on-Year Price Growth
For the full year of 2024, non-landed private home prices in the RCR grew the fastest at 5.8%, compared to 4.5% in the CCR and 3.7% in the OCR. The OCR’s price growth slowed significantly from 13.7% in 2023, a trend that PropNex CEO Ismail Gafoor described as “positive for the mass market,” as double-digit price increases are unsustainable.
Resale Market Performance
Resale transactions in Q4 2024 totaled 3,702 units, bringing the full-year resale volume to 14,053 units—a 24% increase from 2023 and the highest annual resale volume in three years. However, resale transactions accounted for just 49.8% of total sales in Q4 2024, the lowest proportion in 17 quarters, as new launches dominated the market.
Outlook for 2025
PropNex projects that Singapore private home prices will rise by 3% to 4% in 2025, with new home sales expected to range between 8,000 and 9,000 units (excluding Executive Condominiums). Upcoming launches like Elta (501 units), Parktown Residence (1,195 units), and Lentor Central Residences (477 units) are expected to attract strong demand, particularly from HDB upgraders.
ERA’s Chu notes that unsold inventory stood at 19,606 units at the end of Q4 2024, with 24 new launches planned for 2025. ERA forecasts overall private residential price growth to continue at 3% to 5% year-on-year, supported by ample new supply and sustained buyer interest.
