2025-02-10-莱坊-Singapore_Residential_Market_Update_Q4_2024_2页_591kb

Summary of Singapore Non-Landed Property Market Report

Key Q4 2024 Performance

• Total non-landed units sold in secondary market reached 1,490 transactions, declining 22.6% quarter-on-quarter.
• OCR sub-market showed strong new sales growth, increasing 11.2% q-o-q to 2,888 units, driven by projects like Norwood Grand and Chuan Park.
• Non-landed property prices rose 3.4% q-o-q in Q4 2024, contributing to a 11.2% increase in new sales volume for the quarter.
• CCR experienced a surge in new sales, with activity tripling to 3,392 units q-o-q, boosting overall transaction volume.

Year-End Data

• Full-year 2024 sales volume for non-landed properties reached 19,464 units, matching 2023's performance.
• Elevated take-up rates from prominent new launches resulted in price increases.
• Secondary market showed sustained activity amid pent-up demand and interest rate changes.

Market Trends and Drivers

• Improving economic factors, such as falling interest rates and steady household wealth growth, supported buyer sentiment.
• High-end market demand remained selective, particularly for investors due to ABSD policies.
• New launches, including Meyer Blue, Emerald of Katong, and project in Woodlands, contributed to sales momentum.

Market Outlook for 2025

• Expected new sales volume to range between 7,000 and 9,000 units, with total non-landed transactions projected at 19,000 to 23,000.
• Price growth is forecast to be 3% to 5%, underpinned by moderate-to-healthy take-up rates.
• Rental market expected low growth between 1% and 3% due to balanced demand and supply, with focus on renewals and inventory.