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
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
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
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
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
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.
Kassia Showflat
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.