- Total of 8,436 transactions recorded in September 2023 (-17.1% MoM).
- Median sale price per square foot: $1,604, down 0.3% from last month.
- Median monthly rent: $4,600 (-2.1% MoM).
- Most active district: District 19 (Serangoon Garden, Hougang, Punggol) with 229 sales.
- Highest gross yield: 3.31% in the OCR segment.
Based on URA REALIS data, the Singapore private residential market recorded 8,436 total transactions in September 2023, down 17.1% from the previous month. Sales volume stood at 1,503 units with a median price of $1,604 per square foot, while the rental market saw 6,933 leases at a median rent of $4,600/month. For an overview of the buying process, see our HDB MOP Condo Upgrade — Timing, Costs & Strategy.
Highest-Value Transactions
The top 5 transactions by total price in September 2023:
| Project | District | Price | PSF | Size (sqft) | Type |
|---|---|---|---|---|---|
| GOODWOOD RESIDENCE | D10 | $32,000,000 | $2,988 | 10,710 | Resale |
| JERVOISVILLE | D10 | $21,020,000 | $1,806 | 11,642 | Resale |
| DUNEARN ESTATE | D11 | $18,000,888 | $3,706 | 4,858 | Resale |
| LANDED HOUSING DEVELOPMENT | D15 | $16,100,000 | $1,134 | 14,199 | Resale |
| LANDED HOUSING DEVELOPMENT | D15 | $16,100,000 | $1,134 | 14,199 | Resale |
Key Figures at a Glance
Sales Market Deep Dive
The private residential sales market recorded 1,503 transactions in September 2023, representing a decrease of 26.3% month-on-month and down 40.9% year-on-year. The median price per square foot was $1,604 (down 0.3% MoM), while the median transaction price stood at $1,640,000.
Transaction Mix: Resale: 1,065 (70.9%) · New Sale: 321 (21.4%) · Sub Sale: 117 (7.8%)
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) | 206 | $2,273 | 2,123 | $6,000 | 2.78% |
| RCR (Rest of Central Region) | 426 | $1,876 | 2,325 | $4,600 | 2.81% |
| OCR (Outside Central Region) | 871 | $1,419 | 2,485 | $4,000 | 3.31% |
For a deeper comparison, see SE Asia Property Investment — Singapore vs Bangkok vs KL vs Jakarta.
Top Districts by Activity
The most active districts by sales volume in September 2023:
| District | Area | Segment | Transactions | Median PSF |
|---|---|---|---|---|
| District 19 (Serangoon Garden, Hougang, Punggol) | Serangoon Garden, Hougang, Punggol | OCR | 229 | $1,433 |
| District 23 (Hillview, Dairy Farm, Bukit Panjang, Choa Chu Kang) | Hillview, Dairy Farm, Bukit Panjang, Choa Chu Kang | OCR | 189 | $1,464 |
| District 15 (Katong, Joo Chiat, Amber Road) | Katong, Joo Chiat, Amber Road | RCR | 132 | $2,017 |
| District 18 (Tampines, Pasir Ris) | Tampines, Pasir Ris | OCR | 88 | $1,350 |
| District 27 (Yishun, Sembawang) | Yishun, Sembawang | OCR | 82 | $1,296 |
Notable Transactions
The highest-value transactions by price per square foot in September 2023:
| Project | District | PSF | Price | Size (sqft) | Type |
|---|---|---|---|---|---|
| EMERALD HILL CONSERVATION AREA | D9 | $4,660 | $11,000,000 | 2,361 | Resale |
| EMERALD HILL CONSERVATION AREA | D9 | $4,555 | $8,800,000 | 1,932 | Resale |
| BLAIR PLAIN CONSERVATION AREA | D2 | $4,532 | $4,000,000 | 883 | Resale |
| MIDTOWN BAY | D7 | $4,166 | $1,973,070 | 474 | New Sale |
| NASSIM PARK RESIDENCES | D10 | $4,027 | $14,000,000 | 3,477 | Resale |
| BOULEVARD 88 | D10 | $3,763 | $4,941,600 | 1,313 | New Sale |
| DUNEARN ESTATE | D11 | $3,706 | $18,000,888 | 4,858 | Resale |
| PARK NOVA | D10 | $3,555 | $5,088,888 | 1,432 | New Sale |
| PARK NOVA | D10 | $3,555 | $5,088,888 | 1,432 | New Sale |
| KLIMT CAIRNHILL | D9 | $3,542 | $5,300,000 | 1,496 | New Sale |
Rental Market Snapshot
The rental market recorded 6,933 leases in September 2023, down 14.8% month-on-month. The median monthly rent was $4,600 (down 2.1% MoM).
