2024-11-12-莱坊-Singapore_Residential_Market_Update_Q3_2024_2页_572kb

Summary of Singapore Residential Property Market Report (Q3 2024)

Non-Landed Property Market Performance

• Total Sales: Non-landed residential units (excluding ECs) decreased 9.9% q-o-q to 3,930 units in Q3 2024. Year-on-year, sales dropped 18.6%, outpacing the CCR's 13.4% y-o-y decline.
• Prices: Non-landed private home prices fell 0.3% q-o-q (0.6% q-o-q for CCR) and were projected to end the year with minimal growth between 3% and 5%, driven by high land and construction costs. Prices in non-landed homes declined 0.3% q-o-q, contrasting with a 0.6% q-o-q increase in the previous quarter.

Regional Analysis

• Outside Central Region (OCR): Two projects (Kassia and Sora) launched; Kassia achieved a median price of S$2,049 psf, boosting new sales by 70.7% q-o-q to 647 units, offsetting weaker sales (-4.0% q-o-q) in suburban areas.
• Core Central Region (CCR): Sales volume was lackluster at 526 units (-27.5% q-o-q), with prices rising slightly year-on-year (+5.5%). Low inventory kept some units supported.
• Rest of Central Region (RCR): New sales increased but total volume fell 10.1% q-o-q to 1,252 units, primarily due to declining secondary sales (-20.9% q-o-q).

Rental Market Update

• Rental transactions saw a 35.8% increase in July-August 2024 (17,121 contracts), higher than the 2023 period, partly due to falling rents and new supply. Rentals for three- and four-bedroom units under pressure; three-bedroom mid-end and high-end rents noted.

Market Outlook

• Interest Rate Cuts: A 50-basis point cut by the US Fed may stimulate buyer activity in 2025 but effects are not immediate. Transaction volume for 2024 is projected between 14,000 and 16,000 units, likely at the lower end, reflecting buyer caution and subdued sentiment.
• Projections: Prices and volumes may remain constrained; sales growth tied to new launch pricing, with concerns over past and projected low activity levels affecting market momentum.