- Total of 9,178 transactions recorded in April 2023 (+4.8% MoM).
- Median sale price per square foot: $1,987, up 16.4% from last month.
- Median monthly rent: $4,580 (+1.8% MoM).
- Most active district: District 15 (Katong, Joo Chiat, Amber Road) with 458 sales.
- Highest gross yield: 3.58% in the OCR segment.
Based on URA REALIS data, the Singapore private residential market recorded 9,178 total transactions in April 2023, up 4.8% from the previous month. Sales volume stood at 2,159 units with a median price of $1,987 per square foot, while the rental market saw 7,019 leases at a median rent of $4,580/month. For an overview of the buying process, see our Luxury Condo Buying Guide — What $5M+ Gets You in CCR.
Highest-Value Transactions
The top 5 transactions by total price in April 2023:
| Project | District | Price | PSF | Size (sqft) | Type |
|---|---|---|---|---|---|
| LANDED HOUSING DEVELOPMENT | D10 | $32,800,000 | $2,308 | 14,211 | Resale |
| BISHOPSGATE RESIDENCES | D10 | $24,900,000 | $3,908 | 6,372 | Resale |
| BISHOPSGATE RESIDENCES | D10 | $24,900,000 | $3,908 | 6,372 | Resale |
| LANDED HOUSING DEVELOPMENT | D9 | $24,000,000 | $2,288 | 10,492 | Resale |
| CHIP HOCK GARDENS | D10 | $18,500,000 | $2,301 | 8,038 | Resale |
Key Figures at a Glance
Sales Market Deep Dive
The private residential sales market recorded 2,159 transactions in April 2023, representing an increase of 4.1% month-on-month and down 15.0% year-on-year. The median price per square foot was $1,987 (up 16.4% MoM), while the median transaction price stood at $1,730,000.
Transaction Mix: Resale: 1,195 (55.3%) · New Sale: 868 (40.2%) · Sub Sale: 96 (4.4%)
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) | 369 | $2,639 | 2,196 | $6,000 | 3.06% |
| RCR (Rest of Central Region) | 972 | $2,391 | 2,371 | $4,500 | 2.95% |
| OCR (Outside Central Region) | 818 | $1,344 | 2,452 | $4,000 | 3.58% |
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 April 2023:
| District | Area | Segment | Transactions | Median PSF |
|---|---|---|---|---|
| District 15 (Katong, Joo Chiat, Amber Road) | Katong, Joo Chiat, Amber Road | RCR | 458 | $2,442 |
| District 5 (Pasir Panjang, Hong Leong Garden, Clementi New Town) | Pasir Panjang, Hong Leong Garden, Clementi New Town | RCR | 258 | $2,378 |
| District 19 (Serangoon Garden, Hougang, Punggol) | Serangoon Garden, Hougang, Punggol | OCR | 221 | $1,457 |
| District 10 (Ardmore, Bukit Timah, Holland Road, Tanglin) | Ardmore, Bukit Timah, Holland Road, Tanglin | CCR | 147 | $2,611 |
| District 9 (Orchard, Cairnhill, River Valley) | Orchard, Cairnhill, River Valley | CCR | 120 | $2,676 |
Notable Transactions
The highest-value transactions by price per square foot in April 2023:
| Project | District | PSF | Price | Size (sqft) | Type |
|---|---|---|---|---|---|
| SCULPTURA ARDMORE | D10 | $5,022 | $18,000,000 | 3,584 | Resale |
| BOULEVARD 88 | D10 | $5,002 | $14,000,000 | 2,799 | Sub Sale |
| ARDMORE PARK | D10 | $4,510 | $13,008,888 | 2,885 | Resale |
| DALVEY HAUS | D10 | $4,301 | $8,333,400 | 1,938 | New Sale |
| ALBA | D9 | $3,989 | $7,600,000 | 1,905 | Resale |
| BISHOPSGATE RESIDENCES | D10 | $3,908 | $24,900,000 | 6,372 | Resale |
| BISHOPSGATE RESIDENCES | D10 | $3,908 | $24,900,000 | 6,372 | Resale |
| DALVEY HAUS | D10 | $3,819 | $7,400,000 | 1,938 | New Sale |
| KLIMT CAIRNHILL | D9 | $3,816 | $5,710,000 | 1,496 | New Sale |
| KLIMT CAIRNHILL | D9 | $3,810 | $5,700,000 | 1,496 | New Sale |
Rental Market Snapshot
The rental market recorded 7,019 leases in April 2023, up 5.0% month-on-month. The median monthly rent was $4,580 (up 1.8% MoM).
