- Total of 10,683 transactions recorded in May 2021 (-11.0% MoM).
- Median sale price per square foot: $1,376, down 9.9% from last month.
- Median monthly rent: $3,050 (-1.6% MoM).
- Most active district: District 19 (Serangoon Garden, Hougang, Punggol) with 490 sales.
- Highest gross yield: 2.61% in the OCR segment.
Based on URA REALIS data, the Singapore private residential market recorded 10,683 total transactions in May 2021, down 11.0% from the previous month. Sales volume stood at 3,272 units with a median price of $1,376 per square foot, while the rental market saw 7,411 leases at a median rent of $3,050/month. For an overview of the buying process, see our Conveyancing Process Explained — What Your Lawyer Does.
Highest-Value Transactions
The top 5 transactions by total price in May 2021:
| Project | District | Price | PSF | Size (sqft) | Type |
|---|---|---|---|---|---|
| LANDED HOUSING DEVELOPMENT | D10 | $50,000,000 | $2,494 | 20,049 | Resale |
| LANDED HOUSING DEVELOPMENT | D10 | $44,300,000 | $1,413 | 31,358 | Resale |
| LANDED HOUSING DEVELOPMENT | D11 | $43,800,000 | $1,429 | 30,659 | Resale |
| LANDED HOUSING DEVELOPMENT | D11 | $43,800,000 | $1,429 | 30,659 | Resale |
| LANDED HOUSING DEVELOPMENT | D11 | $43,500,000 | $1,859 | 23,403 | Resale |
Key Figures at a Glance
Sales Market Deep Dive
The private residential sales market recorded 3,272 transactions in May 2021, representing a decrease of 10.3% month-on-month. The median price per square foot was $1,376 (down 9.9% MoM), while the median transaction price stood at $1,435,000.
Transaction Mix: Resale: 2,076 (63.4%) · New Sale: 1,143 (34.9%) · Sub Sale: 53 (1.6%)
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) | 505 | $2,211 | 2,282 | $4,100 | 2.22% |
| RCR (Rest of Central Region) | 961 | $1,641 | 2,312 | $3,200 | 2.15% |
| OCR (Outside Central Region) | 1,806 | $1,170 | 2,817 | $2,650 | 2.61% |
For a deeper comparison, see Bukit Timah vs Holland Village: Which Premium Neighbourhood Offers Better Value?.
Top Districts by Activity
The most active districts by sales volume in May 2021:
| District | Area | Segment | Transactions | Median PSF |
|---|---|---|---|---|
| District 19 (Serangoon Garden, Hougang, Punggol) | Serangoon Garden, Hougang, Punggol | OCR | 490 | $1,182 |
| District 27 (Yishun, Sembawang) | Yishun, Sembawang | OCR | 266 | $1,142 |
| District 18 (Tampines, Pasir Ris) | Tampines, Pasir Ris | OCR | 244 | $1,131 |
| District 15 (Katong, Joo Chiat, Amber Road) | Katong, Joo Chiat, Amber Road | RCR | 224 | $1,483 |
| District 5 (Pasir Panjang, Hong Leong Garden, Clementi New Town) | Pasir Panjang, Hong Leong Garden, Clementi New Town | RCR | 212 | $1,601 |
Notable Transactions
The highest-value transactions by price per square foot in May 2021:
| Project | District | PSF | Price | Size (sqft) | Type |
|---|---|---|---|---|---|
| LES MAISONS NASSIM | D10 | $5,930 | $39,000,000 | 6,577 | New Sale |
| PARK NOVA | D10 | $5,784 | $26,026,000 | 4,499 | New Sale |
| PARK NOVA | D10 | $5,320 | $17,178,000 | 3,229 | New Sale |
| PARK NOVA | D10 | $5,020 | $14,588,000 | 2,906 | New Sale |
| PARK NOVA | D10 | $4,993 | $14,458,000 | 2,895 | New Sale |
| PARK NOVA | D10 | $4,966 | $7,109,000 | 1,432 | New Sale |
| PARK NOVA | D10 | $4,859 | $14,068,000 | 2,895 | New Sale |
| PARK NOVA | D10 | $4,806 | $6,880,000 | 1,432 | New Sale |
| PARK NOVA | D10 | $4,742 | $6,789,000 | 1,432 | New Sale |
| THE MARQ ON PATERSON HILL | D9 | $4,305 | $13,300,000 | 3,089 | Resale |
Rental Market Snapshot
The rental market recorded 7,411 leases in May 2021, down 11.3% month-on-month. The median monthly rent was $3,050 (down 1.6% MoM).
