Summary
In the final quarter of 2024, private home prices surged by 2.3% q-o-q, bouncing back from a slight dip in the previous quarter. This uptick brings the overall price growth to 3.9% for the entire year, marking a gentler rise than in preceding years. Buyers and sellers alike can glean insights from these trends as new launches continue to propel transactions across Singapore.
4Q2024 Price Growth and Market Rebound
The Urban Redevelopment Authority’s final figures confirm that the 2.3% q-o-q increase outpaced any recent quarterly surge, topping the 0.7% dip seen earlier in 3Q2024. This boost was largely fueled by robust new project launches and steady demand across various sub-markets, cementing the RCR and OCR as rising hotspots with gains of 3% and 3.3% in 4Q2024, respectively.
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
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
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
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
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
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.
Lentor Central Residences Pricing
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.