Singapore private home prices grow for the third consecutive quarter in Q1

Prices grew by 1.4% QoQ.

According to PropNex, Singapore’s private residential property prices climbed for the third straight quarter in Q1 2024, while the HDB resale prices gained strength, following healthy demand and firm transacted prices of resale flats.

In Q1 2024, the growth in HDB resale prices has outpaced that of private homes.

Here’s more from PropNex:

Data from the Urban Redevelopment Authority (URA) showed that overall private home prices climbed by 1.4% QOQ in Q1 2024, marking the third consecutive quarterly increase following the 0.8% QOQ growth in Q3 2023, and the 2.8% QOQ increase in Q4 2023. The final print of 1.4% is marginally down from the 1.5% QOQ increase reflected in the flash estimates.

The moderation in price growth from Q4 2023 to Q1 2024 is likely due to the relatively muted transaction volume during the quarter, amid the seasonal lull and the Lunar New Year festivities. Developers sold 1,164 new private homes (ex. EC) in Q1 2024 – up by 6.6% from the 1,092 new homes (ex. EC) shifted in the previous quarter. Meanwhile, developers’ sales were down by 7.3% from the 1,256 new private residential units sold in Q1 2023. The 1,164 new homes sold is the slowest sales for a first quarter since 762 units were transacted in Q1 2008.

Over in the resale market, 2,689 private homes changed hands in Q1 2024, reflecting a 5% QOQ fall from 2,831 homes resold in the previous quarter, and up by 2.6% YOY from the 2,622 units resold in Q1 2023. Meanwhile, the proportion of sub-sales dipped from 9.5% in Q4 2023 to 8.9% of the total transactions in Q1 2024.

The landed homes segment led the price increase in Q1 2024, with a 2.6% QOQ growth. This could be attributed to the slight uptick in the landed home sales volume from 330 transactions in Q4 2023 to 359 transactions in Q1 2024, as per URA Realis caveat data. The increase in sales volume was observed in the semi-detached and terrace homes segments, while transactions of detached homes dipped marginally from Q4 to Q1.

Meanwhile, the prices of non-landed private homes climbed by 1.0% QOQ in Q1 2024, following the 2.3% QOQ increase in the previous quarter. Home prices rose across the three sub-markets, with the Core Central Region (CCR) posting the steepest increase at 3.4% QOQ in Q1 2024, building on the 3.9% QOQ growth in the previous quarter. The growth came on the back of transactions at new projects 19 Nassim and Watten House, as well as sales at Cuscaden Reserve, which was relaunched in mid-March. In Q1 2024, the top non-landed home transactions in the CCR were the resale of two units at The Ritz-Carlton Residences Singapore Cairnhill which fetched $16.5 million ($5,397 psf) each.

In the Rest of Central Region (RCR), non-landed home prices ticked up by 0.3% QOQ in Q1 2024, overturning the 0.8% QOQ decline in Q4 2023. The launch of freehold project The Arcady at Boon Keng, which sold 50 units at an average price of $2,575 psf based on caveats lodged in Q1, and transactions at projects including Pinetree Hill and The Landmark likely contributed to the slight rebound in home prices in the RCR.

Non-landed private home prices also inched up in the Outside Central Region (OCR), climbing by 0.2% QOQ in Q1 2024 – slowing from the 4.5% QOQ price increase in the previous quarter, where the transactions at J’den had helped to boost OCR prices then. Several OCR new launches have helped to lift prices in the sub-market in Q1: Lentor Mansion sold 408 units at an average price of $2,278 psf; Hillhaven moved 79 units at an average price of $2,070 psf; and Lentoria shifted 60 units at an average price of $2,126 psf. Previously launched projects in Lentor estate – Lentor Hill Residences, Hillock Green, and Lentor Modern – also posted slightly higher average unit prices for transacted units from Q4 2023 to Q1 2024, based on URA Realis caveat data.

In Q1 2024, developers launched 1,304 new private homes and 512 new EC units for sale, compared with 1,060 private homes (ex. EC) in the previous quarter. No new EC project was launched in Q4 2023. The URA said that there were 19,936 uncompleted unsold private homes (ex. EC) as at the end of Q1 2024, representing an increase of 17.8% from 16,929 units in the previous quarter.

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