- Total of 11,655 transactions recorded in September 2021 (-7.6% MoM).
- Median sale price per square foot: $1,414, down 3.9% from last month.
- Median monthly rent: $3,200 (+0.0% MoM).
- Most active district: District 19 (Serangoon Garden, Hougang, Punggol) with 514 sales.
- Highest gross yield: 2.5% in the OCR segment.
Based on URA REALIS data, the Singapore private residential market recorded 11,655 total transactions in September 2021, down 7.6% from the previous month. Sales volume stood at 3,411 units with a median price of $1,414 per square foot, while the rental market saw 8,244 leases at a median rent of $3,200/month. For an overview of the buying process, see our HDB Upgrader Financial Planning: From HDB to Condo.
Highest-Value Transactions
The top 5 transactions by total price in September 2021:
| Project | District | Price | PSF | Size (sqft) | Type |
|---|---|---|---|---|---|
| FLYNN PARK | D5 | $371,000,000 | $2,440 | 152,019 | Resale |
| CAMDEN PARK | D11 | $32,500,000 | $1,957 | 16,607 | Resale |
| LANDED HOUSING DEVELOPMENT | D15 | $28,000,000 | $1,442 | 19,412 | Resale |
| LANDED HOUSING DEVELOPMENT | D15 | $28,000,000 | $1,442 | 19,412 | Resale |
| LANDED HOUSING DEVELOPMENT | D4 | $28,000,000 | $1,763 | 15,881 | Resale |
Key Figures at a Glance
Sales Market Deep Dive
The private residential sales market recorded 3,411 transactions in September 2021, representing an increase of 1.2% month-on-month. The median price per square foot was $1,414 (down 3.9% MoM), while the median transaction price stood at $1,515,000.
Transaction Mix: Resale: 2,077 (60.9%) · New Sale: 1,268 (37.2%) · Sub Sale: 66 (1.9%)
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) | 464 | $2,258 | 2,558 | $4,350 | 2.08% |
| RCR (Rest of Central Region) | 972 | $1,690 | 2,664 | $3,200 | 2.02% |
| OCR (Outside Central Region) | 1,975 | $1,229 | 3,022 | $2,700 | 2.5% |
For a deeper comparison, see East Coast vs Katong: Coastal Living Showdown.
Top Districts by Activity
The most active districts by sales volume in September 2021:
| District | Area | Segment | Transactions | Median PSF |
|---|---|---|---|---|
| District 19 (Serangoon Garden, Hougang, Punggol) | Serangoon Garden, Hougang, Punggol | OCR | 514 | $1,213 |
| District 28 (Seletar) | Seletar | OCR | 387 | $1,221 |
| District 5 (Pasir Panjang, Hong Leong Garden, Clementi New Town) | Pasir Panjang, Hong Leong Garden, Clementi New Town | RCR | 289 | $1,704 |
| District 15 (Katong, Joo Chiat, Amber Road) | Katong, Joo Chiat, Amber Road | RCR | 248 | $1,636 |
| District 10 (Ardmore, Bukit Timah, Holland Road, Tanglin) | Ardmore, Bukit Timah, Holland Road, Tanglin | CCR | 217 | $2,372 |
Notable Transactions
The highest-value transactions by price per square foot in September 2021:
| Project | District | PSF | Price | Size (sqft) | Type |
|---|---|---|---|---|---|
| PARK NOVA | D10 | $4,978 | $10,984,000 | 2,207 | New Sale |
| LE NOUVEL ARDMORE | D10 | $4,906 | $26,300,000 | 5,360 | Resale |
| LE NOUVEL ARDMORE | D10 | $4,804 | $18,460,000 | 3,843 | Resale |
| PARK NOVA | D10 | $4,714 | $13,648,000 | 2,895 | New Sale |
| MARINA BAY RESIDENCES | D1 | $4,311 | $19,350,000 | 4,489 | Resale |
| BOULEVARD 88 | D10 | $3,962 | $5,202,600 | 1,313 | New Sale |
| CAIRNHILL CONSERVATION AREA | D9 | $3,903 | $10,000,000 | 2,562 | Resale |
| CUSCADEN RESERVE | D10 | $3,826 | $3,583,000 | 936 | New Sale |
| CUSCADEN RESERVE | D10 | $3,807 | $3,565,000 | 936 | New Sale |
| BOULEVARD 88 | D10 | $3,806 | $6,759,900 | 1,776 | New Sale |
Rental Market Snapshot
The rental market recorded 8,244 leases in September 2021, down 10.8% month-on-month. The median monthly rent was $3,200 (up 0.0% MoM).
