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
Capping off the year, a remarkable seven new projects hit the market in 4Q2024, with the bulk released in November. Huttons Asia’s Lee Sze Teck likened this intense burst of launches to that of late 2019, indicating developers’ confidence in buying sentiment.
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
Prices in CCR increased by 2.6% q-o-q, with The Collective at One Sophia launch contributing to renewed interest. Existing CCR projects like Cuscaden Reserve and Klimt at Cairnhill cleared many unsold units after strategic price adjustments earlier in the year. Cuscaden Reserve is now 85% sold, while Klimt at Cairnhill has fully sold out at an average price of $3,665 psf.
Highest Yearly RCR Growth and Overall Sales Trends
For the full year 2024, the RCR posted the most significant price growth, at 5.8%. The CCR followed at 4.5%, while the OCR recorded a more moderate 3.7%—down from its previous double-digit surge. Nonetheless, total new home sales in 2024 reached 6,469 units, inching above the 6,421 units sold in 2023. Resale activity also picked up, with 14,053 units changing hands, marking a 24% increase from the prior year.
Landed Home Prices and Slower Growth
Landed housing costs dipped by 0.1% q-o-q in 4Q2024, following a 3.4% decrease in 3Q2024. Still, the annual growth rate ended at a mild 0.9%, the lowest in seven years. However, the relatively stable pricing encouraged more transactions—up by nearly 30% y-o-y, indicating that some homeowners upgraded to landed properties as non-landed values climbed.
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
Market analysts project a measured price growth of 3% to 5% in the year ahead, fueled by a healthy line-up of new launches. PropNex and ERA both highlight that OCR projects could hover around the $2,200 to $2,500 psf range, while CCR properties may exceed $3,000 psf. With over 19,000 unsold units still available, buyers will find a broader selection, which may help moderate excessive price jumps.
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.
Jansen House Number of Units
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.