- Total of 8,759 transactions recorded in March 2023 (+14.3% MoM).
- Median sale price per square foot: $1,707, down 3.2% from last month.
- Median monthly rent: $4,500 (+0.0% MoM).
- Most active district: District 23 (Hillview, Dairy Farm, Bukit Panjang, Choa Chu Kang) with 277 sales.
- Highest gross yield: 3.49% in the OCR segment.
Based on URA REALIS data, the Singapore private residential market recorded 8,759 total transactions in March 2023, up 14.3% from the previous month. Sales volume stood at 2,073 units with a median price of $1,707 per square foot, while the rental market saw 6,686 leases at a median rent of $4,500/month. For an overview of the buying process, see our Building a 3-Property Portfolio — CCR, RCR & OCR Strategy.
Highest-Value Transactions
The top 5 transactions by total price in March 2023:
| Project | District | Price | PSF | Size (sqft) | Type |
|---|---|---|---|---|---|
| LANDED HOUSING DEVELOPMENT | D11 | $61,080,008 | $1,900 | 32,149 | Resale |
| BINJAI PARK | D21 | $28,300,000 | $1,824 | 15,515 | Resale |
| LANDED HOUSING DEVELOPMENT | D10 | $26,000,000 | $2,039 | 12,750 | Resale |
| LANDED HOUSING DEVELOPMENT | D10 | $26,000,000 | $2,039 | 12,750 | Resale |
| LANDED HOUSING DEVELOPMENT | D10 | $26,000,000 | $2,039 | 12,750 | Resale |
Key Figures at a Glance
Sales Market Deep Dive
The private residential sales market recorded 2,073 transactions in March 2023, representing an increase of 40.8% month-on-month and down 9.6% year-on-year. The median price per square foot was $1,707 (down 3.2% MoM), while the median transaction price stood at $1,610,000.
Transaction Mix: Resale: 1,484 (71.6%) · New Sale: 473 (22.8%) · Sub Sale: 116 (5.6%)
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) | 430 | $2,508 | 1,973 | $5,800 | 3.2% |
| RCR (Rest of Central Region) | 523 | $1,809 | 2,305 | $4,500 | 2.97% |
| OCR (Outside Central Region) | 1,120 | $1,429 | 2,408 | $4,000 | 3.49% |
For a deeper comparison, see 3-Bed Family Condos: CCR vs RCR vs OCR.
Top Districts by Activity
The most active districts by sales volume in March 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 | 277 | $2,007 |
| District 19 (Serangoon Garden, Hougang, Punggol) | Serangoon Garden, Hougang, Punggol | OCR | 257 | $1,445 |
| District 10 (Ardmore, Bukit Timah, Holland Road, Tanglin) | Ardmore, Bukit Timah, Holland Road, Tanglin | CCR | 181 | $2,665 |
| District 18 (Tampines, Pasir Ris) | Tampines, Pasir Ris | OCR | 120 | $1,305 |
| District 15 (Katong, Joo Chiat, Amber Road) | Katong, Joo Chiat, Amber Road | RCR | 115 | $1,772 |
Notable Transactions
The highest-value transactions by price per square foot in March 2023:
| Project | District | PSF | Price | Size (sqft) | Type |
|---|---|---|---|---|---|
| EMERALD HILL CONSERVATION AREA | D9 | $5,756 | $18,000,000 | 3,127 | Resale |
| NASSIM PARK RESIDENCES | D10 | $4,562 | $22,000,000 | 4,822 | Resale |
| LANDED HOUSING DEVELOPMENT | D11 | $4,456 | $7,358,000 | 1,651 | New Sale |
| LANDED HOUSING DEVELOPMENT | D11 | $4,456 | $7,358,000 | 1,651 | New Sale |
| LANDED HOUSING DEVELOPMENT | D11 | $4,456 | $7,358,000 | 1,651 | New Sale |
| KLIMT CAIRNHILL | D9 | $3,884 | $5,560,000 | 1,432 | New Sale |
| LANDED HOUSING DEVELOPMENT | D15 | $3,728 | $4,699,000 | 1,260 | Resale |
| LANDED HOUSING DEVELOPMENT | D15 | $3,728 | $4,699,000 | 1,260 | Resale |
| KLIMT CAIRNHILL | D9 | $3,697 | $7,600,000 | 2,056 | New Sale |
| BOULEVARD 88 | D10 | $3,664 | $4,811,100 | 1,313 | New Sale |
Rental Market Snapshot
The rental market recorded 6,686 leases in March 2023, up 8.0% month-on-month. The median monthly rent was $4,500 (up 0.0% MoM).