Median Rent by Bedroom Type:
| Type | Median Rent |
|---|---|
| 1BR | $2,400 |
| 2BR | $2,900 |
| 3BR | $3,700 |
| 4BR | $7,120 |
| 5BR | $8,100 |
| 6BR | $12,000 |
| NA | $3,600 |
Most Active Rental Projects:
| Project | Leases |
|---|---|
| LANDED HOUSING DEVELOPMENT | 190 |
| NON-LANDED HOUSING DEVELOPMENT | 173 |
| THE SAIL @ MARINA BAY | 58 |
| REFLECTIONS AT KEPPEL BAY | 53 |
| D'LEEDON | 46 |
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 |
|---|---|---|
| 2021-04 | $1,528 | $3,100 |
| 2021-05 | $1,376 | $3,050 |
| 2021-06 | $1,486 | $3,200 |
| 2021-07 | $1,566 | $3,200 |
| 2021-08 | $1,471 | $3,200 |
| 2021-09 | $1,414 | $3,200 |
Market volatility assessment: Moderate (based on 6-month coefficient of variation of median PSF).
For longer-term analysis, see Sales Trends by Lease Tenure — 2025.
Supply & Demand Signals
Primary vs Secondary Market: New launches accounted for 1,268 units (37.2% of total), while resales made up 2,077 transactions and 66 sub-sales were recorded.
Unit Size Demand: 5BR+: 545 (16%) · 4BR: 517 (15.2%) · 3BR: 1,220 (35.8%) · 2BR: 616 (18.1%) · 1BR: 367 (10.8%) · Studio: 146 (4.3%)
Price Distribution: <$500K: 2 · $500K-1M: 518 · $1M-1.5M: 1,139 · $1.5M-2M: 675 · $2M-3M: 487 · $3M+: 590
Explore our latest Condos with Best Views in District 19 (Serangoon Garden, Hougang, Punggol) 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 September 2021:
- Prices have softened with median PSF falling 3.9% 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 84%, near historical averages.
Useful resources: Cash-on-Cash Return: Measuring Your Cash Investment
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 | $700,000 | -- | -- |
| 1 | $1,067,000 | -- | -- |
| 1BR | -- | $2,400/mo | -- |
| 2 | $1,231,000 | -- | -- |
| 2BR | -- | $2,900/mo | -- |
| 3 | $1,389,000 | -- | -- |
| 3BR | -- | $3,700/mo | -- |
| 4 | $2,250,000 | -- | -- |
| 4BR | -- | $7,120/mo | -- |
| 5 | $4,100,000 | -- | -- |
| 5BR | -- | $8,100/mo | -- |
| 6BR | -- | $12,000/mo | -- |
| NA | -- | $3,600/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)
- HDB Upgrader Financial Planning: From HDB to Condo
- Property vs REITs vs Stocks — 10-Year Singapore Comparison
- CPF for Property: Complete Guide to Using CPF OA for Your Condo
- How to Check MCST Fees Before Buying a Condo
- Estate Planning for Property — Wills, Trusts & CPF Nominations
- IRR: Internal Rate of Return for Property Investors
- BSD Explained: Buyer's Stamp Duty Rates in Singapore
- Gross Yield vs Net Yield: Property Returns Explained
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: 959 condos with sales data and 1718 with rental data out of 3429 tracked properties for September 2021.