Median Rent by Bedroom Type:
| Type | Median Rent |
|---|---|
| 1BR | $3,400 |
| 2BR | $4,250 |
| 3BR | $5,425 |
| 4BR | $9,412 |
| 5BR | $12,500 |
| 6BR | $16,000 |
| NA | $4,900 |
Most Active Rental Projects:
| Project | Leases |
|---|---|
| LANDED HOUSING DEVELOPMENT | 161 |
| NON-LANDED HOUSING DEVELOPMENT | 138 |
| AFFINITY AT SERANGOON | 73 |
| RIVERFRONT RESIDENCES | 70 |
| AVENUE SOUTH RESIDENCE | 63 |
Planning to rent? Check out our How to Calculate Buy-to-Rent ROI.
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 |
|---|---|---|
| 2023-04 | $1,987 | $4,580 |
| 2023-05 | $1,932 | $4,500 |
| 2023-06 | $1,632 | $4,600 |
| 2023-07 | $2,044 | $4,700 |
| 2023-08 | $1,609 | $4,700 |
| 2023-09 | $1,604 | $4,600 |
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 321 units (21.4% of total), while resales made up 1,065 transactions and 117 sub-sales were recorded.
Unit Size Demand: 5BR+: 169 (11.2%) · 4BR: 218 (14.5%) · 3BR: 565 (37.6%) · 2BR: 292 (19.4%) · Studio: 92 (6.1%) · 1BR: 167 (11.1%)
Price Distribution: <$500K: 1 · $500K-1M: 159 · $1M-1.5M: 468 · $1.5M-2M: 355 · $2M-3M: 275 · $3M+: 245
Explore our latest Condos with Best Views in District 5 (Pasir Panjang, Hong Leong Garden, Clementi New Town) 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 September 2023:
- Prices have softened with median PSF falling 0.3% month-on-month.
- Rental rates have eased with median rent down 2.1% 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 60%, near historical averages.
Useful resources: How to Evaluate Mortgage Refinancing · ROI Metrics: Total Return, Break-Even, Future Value
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 | $798,500 | -- | -- |
| 1 | $1,105,000 | -- | -- |
| 1BR | -- | $3,400/mo | -- |
| 2 | $1,400,000 | -- | -- |
| 2BR | -- | $4,250/mo | -- |
| 3 | $1,600,000 | -- | -- |
| 3BR | -- | $5,425/mo | -- |
| 4 | $2,510,000 | -- | -- |
| 4BR | -- | $9,412/mo | -- |
| 5 | $4,350,000 | -- | -- |
| 5BR | -- | $12,500/mo | -- |
| 6BR | -- | $16,000/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 Evaluate Mortgage Refinancing
- HDB MOP Condo Upgrade — Timing, Costs & Strategy
- Singapore Rental Market 2026 Outlook
- PR vs Citizen Stamp Duty Comparison — Full Cost Differential
- HDB to Condo: The Complete Upgrader's Roadmap
- Tengah Town Guide — Singapore's First Car-Free Town
- Singapore Cooling Measures: History and Current Rates
- Property Expense Ratio: Rental Costs and Deductions
- CCR, RCR, OCR: Singapore's Market Segments
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: 644 condos with sales data and 1674 with rental data out of 3429 tracked properties for September 2023.