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The government is expected to call for a general election in 2025, which may see further measures to stabilise the housing market.
By Khalil Adis
By Khalil Adis
View of Singapore's downtown CBD area at night. Photo by Pexels courtesy of Jahoo Clouseau.
Singapore’s property market in 2024 witnessed notable developments, including record-breaking prices and a surge in private home sales. As the country looks ahead to 2025, which is widely expected to be an election year, further government measures to stabilise the housing market are anticipated.
Record high index in the HDB resale market
Punggol is among the popular HDB estates among buyers. Photo: Khalil Adis Consultancy.
The Housing & Development Board (HDB) resale market reached new heights in 2024.
The HDB Resale Price Index (RPI) for the third quarter of 2024 increased by 2.7 per cent from the previous quarter, hitting 192.9 points—a record high.
To address growing demand, HDB had launched 21,225 new flats in 2024.
These included 19,637 Build-To-Order (BTO) flats across various estates and 1,588 units through the Sale of Balance Flats (SBF) exercise in February.
These launches are part of HDB’s commitment to providing 100,000 flats between 2021 and 2025, ensuring a steady supply of affordable housing for Singaporeans.
Year-end surge in private home sales
The HDB Resale Price Index (RPI) for the third quarter of 2024 increased by 2.7 per cent from the previous quarter, hitting 192.9 points—a record high.
To address growing demand, HDB had launched 21,225 new flats in 2024.
These included 19,637 Build-To-Order (BTO) flats across various estates and 1,588 units through the Sale of Balance Flats (SBF) exercise in February.
These launches are part of HDB’s commitment to providing 100,000 flats between 2021 and 2025, ensuring a steady supply of affordable housing for Singaporeans.
Year-end surge in private home sales
Clarke Quay in Singapore. Photo: Khalil Adis Consultancy.
The private property market also saw robust activity, especially in November 2024.
Developers sold 2,557 new private homes during the month, the highest monthly figure since March 2013.
Top-selling projects in November 2024
Developers sold 2,557 new private homes during the month, the highest monthly figure since March 2013.
Top-selling projects in November 2024
Chuan Park by Kingsford Development Pte Ltd.
Chuan Park (Outside Central Region, OCR)
Chuan Park sold 721 units at a median price of $2,586 per sq ft, a record launch price for the OCR.
This accounted for 81 per cent of OCR’s developer sales in November.
Emerald of Katong (Rest of Central Region, RCR):
Chuan Park sold 721 units at a median price of $2,586 per sq ft, a record launch price for the OCR.
This accounted for 81 per cent of OCR’s developer sales in November.
Emerald of Katong (Rest of Central Region, RCR):
An artist impression of Emerald of Katong once the development is completed. Photo courtesy of Sim Lian Group.
Emerald of Katong sold 840 units at a median price of $2,627 per sq ft, leading sales in the RCR.
Other notable projects that did well included Nava Grove (382 units sold at $2,445 per sq ft), and Hillock Green: (45 units sold at $2,278 per sq ft).
Last but not least, Union Square Residences and The Continuum enjoyed a combined sales of over 230 units.
Impact on private resale market
Other notable projects that did well included Nava Grove (382 units sold at $2,445 per sq ft), and Hillock Green: (45 units sold at $2,278 per sq ft).
Last but not least, Union Square Residences and The Continuum enjoyed a combined sales of over 230 units.
Impact on private resale market
Skies Miltonia in Yishun. Photo: Khalil Adis Consultancy.
While new launches thrived, the resale private property market saw a slight dip.
The Private Property Index (PPI) for resale homes declined by 0.7 per cent in the third quarter of 2024, likely due to increased supply from new projects.
2025: Housing affordability in focus
The Private Property Index (PPI) for resale homes declined by 0.7 per cent in the third quarter of 2024, likely due to increased supply from new projects.
2025: Housing affordability in focus
Scaled model of upcoming BTO launches in Singapore at HDB Hub. Photo: Khalil Adis Consultancy,
As housing affordability remains a key concern for Singaporeans, the government is expected to implement measures to address it in 2025.
These may include ramping up the supply of new homes and introducing further cooling measures, if necessary.
HDB
These may include ramping up the supply of new homes and introducing further cooling measures, if necessary.
HDB
Screengrab of an upcoming BTO launch in Queenstown courtesy of HDB.
Approximately 5,000 Built-To-Order (BTO) flats will be launched in early 2025 in Kallang/Whampoa, Queenstown, Woodlands, and Yishun.
The February 2025 Sale of Balance Flats (SBF) exercise will be the largest ever, with over 5,500 flats available.
Around 40 per cent of these will be move-in-ready, while the remainder will be progressively completed between 2025 and 2028.
Private
The February 2025 Sale of Balance Flats (SBF) exercise will be the largest ever, with over 5,500 flats available.
Around 40 per cent of these will be move-in-ready, while the remainder will be progressively completed between 2025 and 2028.
Private
Screengrab showing an empty plot of land at Media Circle at Bouna Vista courtesy of Google Maps.
November 2024 Government Land Sales (GLS) Programme launches
The URA released three residential sites at Media Circle (Parcel A & B) and Bayshore Road under the second half of 2024 GLS Programme.
