- Total of 8,123 transactions recorded in November 2023 (-0.1% MoM).
- Median sale price per square foot: $1,972, up 19.2% from last month.
- Median monthly rent: $4,500 (+0.0% MoM).
- Most active district: District 22 (Jurong) with 362 sales.
- Highest gross yield: 2.97% in the OCR segment.
Based on URA REALIS data, the Singapore private residential market recorded 8,123 total transactions in November 2023, down 0.1% from the previous month. Sales volume stood at 2,093 units with a median price of $1,972 per square foot, while the rental market saw 6,030 leases at a median rent of $4,500/month. For an overview of the buying process, see our Singapore Condo Maintenance Fees Explained — MCST, Funds & Voting.
Highest-Value Transactions
The top 5 transactions by total price in November 2023:
| Project | District | Price | PSF | Size (sqft) | Type |
|---|---|---|---|---|---|
| LANDED HOUSING DEVELOPMENT | D11 | $33,888,000 | $3,081 | 10,999 | New Sale |
| CAPITOL PARK | D11 | $26,700,000 | $2,413 | 11,064 | Resale |
| LANDED HOUSING DEVELOPMENT | D10 | $26,388,888 | $1,811 | 14,575 | Resale |
| MCMAHON PARK | D10 | $25,250,000 | $2,089 | 12,087 | Resale |
| SHAMROCK PARK | D10 | $25,200,000 | $2,273 | 11,087 | Resale |
Key Figures at a Glance
Sales Market Deep Dive
The private residential sales market recorded 2,093 transactions in November 2023, representing an increase of 32.8% month-on-month and up 33.6% year-on-year. The median price per square foot was $1,972 (up 19.2% MoM), while the median transaction price stood at $1,731,000.
Transaction Mix: Resale: 1,175 (56.1%) · New Sale: 777 (37.1%) · Sub Sale: 141 (6.7%)
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) | 322 | $2,674 | 1,871 | $6,000 | 2.29% |
| RCR (Rest of Central Region) | 501 | $1,927 | 1,923 | $4,500 | 2.87% |
| OCR (Outside Central Region) | 1,270 | $1,792 | 2,236 | $4,000 | 2.97% |
For a deeper comparison, see New Sale vs Resale: Which Gives Better Value?.
Top Districts by Activity
The most active districts by sales volume in November 2023:
| District | Area | Segment | Transactions | Median PSF |
|---|---|---|---|---|
| District 22 (Jurong) | Jurong | OCR | 362 | $2,440 |
| District 19 (Serangoon Garden, Hougang, Punggol) | Serangoon Garden, Hougang, Punggol | OCR | 229 | $1,521 |
| District 26 (Upper Thomson, Springleaf) | Upper Thomson, Springleaf | OCR | 166 | $2,100 |
| District 11 (Watten Estate, Novena, Thomson) | Watten Estate, Novena, Thomson | CCR | 153 | $3,184 |
| District 15 (Katong, Joo Chiat, Amber Road) | Katong, Joo Chiat, Amber Road | RCR | 135 | $2,090 |
Notable Transactions
The highest-value transactions by price per square foot in November 2023:
| Project | District | PSF | Price | Size (sqft) | Type |
|---|---|---|---|---|---|
| LANDED HOUSING DEVELOPMENT | D15 | $3,974 | $3,550,000 | 893 | Resale |
| BOULEVARD 88 | D10 | $3,716 | $6,600,000 | 1,776 | Sub Sale |
| HENRY PARK | D10 | $3,674 | $8,800,000 | 2,395 | New Sale |
| MIDTOWN MODERN | D7 | $3,615 | $6,537,000 | 1,808 | New Sale |
| MIDTOWN BAY | D7 | $3,611 | $1,749,000 | 484 | New Sale |
| PULLMAN RESIDENCES NEWTON | D11 | $3,585 | $1,659,240 | 463 | New Sale |
| 19 NASSIM | D10 | $3,574 | $5,039,750 | 1,410 | New Sale |
| THE AVENIR | D9 | $3,567 | $8,600,000 | 2,411 | Sub Sale |
| WATTEN HOUSE | D11 | $3,553 | $14,496,000 | 4,080 | New Sale |
| WATTEN HOUSE | D11 | $3,492 | $14,245,000 | 4,080 | New Sale |
Rental Market Snapshot
The rental market recorded 6,030 leases in November 2023, down 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 | $3,300 |
| 2BR | $4,200 |
| 3BR | $5,300 |
| 4BR | $8,500 |
| 5BR | $7,650 |
| 6BR | $15,000 |
| 8BR | $9,500 |
| NA | $4,900 |
Most Active Rental Projects:
| Project | Leases |
|---|---|
| LANDED HOUSING DEVELOPMENT | 122 |
| NORMANTON PARK | 103 |
| NON-LANDED HOUSING DEVELOPMENT | 89 |
| THE FLORENCE RESIDENCES | 47 |
| AVENUE SOUTH RESIDENCE | 45 |
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 |
|---|---|---|
| 2023-06 | $1,632 | $4,600 |
| 2023-07 | $2,044 | $4,700 |
| 2023-08 | $1,609 | $4,700 |
| 2023-09 | $1,604 | $4,600 |
| 2023-10 | $1,655 | $4,500 |
| 2023-11 | $1,972 | $4,500 |
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 777 units (37.1% of total), while resales made up 1,175 transactions and 141 sub-sales were recorded.
Unit Size Demand: 5BR+: 188 (9%) · 2BR: 506 (24.2%) · 4BR: 281 (13.4%) · 3BR: 649 (31%) · Studio: 97 (4.6%) · 1BR: 372 (17.8%)
Price Distribution: $500K-1M: 175 · $1M-1.5M: 572 · $1.5M-2M: 517 · $2M-3M: 427 · $3M+: 402
Explore our latest Condos with Best Views in District 12 (Balestier, Toa Payoh, Serangoon) 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 November 2023:
- Prices are trending upward with median PSF rising 19.2% 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 49%, near historical averages.
Useful resources: How to Compare Mortgage Loan Packages · Gross Yield vs Net Yield: Property Returns Explained
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 | $821,000 | -- | -- |
| 1 | $1,273,500 | -- | -- |
| 1BR | -- | $3,300/mo | -- |
| 2 | $1,699,000 | -- | -- |
| 2BR | -- | $4,200/mo | -- |
| 3 | $1,910,000 | -- | -- |
| 3BR | -- | $5,300/mo | -- |
| 4 | $3,040,000 | -- | -- |
| 4BR | -- | $8,500/mo | -- |
| 5 | $5,714,000 | -- | -- |
| 5BR | -- | $7,650/mo | -- |
| 6BR | -- | $15,000/mo | -- |
| 8BR | -- | $9,500/mo | -- |
| NA | -- | $4,900/mo | -- |
Yields are gross estimates: (monthly rent × 12) / median sale price. Actual net yields vary with maintenance, taxes, and vacancy.
Useful Resources
- How to Calculate Seller's Stamp Duty (SSD)
- How to Compare Mortgage Loan Packages
- Singapore Condo Maintenance Fees Explained — MCST, Funds & Voting
- Buying Property Through a Trust or Company in Singapore
- Expat Relocation Guide — Housing, Schools & Neighbourhoods
- Singapore Condo Refinancing Guide — When & How to Switch Lenders
- DSCR: Debt Service Coverage Ratio for Rental Properties
- Gross Yield vs Net Yield: Property Returns Explained
- Property Expense Ratio: Rental Costs and Deductions
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: 679 condos with sales data and 1541 with rental data out of 3429 tracked properties for November 2023.