Median Rent by Bedroom Type:
| Type | Median Rent |
|---|---|
| 1BR | $3,500 |
| 2BR | $4,300 |
| 3BR | $5,300 |
| 4BR | $8,800 |
| 5BR | $10,500 |
| 8BR | $12,500 |
| NA | $4,700 |
Most Active Rental Projects:
| Project | Leases |
|---|---|
| NON-LANDED HOUSING DEVELOPMENT | 154 |
| LANDED HOUSING DEVELOPMENT | 143 |
| JADESCAPE | 56 |
| THE TRE VER | 50 |
| THE SAIL @ MARINA BAY | 39 |
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 |
|---|---|---|
| 2022-10 | $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 |
| 2023-03 | $1,707 | $4,500 |
Market volatility assessment: Volatile (based on 6-month coefficient of variation of median PSF).
For longer-term analysis, see Sales Trends by Bedroom Type — 2026.
Supply & Demand Signals
Primary vs Secondary Market: New launches accounted for 473 units (22.8% of total), while resales made up 1,484 transactions and 116 sub-sales were recorded.
Unit Size Demand: 5BR+: 228 (11%) · 4BR: 266 (12.8%) · 3BR: 639 (30.8%) · 2BR: 435 (21%) · Studio: 142 (6.8%) · 1BR: 363 (17.5%)
Price Distribution: $500K-1M: 270 · $1M-1.5M: 622 · $1.5M-2M: 491 · $2M-3M: 346 · $3M+: 344
Explore our latest Condos with Best Views in District 9 (Orchard, Cairnhill, River Valley) 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 March 2023:
- Prices have softened with median PSF falling 3.2% 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 76%, near historical averages.
Useful resources: How to Check TDSR and MSR Affordability · ABSD Explained: Additional Buyer's Stamp Duty Rates
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 | $773,500 | -- | -- |
| 1 | $1,180,000 | -- | -- |
| 1BR | -- | $3,500/mo | -- |
| 2 | $1,500,000 | -- | -- |
| 2BR | -- | $4,300/mo | -- |
| 3 | $1,650,000 | -- | -- |
| 3BR | -- | $5,300/mo | -- |
| 4 | $2,665,000 | -- | -- |
| 4BR | -- | $8,800/mo | -- |
| 5 | $5,354,000 | -- | -- |
| 5BR | -- | $10,500/mo | -- |
| 8BR | -- | $12,500/mo | -- |
| NA | -- | $4,700/mo | -- |
Yields are gross estimates: (monthly rent × 12) / median sale price. Actual net yields vary with maintenance, taxes, and vacancy.
Useful Resources
- How to Check TDSR and MSR Affordability
- How to Calculate Stamp Duty (BSD + ABSD)
- Building a 3-Property Portfolio — CCR, RCR & OCR Strategy
- CPF for Property: Complete Guide to Using CPF OA for Your Condo
- TDSR & MSR Explained — Loan Limits for Singapore Property Buyers
- PR vs Citizen Stamp Duty Comparison — Full Cost Differential
- SSD Explained: Seller's Stamp Duty and Holding Periods
- Property Expense Ratio: Rental Costs and Deductions
- 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: 786 condos with sales data and 1626 with rental data out of 3429 tracked properties for March 2023.