- Total of 10,174 transactions recorded in August 2023 (-12.4% MoM).
- Median sale price per square foot: $1,609, down 21.3% from last month.
- Median monthly rent: $4,700 (+0.0% MoM).
- Most active district: District 23 (Hillview, Dairy Farm, Bukit Panjang, Choa Chu Kang) with 357 sales.
- Highest gross yield: 3.32% in the CCR segment.
Based on URA REALIS data, the Singapore private residential market recorded 10,174 total transactions in August 2023, down 12.4% from the previous month. Sales volume stood at 2,040 units with a median price of $1,609 per square foot, while the rental market saw 8,134 leases at a median rent of $4,700/month. For an overview of the buying process, see our Digital Conveyancing Portal (DCP) 2026 — What Changes.
Highest-Value Transactions
The top 5 transactions by total price in August 2023:
| Project | District | Price | PSF | Size (sqft) | Type |
|---|---|---|---|---|---|
| RAFFLES PARK | D11 | $25,300,000 | $2,285 | 11,071 | Resale |
| CALDECOTT HILL ESTATE | D11 | $22,000,000 | $1,985 | 11,083 | Resale |
| BRADDELL HEIGHTS ESTATE | D13 | $20,300,000 | $1,422 | 14,274 | Resale |
| BAN GUAN PARK | D10 | $13,054,800 | $3,300 | 3,956 | Resale |
| CLEMENTI PARK | D21 | $12,380,000 | $2,095 | 5,910 | Resale |
Key Figures at a Glance
Sales Market Deep Dive
The private residential sales market recorded 2,040 transactions in August 2023, representing a decrease of 26.2% month-on-month and up 4.5% year-on-year. The median price per square foot was $1,609 (down 21.3% MoM), while the median transaction price stood at $1,580,000.
Transaction Mix: Resale: 1,300 (63.7%) · New Sale: 599 (29.4%) · Sub Sale: 141 (6.9%)
Segment Performance: CCR, RCR & OCR
Performance across Singapore's three market segments shows differentiated pricing and demand patterns.
| Segment | Sales Vol. | Median PSF | Rentals | Median Rent | Gross Yield |
|---|---|---|---|---|---|
| CCR (Core Central Region) | 274 | $2,282 | 2,460 | $6,500 | 3.32% |
| RCR (Rest of Central Region) | 504 | $1,904 | 2,702 | $4,700 | 3% |
| OCR (Outside Central Region) | 1,262 | $1,466 | 2,972 | $4,000 | 3.31% |
For a deeper comparison, see Global Property Yield Comparison — Where Singapore Stands.
Top Districts by Activity
The most active districts by sales volume in August 2023:
| District | Area | Segment | Transactions | Median PSF |
|---|---|---|---|---|
| District 23 (Hillview, Dairy Farm, Bukit Panjang, Choa Chu Kang) | Hillview, Dairy Farm, Bukit Panjang, Choa Chu Kang | OCR | 357 | $1,481 |
| District 19 (Serangoon Garden, Hougang, Punggol) | Serangoon Garden, Hougang, Punggol | OCR | 233 | $1,456 |
| District 15 (Katong, Joo Chiat, Amber Road) | Katong, Joo Chiat, Amber Road | RCR | 147 | $2,108 |
| District 27 (Yishun, Sembawang) | Yishun, Sembawang | OCR | 129 | $1,276 |
| District 18 (Tampines, Pasir Ris) | Tampines, Pasir Ris | OCR | 119 | $1,394 |
Notable Transactions
The highest-value transactions by price per square foot in August 2023:
| Project | District | PSF | Price | Size (sqft) | Type |
|---|---|---|---|---|---|
| PARK NOVA | D10 | $4,642 | $6,646,000 | 1,432 | New Sale |
| BOULEVARD 88 | D10 | $4,010 | $5,266,000 | 1,313 | New Sale |
| 3 ORCHARD BY-THE-PARK | D10 | $3,886 | $11,000,000 | 2,831 | Resale |
| BISHOPSGATE RESIDENCES | D10 | $3,864 | $9,398,888 | 2,433 | Resale |
| BISHOPSGATE RESIDENCES | D10 | $3,864 | $9,398,888 | 2,433 | Resale |
| TMW MAXWELL | D2 | $3,739 | $1,932,000 | 517 | New Sale |
| OPERA ESTATE | D15 | $3,725 | $5,188,888 | 1,393 | Resale |
| MIDTOWN MODERN | D7 | $3,701 | $1,513,710 | 409 | New Sale |
| PERFECT TEN | D10 | $3,670 | $2,765,000 | 753 | New Sale |
| BISHOPSGATE RESIDENCES | D10 | $3,628 | $10,698,888 | 2,949 | Resale |
Rental Market Snapshot
The rental market recorded 8,134 leases in August 2023, down 8.1% month-on-month. The median monthly rent was $4,700 (up 0.0% MoM).