Median Rent by Bedroom Type:
| Type | Median Rent |
|---|---|
| 1BR | $3,550 |
| 2BR | $4,300 |
| 3BR | $5,500 |
| 4BR | $8,000 |
| 5BR | $9,200 |
| 6BR | $25,750 |
| 8BR | $13,000 |
| NA | $4,600 |
Most Active Rental Projects:
| Project | Leases |
|---|---|
| NON-LANDED HOUSING DEVELOPMENT | 149 |
| LANDED HOUSING DEVELOPMENT | 132 |
| THE SAIL @ MARINA BAY | 52 |
| MARINA ONE RESIDENCES | 44 |
| J GATEWAY | 40 |
Planning to rent? Check out our How to Project Rental Property Cash Flow.
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 |
|---|---|---|
| 2022-11 | $1,486 | $4,200 |
| 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 |
Market volatility assessment: Volatile (based on 6-month coefficient of variation of median PSF).
For longer-term analysis, see Sales Trends by Floor Level — 2023.
Supply & Demand Signals
Primary vs Secondary Market: New launches accounted for 868 units (40.2% of total), while resales made up 1,195 transactions and 96 sub-sales were recorded.
Unit Size Demand: 5BR+: 195 (9%) · 4BR: 262 (12.1%) · 3BR: 641 (29.7%) · 2BR: 470 (21.8%) · Studio: 135 (6.3%) · 1BR: 456 (21.1%)
Price Distribution: $500K-1M: 227 · $1M-1.5M: 576 · $1.5M-2M: 571 · $2M-3M: 450 · $3M+: 335
Explore our latest Condos with Best Views in District 25 (Kranji, Woodgrove) 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 April 2023:
- Prices are trending upward with median PSF rising 16.4% month-on-month.
- Rents are holding firm with median rent up 1.8% 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 96%, near historical averages.
Useful resources: How to Compare Mortgage Loan Packages · DSCR: Debt Service Coverage Ratio for Rental Properties
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 | $812,888 | -- | -- |
| 1 | $1,385,500 | -- | -- |
| 1BR | -- | $3,550/mo | -- |
| 2 | $1,794,000 | -- | -- |
| 2BR | -- | $4,300/mo | -- |
| 3 | $1,818,888 | -- | -- |
| 3BR | -- | $5,500/mo | -- |
| 4 | $2,800,000 | -- | -- |
| 4BR | -- | $8,000/mo | -- |
| 5 | $4,650,000 | -- | -- |
| 5BR | -- | $9,200/mo | -- |
| 6BR | -- | $25,750/mo | -- |
| 8BR | -- | $13,000/mo | -- |
| NA | -- | $4,600/mo | -- |
Yields are gross estimates: (monthly rent × 12) / median sale price. Actual net yields vary with maintenance, taxes, and vacancy.
Useful Resources
- How to Compare Mortgage Loan Packages
- How to Use the Mortgage Calculator
- Luxury Condo Buying Guide — What $5M+ Gets You in CCR
- HDB Upgrader Financial Planning: From HDB to Condo
- When Is the Right Time to Buy a Condo in Singapore?
- Defect Liability Period Explained — Your Rights as a Buyer
- Lease Decay: How 99-Year Leasehold Values Decline
- DSCR: Debt Service Coverage Ratio for Rental Properties
- Singapore Cooling Measures: History and Current Rates
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: 708 condos with sales data and 1651 with rental data out of 3429 tracked properties for April 2023.