- Total of 8,646 transactions recorded in May 2023 (-5.8% MoM).
- Median sale price per square foot: $1,932, down 2.8% from last month.
- Median monthly rent: $4,500 (-1.7% MoM).
- Most active district: District 21 (Upper Bukit Timah, Clementi Park, Ulu Pandan) with 560 sales.
- Highest gross yield: 3.69% in the OCR segment.
Based on URA REALIS data, the Singapore private residential market recorded 8,646 total transactions in May 2023, down 5.8% from the previous month. Sales volume stood at 2,513 units with a median price of $1,932 per square foot, while the rental market saw 6,133 leases at a median rent of $4,500/month. For an overview of the buying process, see our Renting a Condo in Singapore: Complete Tenant's Guide.
Highest-Value Transactions
The top 5 transactions by total price in May 2023:
| Project | District | Price | PSF | Size (sqft) | Type |
|---|---|---|---|---|---|
| KEW LODGE | D11 | $66,800,000 | $2,653 | 25,177 | Resale |
| LES MAISONS NASSIM | D10 | $45,000,000 | $5,213 | 8,633 | New Sale |
| CAPITOL PARK | D11 | $42,000,000 | $2,562 | 16,396 | Resale |
| LANDED HOUSING DEVELOPMENT | D11 | $32,200,000 | $2,280 | 14,123 | Resale |
| LANDED HOUSING DEVELOPMENT | D11 | $32,200,000 | $2,280 | 14,123 | Resale |
Key Figures at a Glance
Sales Market Deep Dive
The private residential sales market recorded 2,513 transactions in May 2023, representing an increase of 16.4% month-on-month and down 16.0% year-on-year. The median price per square foot was $1,932 (down 2.8% MoM), while the median transaction price stood at $1,680,000.
Transaction Mix: Resale: 1,407 (56%) · Sub Sale: 107 (4.3%) · New Sale: 999 (39.8%)
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) | 340 | $2,556 | 1,830 | $5,600 | 2.92% |
| RCR (Rest of Central Region) | 1,237 | $2,405 | 2,011 | $4,500 | 2.96% |
| OCR (Outside Central Region) | 936 | $1,345 | 2,292 | $4,000 | 3.69% |
For a deeper comparison, see Global Property Yield Comparison — Where Singapore Stands.
Top Districts by Activity
The most active districts by sales volume in May 2023:
| District | Area | Segment | Transactions | Median PSF |
|---|---|---|---|---|
| District 21 (Upper Bukit Timah, Clementi Park, Ulu Pandan) | Upper Bukit Timah, Clementi Park, Ulu Pandan | OCR | 560 | $2,448 |
| District 15 (Katong, Joo Chiat, Amber Road) | Katong, Joo Chiat, Amber Road | RCR | 360 | $2,636 |
| District 19 (Serangoon Garden, Hougang, Punggol) | Serangoon Garden, Hougang, Punggol | OCR | 208 | $1,429 |
| District 23 (Hillview, Dairy Farm, Bukit Panjang, Choa Chu Kang) | Hillview, Dairy Farm, Bukit Panjang, Choa Chu Kang | OCR | 185 | $1,363 |
| District 10 (Ardmore, Bukit Timah, Holland Road, Tanglin) | Ardmore, Bukit Timah, Holland Road, Tanglin | CCR | 146 | $2,664 |
Notable Transactions
The highest-value transactions by price per square foot in May 2023:
| Project | District | PSF | Price | Size (sqft) | Type |
|---|---|---|---|---|---|
| LES MAISONS NASSIM | D10 | $5,213 | $45,000,000 | 8,633 | New Sale |
| NEW FUTURA | D9 | $4,645 | $12,500,000 | 2,691 | Resale |
| ARDMORE PARK | D10 | $4,472 | $12,900,000 | 2,885 | Resale |
| ARDMORE THREE | D10 | $4,335 | $7,700,000 | 1,776 | Resale |
| PARK NOVA | D10 | $4,324 | $6,190,890 | 1,432 | New Sale |
| KLIMT CAIRNHILL | D9 | $4,117 | $9,750,000 | 2,368 | New Sale |
| KLIMT CAIRNHILL | D9 | $4,096 | $9,700,000 | 2,368 | New Sale |
| 3 ORCHARD BY-THE-PARK | D10 | $3,871 | $10,000,000 | 2,583 | Resale |
| KLIMT CAIRNHILL | D9 | $3,870 | $5,540,000 | 1,432 | New Sale |
| KLIMT CAIRNHILL | D9 | $3,816 | $5,710,000 | 1,496 | New Sale |
Rental Market Snapshot
The rental market recorded 6,133 leases in May 2023, down 12.6% month-on-month. The median monthly rent was $4,500 (down 1.7% MoM).
