- Total of 7,297 transactions recorded in February 2024 (-20.8% MoM).
- Median sale price per square foot: $1,715, up 8.2% from last month.
- Median monthly rent: $4,400 (-1.1% MoM).
- Most active district: District 19 (Serangoon Garden, Hougang, Punggol) with 158 sales.
- Highest gross yield: 3.13% in the OCR segment.
Based on URA REALIS data, the Singapore private residential market recorded 7,297 total transactions in February 2024, down 20.8% from the previous month. Sales volume stood at 1,335 units with a median price of $1,715 per square foot, while the rental market saw 5,962 leases at a median rent of $4,400/month. For an overview of the buying process, see our Singapore Mortgage Guide: Fixed vs Floating.
Highest-Value Transactions
The top 5 transactions by total price in February 2024:
| Project | District | Price | PSF | Size (sqft) | Type |
|---|---|---|---|---|---|
| LANDED HOUSING DEVELOPMENT | D10 | $19,500,000 | $1,885 | 10,345 | Resale |
| LANDED HOUSING DEVELOPMENT | D10 | $19,500,000 | $1,885 | 10,345 | Resale |
| LANDED HOUSING DEVELOPMENT | D10 | $17,420,000 | $2,516 | 6,924 | Resale |
| BRADDELL HEIGHTS ESTATE | D13 | $16,800,000 | $1,176 | 14,288 | Resale |
| LANDED HOUSING DEVELOPMENT | D4 | $16,000,000 | $1,844 | 8,675 | Resale |
Key Figures at a Glance
Sales Market Deep Dive
The private residential sales market recorded 1,335 transactions in February 2024, representing a decrease of 23.7% month-on-month and down 9.3% year-on-year. The median price per square foot was $1,715 (up 8.2% MoM), while the median transaction price stood at $1,680,000.
Transaction Mix: Resale: 1,026 (76.9%) · New Sale: 181 (13.6%) · Sub Sale: 128 (9.6%)
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) | 214 | $2,253 | 1,790 | $5,800 | 2.68% |
| RCR (Rest of Central Region) | 407 | $1,885 | 1,954 | $4,454 | 2.75% |
| OCR (Outside Central Region) | 714 | $1,447 | 2,218 | $3,850 | 3.13% |
For a deeper comparison, see SE Asia Property Investment — Singapore vs Bangkok vs KL vs Jakarta.
Top Districts by Activity
The most active districts by sales volume in February 2024:
| District | Area | Segment | Transactions | Median PSF |
|---|---|---|---|---|
| District 19 (Serangoon Garden, Hougang, Punggol) | Serangoon Garden, Hougang, Punggol | OCR | 158 | $1,593 |
| District 23 (Hillview, Dairy Farm, Bukit Panjang, Choa Chu Kang) | Hillview, Dairy Farm, Bukit Panjang, Choa Chu Kang | OCR | 115 | $1,473 |
| District 15 (Katong, Joo Chiat, Amber Road) | Katong, Joo Chiat, Amber Road | RCR | 113 | $1,858 |
| District 10 (Ardmore, Bukit Timah, Holland Road, Tanglin) | Ardmore, Bukit Timah, Holland Road, Tanglin | CCR | 101 | $2,212 |
| District 5 (Pasir Panjang, Hong Leong Garden, Clementi New Town) | Pasir Panjang, Hong Leong Garden, Clementi New Town | RCR | 98 | $1,960 |
Notable Transactions
The highest-value transactions by price per square foot in February 2024:
| Project | District | PSF | Price | Size (sqft) | Type |
|---|---|---|---|---|---|
| HILLTOPS | D9 | $4,540 | $13,049,000 | 2,874 | Resale |
| ARDMORE PARK | D10 | $4,472 | $12,900,000 | 2,885 | Resale |
| MIDTOWN MODERN | D7 | $3,766 | $1,540,440 | 409 | New Sale |
| LANDED HOUSING DEVELOPMENT | D15 | $3,589 | $5,918,000 | 1,649 | Resale |
| LANDED HOUSING DEVELOPMENT | D15 | $3,589 | $5,918,000 | 1,649 | Resale |
| 19 NASSIM | D10 | $3,588 | $2,047,093 | 570 | New Sale |
| HILLTOPS | D9 | $3,557 | $8,500,000 | 2,390 | Resale |
| PERFECT TEN | D10 | $3,557 | $2,680,000 | 753 | New Sale |
| KLIMT CAIRNHILL | D9 | $3,496 | $5,230,000 | 1,496 | New Sale |
| KLIMT CAIRNHILL | D9 | $3,441 | $2,852,000 | 829 | New Sale |
Rental Market Snapshot
The rental market recorded 5,962 leases in February 2024, down 20.1% month-on-month. The median monthly rent was $4,400 (down 1.1% MoM).
