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
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
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
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
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
Though rents remained flat in 4Q2024, 2024 as a whole saw a 1.9% decline in rental prices—compared to an 8.7% increase in 2023. ERA’s Marcus Chu expects rentals in newly completed homes to maintain growth, while older projects could experience slower demand. Tenants looking for more cost-friendly options may increasingly favor outlying regions where prices are typically more affordable.
Arina East Residences Prices
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.