- Total of 7,663 transactions recorded in February 2023 (-14.2% MoM).
- Median sale price per square foot: $1,764, up 7.0% from last month.
- Median monthly rent: $4,500 (+2.3% MoM).
- Most active district: District 10 (Ardmore, Bukit Timah, Holland Road, Tanglin) with 151 sales.
- Highest gross yield: 3.53% in the OCR segment.
Based on URA REALIS data, the Singapore private residential market recorded 7,663 total transactions in February 2023, down 14.2% from the previous month. Sales volume stood at 1,472 units with a median price of $1,764 per square foot, while the rental market saw 6,191 leases at a median rent of $4,500/month. For an overview of the buying process, see our HDB Upgrader Financial Planning: From HDB to Condo.
Highest-Value Transactions
The top 5 transactions by total price in February 2023:
| Project | District | Price | PSF | Size (sqft) | Type |
|---|---|---|---|---|---|
| MEYER PARK | D15 | $392,180,000 | $2,707 | 144,882 | Resale |
| CORAL ISLAND | D4 | $36,500,000 | $2,717 | 13,434 | Resale |
| LES MAISONS NASSIM | D10 | $36,000,000 | $5,727 | 6,286 | New Sale |
| KLIMT CAIRNHILL | D9 | $27,500,000 | $4,645 | 5,920 | New Sale |
| LANDED HOUSING DEVELOPMENT | D11 | $26,500,000 | $907 | 29,201 | Resale |
Key Figures at a Glance
Sales Market Deep Dive
The private residential sales market recorded 1,472 transactions in February 2023, representing an increase of 16.5% month-on-month and down 12.0% year-on-year. The median price per square foot was $1,764 (up 7.0% MoM), while the median transaction price stood at $1,794,000.
Transaction Mix: Resale: 972 (66%) · New Sale: 430 (29.2%) · Sub Sale: 70 (4.8%)
Segment Performance: CCR, RCR & OCR
Performance across Singapore's three market segments shows differentiated pricing and demand patterns. See our CCR, RCR, OCR: Singapore's Market Segments for segment definitions.
| Segment | Sales Vol. | Median PSF | Rentals | Median Rent | Gross Yield |
|---|---|---|---|---|---|
| CCR (Core Central Region) | 383 | $2,658 | 1,816 | $6,000 | 2.94% |
| RCR (Rest of Central Region) | 458 | $1,913 | 2,139 | $4,500 | 2.7% |
| OCR (Outside Central Region) | 631 | $1,341 | 2,236 | $4,000 | 3.53% |
For a deeper comparison, see New Launch vs Resale Condos — A Data-Driven Comparison.
Top Districts by Activity
The most active districts by sales volume in February 2023:
| District | Area | Segment | Transactions | Median PSF |
|---|---|---|---|---|
| District 10 (Ardmore, Bukit Timah, Holland Road, Tanglin) | Ardmore, Bukit Timah, Holland Road, Tanglin | CCR | 151 | $2,816 |
| District 19 (Serangoon Garden, Hougang, Punggol) | Serangoon Garden, Hougang, Punggol | OCR | 145 | $1,425 |
| District 5 (Pasir Panjang, Hong Leong Garden, Clementi New Town) | Pasir Panjang, Hong Leong Garden, Clementi New Town | RCR | 141 | $2,564 |
| District 9 (Orchard, Cairnhill, River Valley) | Orchard, Cairnhill, River Valley | CCR | 106 | $2,659 |
| District 18 (Tampines, Pasir Ris) | Tampines, Pasir Ris | OCR | 92 | $1,297 |
Notable Transactions
The highest-value transactions by price per square foot in February 2023:
| Project | District | PSF | Price | Size (sqft) | Type |
|---|---|---|---|---|---|
| LES MAISONS NASSIM | D10 | $5,727 | $36,000,000 | 6,286 | New Sale |
| SKYLINE @ ORCHARD BOULEVARD | D9 | $5,371 | $20,234,000 | 3,767 | Resale |
| NASSIM PARK RESIDENCES | D10 | $4,785 | $20,500,000 | 4,284 | Resale |
| KLIMT CAIRNHILL | D9 | $4,645 | $27,500,000 | 5,920 | New Sale |
| SOUTH BEACH RESIDENCES | D7 | $4,504 | $8,630,000 | 1,916 | Resale |
| PARK NOVA | D10 | $4,371 | $6,258,000 | 1,432 | New Sale |
| NEW FUTURA | D9 | $4,008 | $4,400,000 | 1,098 | Resale |
| 3 CUSCADEN | D10 | $3,982 | $1,800,000 | 452 | Sub Sale |
| 19 NASSIM | D10 | $3,906 | $5,508,000 | 1,410 | New Sale |
| LANDED HOUSING DEVELOPMENT | D11 | $3,849 | $9,578,800 | 2,489 | New Sale |
Rental Market Snapshot
The rental market recorded 6,191 leases in February 2023, down 19.3% month-on-month. The median monthly rent was $4,500 (up 2.3% MoM).