Median Rent by Bedroom Type:
| Type | Median Rent |
|---|---|
| 1BR | $3,500 |
| 2BR | $4,300 |
| 3BR | $5,500 |
| 4BR | $9,000 |
| 5BR | $9,600 |
| 6BR | $9,500 |
| NA | $5,595 |
Most Active Rental Projects:
| Project | Leases |
|---|---|
| LANDED HOUSING DEVELOPMENT | 193 |
| NON-LANDED HOUSING DEVELOPMENT | 124 |
| THE WOODLEIGH RESIDENCES | 69 |
| RIVERFRONT RESIDENCES | 58 |
| D'LEEDON | 55 |
Planning to rent? Check out our How to Visualize Lease Decay in Singapore.
6-Month Price Trends
Tracking median PSF and rent over the past six months reveals the underlying trend beyond monthly noise.
| Month | Median PSF | Median Rent |
|---|---|---|
| 2023-03 | $1,707 | $4,500 |
| 2023-04 | $1,987 | $4,580 |
| 2023-05 | $1,932 | $4,500 |
| 2023-06 | $1,632 | $4,600 |
| 2023-07 | $2,044 | $4,700 |
| 2023-08 | $1,609 | $4,700 |
Market volatility assessment: Volatile (based on 6-month coefficient of variation of median PSF).
Supply & Demand Signals
Primary vs Secondary Market: New launches accounted for 599 units (29.4% of total), while resales made up 1,300 transactions and 141 sub-sales were recorded.
Unit Size Demand: 5BR+: 168 (8.2%) · 4BR: 288 (14.1%) · 3BR: 792 (38.8%) · 2BR: 359 (17.6%) · 1BR: 294 (14.4%) · Studio: 139 (6.8%)
Price Distribution: $500K-1M: 214 · $1M-1.5M: 709 · $1.5M-2M: 493 · $2M-3M: 339 · $3M+: 285
Explore our latest Best Family-Friendly Condos in OCR (Outside Central Region) for featured developments.
Outlook & What to Watch
The 2023 market saw the impact of the April IRAS ABSD ratesABSD hike for investment properties, cooling speculative demand while owner-occupier buying remained resilient.
Key takeaways for August 2023:
- Prices have softened with median PSF falling 21.3% month-on-month.
- Rents are holding firm with median rent up 0.0% MoM.
- The resale market remained the primary source of transactions, indicating steady demand for existing stock.
- The CCR-to-OCR price premium stands at approximately 56%, near historical averages.
Useful resources: How to Use the Mortgage Calculator · Property Expense Ratio: Rental Costs and Deductions
Bedroom Type Analysis
Prices and rents broken down by unit type help buyers identify value across different bedroom configurations.
| Bedroom | Median Sale Price | Median Rent | Est. Gross Yield |
|---|---|---|---|
| 0 | $818,000 | -- | -- |
| 1 | $1,187,000 | -- | -- |
| 1BR | -- | $3,500/mo | -- |
| 2 | $1,430,000 | -- | -- |
| 2BR | -- | $4,300/mo | -- |
| 3 | $1,614,000 | -- | -- |
| 3BR | -- | $5,500/mo | -- |
| 4 | $2,410,000 | -- | -- |
| 4BR | -- | $9,000/mo | -- |
| 5 | $4,450,000 | -- | -- |
| 5BR | -- | $9,600/mo | -- |
| 6BR | -- | $9,500/mo | -- |
| NA | -- | $5,595/mo | -- |
Yields are gross estimates: (monthly rent × 12) / median sale price. Actual net yields vary with maintenance, taxes, and vacancy.
Useful Resources
- How to Use the Mortgage Calculator
- How to Calculate Stamp Duty (BSD + ABSD)
- Digital Conveyancing Portal (DCP) 2026 — What Changes
- Joint Tenancy vs Tenancy-in-Common — Ownership Comparison
- CPF Nomination for Property Owners — Why Your Will Isn't Enough
- CPF for Property: Complete Guide to Using CPF OA for Your Condo
- IRR: Internal Rate of Return for Property Investors
- Moving Averages: Reading Property Price Trends
- ROI Metrics: Total Return, Break-Even, Future Value
Official Sources: URA · URA REALIS · MAS · SORA Rates · BSD Rates · ABSD Rates · CPF Housing
Methodology & Sources
This report is compiled from transaction data published by the Urban Redevelopment Authority (URA) via the REALIS system. Median values are used throughout to minimise the impact of outliers from exceptionally high or low transactions. Month-on-month (MoM) and year-on-year (YoY) changes compare like-for-like periods.
Gross rental yield is calculated as (median monthly rent × 12) / median transaction price. Market segment classifications follow URA definitions: CCR (Core Central Region), RCR (Rest of Central Region), and OCR (Outside Central Region). Interest rate references use the Singapore Overnight Rate Average (SORA) published by MAS. Stamp duty rates reference IRAS BSD and ABSD schedules.
Data coverage: 723 condos with sales data and 1725 with rental data out of 3429 tracked properties for August 2023.