Median Rent by Bedroom Type:
| Type | Median Rent |
|---|---|
| 1BR | $2,325 |
| 2BR | $2,900 |
| 3BR | $3,600 |
| 4BR | $6,300 |
| 5BR | $7,100 |
| 6BR | $16,500 |
| NA | $3,200 |
Most Active Rental Projects:
| Project | Leases |
|---|---|
| LANDED HOUSING DEVELOPMENT | 169 |
| NON-LANDED HOUSING DEVELOPMENT | 160 |
| SEASIDE RESIDENCES | 64 |
| THE SAIL @ MARINA BAY | 47 |
| GRANDEUR PARK RESIDENCES | 45 |
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 |
|---|---|---|
| 2020-12 | -- | -- |
| 2021-01 | -- | $2,500 |
| 2021-02 | $1,356 | $3,000 |
| 2021-03 | $1,548 | $3,000 |
| 2021-04 | $1,528 | $3,100 |
| 2021-05 | $1,376 | $3,050 |
Market volatility assessment: Volatile (based on 6-month coefficient of variation of median PSF).
For longer-term analysis, see Rental Trends by Bedroom Type — 2022.
Supply & Demand Signals
Primary vs Secondary Market: New launches accounted for 1,143 units (34.9% of total), while resales made up 2,076 transactions and 53 sub-sales were recorded.
Unit Size Demand: 5BR+: 518 (15.8%) · 4BR: 502 (15.3%) · 2BR: 684 (20.9%) · 3BR: 1,010 (30.9%) · 1BR: 379 (11.6%) · Studio: 179 (5.5%)
Price Distribution: <$500K: 2 · $500K-1M: 563 · $1M-1.5M: 1,178 · $1.5M-2M: 582 · $2M-3M: 444 · $3M+: 503
Explore our latest Condos with Best Views in District 17 (Loyang, Changi) for featured developments.
Outlook & What to Watch
Following the pandemic recovery, Singapore's property market rebounded strongly in 2021 with pent-up demand driving volumes higher across all segments.
Key takeaways for May 2021:
- Prices have softened with median PSF falling 9.9% month-on-month.
- Rental rates have eased with median rent down 1.6% 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 89%, near historical averages.
Useful resources: How to Use the End-to-End Investment Calculator · 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 | $848,800 | -- | -- |
| 1 | $1,060,000 | -- | -- |
| 1BR | -- | $2,325/mo | -- |
| 2 | $1,200,000 | -- | -- |
| 2BR | -- | $2,900/mo | -- |
| 3 | $1,340,000 | -- | -- |
| 3BR | -- | $3,600/mo | -- |
| 4 | $2,141,660 | -- | -- |
| 4BR | -- | $6,300/mo | -- |
| 5 | $3,891,500 | -- | -- |
| 5BR | -- | $7,100/mo | -- |
| 6BR | -- | $16,500/mo | -- |
| NA | -- | $3,200/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 End-to-End Investment Calculator
- Conveyancing Process Explained — What Your Lawyer Does
- Executive Condominium (EC) Complete Guide — Eligibility, Pricing & MOP
- Digital Conveyancing Portal (DCP) 2026 — What Changes
- Freehold vs Leasehold: Which to Buy?
- JTC Industrial Property Investment — B1 vs B2, Yields & Rules
- Capital Gains and Appreciation: How Values Grow
- ABSD Explained: Additional Buyer's Stamp Duty Rates
- 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: 971 condos with sales data and 1616 with rental data out of 3429 tracked properties for May 2021.