Median Rent by Bedroom Type:
| Type | Median Rent |
|---|---|
| 1BR | $3,200 |
| 2BR | $4,100 |
| 3BR | $5,300 |
| 4BR | $8,300 |
| 5BR | $9,350 |
| NA | $4,800 |
Most Active Rental Projects:
| Project | Leases |
|---|---|
| NORMANTON PARK | 130 |
| LANDED HOUSING DEVELOPMENT | 117 |
| NON-LANDED HOUSING DEVELOPMENT | 92 |
| TREASURE AT TAMPINES | 65 |
| THE M | 63 |
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 |
|---|---|---|
| 2023-09 | $1,604 | $4,600 |
| 2023-10 | $1,655 | $4,500 |
| 2023-11 | $1,972 | $4,500 |
| 2023-12 | $1,647 | $4,500 |
| 2024-01 | $1,585 | $4,450 |
| 2024-02 | $1,715 | $4,400 |
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 181 units (13.6% of total), while resales made up 1,026 transactions and 128 sub-sales were recorded.
Unit Size Demand: 5BR+: 157 (11.8%) · 4BR: 203 (15.2%) · 3BR: 460 (34.5%) · 1BR: 168 (12.6%) · 2BR: 259 (19.4%) · Studio: 88 (6.6%)
Price Distribution: $500K-1M: 152 · $1M-1.5M: 375 · $1.5M-2M: 289 · $2M-3M: 280 · $3M+: 239
Explore our latest Condos with Best Views in District 14 (Geylang, Eunos) for featured developments.
Outlook & What to Watch
Throughout 2024, Singapore's private residential market showed remarkable resilience with stable pricing and healthy transaction volumes despite elevated interest rates.
Key takeaways for February 2024:
- Prices are trending upward with median PSF rising 8.2% month-on-month.
- Rental rates have eased with median rent down 1.1% 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: IRR: Internal Rate of Return for Property Investors
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 | $832,444 | -- | -- |
| 1 | $1,130,000 | -- | -- |
| 1BR | -- | $3,200/mo | -- |
| 2 | $1,500,000 | -- | -- |
| 2BR | -- | $4,100/mo | -- |
| 3 | $1,684,444 | -- | -- |
| 3BR | -- | $5,300/mo | -- |
| 4 | $2,630,000 | -- | -- |
| 4BR | -- | $8,300/mo | -- |
| 5 | $4,240,000 | -- | -- |
| 5BR | -- | $9,350/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
- Singapore Mortgage Guide: Fixed vs Floating
- CCR vs RCR vs OCR Price Convergence — Suburban Catching Up
- Buying a Condo as a Foreigner in Singapore
- Cross Island Line Investment Guide — Where to Buy Before Stations Open
- Building a 3-Property Portfolio — CCR, RCR & OCR Strategy
- Buying a Condo as a Permanent Resident in Singapore
- BSD Explained: Buyer's Stamp Duty Rates in Singapore
- TDSR and MSR: Singapore's Borrowing Limits
- IRR: Internal Rate of Return for Property Investors
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: 657 condos with sales data and 1520 with rental data out of 3429 tracked properties for February 2024.