Median Rent by Bedroom Type:
| Type | Median Rent |
|---|---|
| 1BR | $3,500 |
| 2BR | $4,200 |
| 3BR | $5,200 |
| 4BR | $8,000 |
| 5BR | $9,850 |
| 6BR | $11,000 |
| NA | $4,800 |
Most Active Rental Projects:
| Project | Leases |
|---|---|
| NON-LANDED HOUSING DEVELOPMENT | 120 |
| LANDED HOUSING DEVELOPMENT | 110 |
| THE SAIL @ MARINA BAY | 39 |
| ECO | 38 |
| D'LEEDON | 32 |
Planning to rent? Check out our Buy vs Rent: Finding Your Break-Even Point.
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 |
|---|---|---|
| 2022-12 | $1,411 | $4,300 |
| 2023-01 | $1,648 | $4,400 |
| 2023-02 | $1,764 | $4,500 |
| 2023-03 | $1,707 | $4,500 |
| 2023-04 | $1,987 | $4,580 |
| 2023-05 | $1,932 | $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 999 units (39.8% of total), while resales made up 1,407 transactions and 107 sub-sales were recorded.
Unit Size Demand: 5BR+: 173 (6.9%) · 4BR: 270 (10.7%) · 3BR: 735 (29.2%) · 2BR: 556 (22.1%) · Studio: 242 (9.6%) · 1BR: 537 (21.4%)
Price Distribution: $500K-1M: 302 · $1M-1.5M: 680 · $1.5M-2M: 685 · $2M-3M: 473 · $3M+: 373
Explore our latest Condos with Best Views in District 22 (Jurong) 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 May 2023:
- Prices have softened with median PSF falling 2.8% month-on-month.
- Rental rates have eased with median rent down 1.7% 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 90%, near historical averages.
Useful resources: How to Use the Mortgage 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 | $939,000 | -- | -- |
| 1 | $1,491,538 | -- | -- |
| 1BR | -- | $3,500/mo | -- |
| 2 | $1,751,512 | -- | -- |
| 2BR | -- | $4,200/mo | -- |
| 3 | $1,782,000 | -- | -- |
| 3BR | -- | $5,200/mo | -- |
| 4 | $2,830,000 | -- | -- |
| 4BR | -- | $8,000/mo | -- |
| 5 | $4,700,000 | -- | -- |
| 5BR | -- | $9,850/mo | -- |
| 6BR | -- | $11,000/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 Use the Mortgage Calculator
- How to Use the End-to-End Investment Calculator
- Renting a Condo in Singapore: Complete Tenant's Guide
- Luxury Condo Buying Guide — What $5M+ Gets You in CCR
- EC to Private Condo Upgrade — When & How to Make the Switch
- En-Bloc and Collective Sale: Complete Guide for Condo Owners
- DSCR: Debt Service Coverage Ratio for Rental Properties
- ABSD Explained: Additional Buyer's Stamp Duty Rates
- Capital Gains and Appreciation: How Values Grow
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: 741 condos with sales data and 1571 with rental data out of 3429 tracked properties for May 2023.