Median Rent by Bedroom Type:
| Type | Median Rent |
|---|---|
| 1BR | $3,500 |
| 2BR | $4,300 |
| 3BR | $5,400 |
| 4BR | $8,500 |
| 5BR | $10,000 |
| 6BR | $16,308 |
| NA | $4,800 |
Most Active Rental Projects:
| Project | Leases |
|---|---|
| LANDED HOUSING DEVELOPMENT | 115 |
| NON-LANDED HOUSING DEVELOPMENT | 105 |
| PARC ESTA | 55 |
| JADESCAPE | 48 |
| D'LEEDON | 40 |
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 |
|---|---|---|
| 2022-09 | $1,830 | $4,000 |
| 2022-10 | $1,381 | $4,100 |
| 2022-11 | $1,486 | $4,200 |
| 2022-12 | $1,411 | $4,300 |
| 2023-01 | $1,648 | $4,400 |
| 2023-02 | $1,764 | $4,500 |
Market volatility assessment: Volatile (based on 6-month coefficient of variation of median PSF).
For longer-term analysis, see Rental Trends by Floor Level — 2025.
Supply & Demand Signals
Primary vs Secondary Market: New launches accounted for 430 units (29.2% of total), while resales made up 972 transactions and 70 sub-sales were recorded.
Unit Size Demand: 5BR+: 193 (13.1%) · 4BR: 207 (14.1%) · 3BR: 432 (29.3%) · 2BR: 312 (21.2%) · Studio: 104 (7.1%) · 1BR: 224 (15.2%)
Price Distribution: $500K-1M: 197 · $1M-1.5M: 346 · $1.5M-2M: 301 · $2M-3M: 319 · $3M+: 309
Explore our latest Top 10 Highest Rental Yield Condos 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 February 2023:
- Prices are trending upward with median PSF rising 7.0% month-on-month.
- Rents are holding firm with median rent up 2.3% 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 98%, near historical averages.
Useful resources: How to Compare Mortgage Loan Packages · CCR, RCR, OCR: Singapore's Market Segments
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 | $790,000 | -- | -- |
| 1 | $1,390,000 | -- | -- |
| 1BR | -- | $3,500/mo | -- |
| 2 | $1,604,000 | -- | -- |
| 2BR | -- | $4,300/mo | -- |
| 3 | $1,717,500 | -- | -- |
| 3BR | -- | $5,400/mo | -- |
| 4 | $2,680,000 | -- | -- |
| 4BR | -- | $8,500/mo | -- |
| 5 | $5,480,000 | -- | -- |
| 5BR | -- | $10,000/mo | -- |
| 6BR | -- | $16,308/mo | -- |
| NA | -- | $4,800/mo | -- |
Yields are gross estimates: (monthly rent × 12) / median sale price. Actual net yields vary with maintenance, taxes, and vacancy.
Useful Resources
- How to Compare Mortgage Loan Packages
- How to Check TDSR and MSR Affordability
- How to Use the End-to-End Investment Calculator
- HDB Upgrader Financial Planning: From HDB to Condo
- Young Couple's First Condo Guide — Strategy for Buyers Under 35
- EC to Private Condo Upgrade — When & How to Make the Switch
- Lease Decay: How 99-Year Leasehold Values Decline
- BSD Explained: Buyer's Stamp Duty Rates in Singapore
- ABSD Explained: Additional Buyer's Stamp Duty Rates
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: 656 condos with sales data and 1578 with rental data out of 3429 tracked properties for February 2023.