Media Circle (Parcel A & B) is projected to yield approximately 325 and 500 residential units, respectively.
Bayshore Road is estimated to accommodate 515 residential units.
These three sites are part of the 5,050 residential units made available under the Confirmed List of the second half of 2024 GLS programme, aimed at catering to housing demand and ensuring market stability.
December 2024 Government Land Sales (GLS) Programme launches
The URA released three residential sites at Media Circle (Parcel A & B) and Bayshore Road under the second half of 2024 GLS Programme.
Media Circle (Parcel A & B) is projected to yield approximately 325 and 500 residential units, respectively.
Bayshore Road is estimated to accommodate 515 residential units.
These three sites are part of the 5,050 residential units made available under the Confirmed List of the second half of 2024 GLS programme, aimed at catering to housing demand and ensuring market stability.
December 2024 Government Land Sales (GLS) Programme launches
Screengrab of an empty land parcel at Holland Link courtesy of Google Maps.
In December, the URA announced four additional residential sites at Holland Link, Holland Plain, Chuan Grove and River Valley Green (Parcel C) as part of the second half of 2024 GLS Programme:
Holland Link and Chuan Grove, listed under the Confirmed List, are expected to yield 230 and 555 residential units, respectively.
Holland Plain and River Valley Green (Parcel C), available for application under the Reserve List, could potentially yield 280 and 470 residential units, respectively.
Together, these sites further contribute to the government's commitment to releasing 5,050 residential units under the Confirmed List for the second half 2024 GLS programme to balance housing demand and market stability.
First half of 2025 Government Land Sales (GLS) Programme launches
Holland Link and Chuan Grove, listed under the Confirmed List, are expected to yield 230 and 555 residential units, respectively.
Holland Plain and River Valley Green (Parcel C), available for application under the Reserve List, could potentially yield 280 and 470 residential units, respectively.
Together, these sites further contribute to the government's commitment to releasing 5,050 residential units under the Confirmed List for the second half 2024 GLS programme to balance housing demand and market stability.
First half of 2025 Government Land Sales (GLS) Programme launches
Lakside Drive is located strategically next to Lakeside MRT station. Screengrab courtesy of Google Maps.
Also in December, the URA announced ten Confirmed List sites and nine Reserve List sites for the first half of 2025 which can yield about 8,505 private residential units, 242,900 sq m gross floor area (GFA) of commercial space and 530 hotel rooms.
The Confirmed List will comprise nine private residential sites (including three Executive Condominium sites) and one commercial and residential site which can collectively yield about 5,030 private residential units (including 980 EC units) and 43,000 sqm GFA of commercial space.
The location of the six non-EC sites include Lakeside Drive, Dunearn Road, Chuan Grove, Upper Thomson Road (Parcel A), Dorset Road and Telok Blangah Road.
Meanwhile, the EC sites are located in the OCR, namely, Senja Close, Woodlands Drive 17 and Sembawang Road.
The commercial and residential site is located in Hougang Central.
In total, the Confirmed List can yield 5,030 private residential units and 43,000 sq m GFA of commercial space.
What they mean for buyers
The Confirmed List will comprise nine private residential sites (including three Executive Condominium sites) and one commercial and residential site which can collectively yield about 5,030 private residential units (including 980 EC units) and 43,000 sqm GFA of commercial space.
The location of the six non-EC sites include Lakeside Drive, Dunearn Road, Chuan Grove, Upper Thomson Road (Parcel A), Dorset Road and Telok Blangah Road.
Meanwhile, the EC sites are located in the OCR, namely, Senja Close, Woodlands Drive 17 and Sembawang Road.
The commercial and residential site is located in Hougang Central.
In total, the Confirmed List can yield 5,030 private residential units and 43,000 sq m GFA of commercial space.
What they mean for buyers
An HDB estate in Singapore. Photo by Pexels courtesy of Alix Lee.
The government appears to be carefully calibrating housing supply in response to prevailing economic conditions and property market trends.
The increased housing supply in both the HDB and private property markets is expected to help keep resale prices sustainable and aligned with wage growth, particularly benefiting first-time homebuyers.
Summary
The increased housing supply in both the HDB and private property markets is expected to help keep resale prices sustainable and aligned with wage growth, particularly benefiting first-time homebuyers.
Summary
Upcoming BTO projects in Yishun Avenue 1. Photo: Khalil Adis Consultancy.
Looking ahead, buyers can look forward to a wide range of options in both new BTO flats and condominium launches, catering to different income levels.
For HDB upgraders, upcoming condominium projects in suburban (OCR) and central (RCR) areas, such as Lakeside Drive, Dunearn Road, Chuan Grove, Upper Thomson Road (Parcel A), Dorset Road, and Telok Blangah Road, offer attractive opportunities to make their next move.
For HDB upgraders, upcoming condominium projects in suburban (OCR) and central (RCR) areas, such as Lakeside Drive, Dunearn Road, Chuan Grove, Upper Thomson Road (Parcel A), Dorset Road, and Telok Blangah Road, offer attractive opportunities to make their next move.