April 2026’s 2,935 private residential transactions at a median $2,114 per square foot — down 1.8% month-on-month — represent a market finding its floor after three years of cooling-measure equilibrium. Volume is healthy for a post-measures cycle, but the softening PSF signals that buyers have regained negotiating room, particularly in the OCR (as of 2026-Q1).
Singapore’s private residential market has operated under an unusually stable regulatory backdrop since April 2023, when the government raised Additional Buyer’s Stamp Duty (ABSD) rates to 60% for foreign purchasers and 30% for Singapore Citizens acquiring a third or subsequent property. Those rates remain unchanged heading into mid-2026, and market participants have broadly adapted — foreign demand has structurally contracted while local demand, particularly from HDB upgraders and investors acquiring a second property, has filled much of the gap. The April 2026 data therefore reflects a mature post-intervention cycle rather than acute shock: prices have not collapsed, but the days of double-digit annual PSF growth are behind us for now (as of 2026-Q1).
The financing environment adds a further layer of constraint. The 3-month compounded SORA — the benchmark that replaced SIBOR as Singapore’s primary floating-rate reference — has held in a narrow band through early 2026, with the index in late April giving banks a floating-rate baseline of roughly 3.6–3.8% all-in (SORA plus spreads of 0.70–0.85%) on private condo loans. While this is meaningfully lower than the 4%+ peak environment of 2023–2024, it still represents a significant carrying cost compared with the ultra-low-rate era before 2022. Buyers using the MAS Total Debt Servicing Ratio framework must stress-test at even higher rates, limiting maximum loan quantum for many households (as of 2026-04).
The data source underpinning this report is URA REALIS, Singapore’s official caveats-lodged transaction registry. URA publishes full monthly data with a lag — typically four to six weeks after the reference month — and releases a quarterly Private Property Price Index (PPI) in both flash and final form. April 2026 represents a complete monthly dataset; any May 2026 figures currently available are based on partial caveats and should not be interpreted as trend data. The PPI for Q1 2026 (final) registered a 0.9% quarter-on-quarter increase, revised upward from the flash estimate published in early April 2026 (as of 2026-Q1).
- Total of 2,935 transactions recorded in April 2026 (-72.1% MoM).
- Median sale PSF: $2,114, down 1.8% from last month.
- Most active district: District 24 (Lim Chu Kang, Tengah) with 858 sales.
Based on URA REALIS data, the Singapore private residential market recorded 2,935 total transactions in April 2026, down 72.1% from the previous month.
Key Figures at a Glance
Segment Performance: CCR, RCR & OCR
| Segment | Sales Vol. | Median PSF | Rentals | Median Rent | Gross Yield |
|---|---|---|---|---|---|
| CCR (Core Central Region) | 225 | $2,264 | 0 | N/A | 0% |
| RCR (Rest of Central Region) | 598 | $2,268 | 0 | N/A | 0% |
| OCR (Outside Central Region) | 2,112 | $2,088 | 0 | N/A | 0% |
Top Districts by Activity
| District | Area | Transactions | Median PSF |
|---|---|---|---|
| District 24 (Lim Chu Kang, Tengah) | Lim Chu Kang, Tengah | 858 | $2,111 |
| District 16 (Bedok, Upper East Coast, Eastwood, Kew Drive) | Bedok, Upper East Coast, Eastwood, Kew Drive | 461 | $2,806 |
| District 19 (Punggol, Hougang, Serangoon Gardens) | Punggol, Hougang, Serangoon Gardens | 199 | $1,699 |
| District 15 (Joo Chiat, Amber Road, Katong) | Joo Chiat, Amber Road, Katong | 196 | $2,462 |
| District 18 (Tampines, Pasir Ris) | Tampines, Pasir Ris | 166 | $1,862 |
Notable Transactions
| Project | District | PSF | Price | Type |
|---|---|---|---|---|
| SKYWATERS RESIDENCES | D1 | $5,947 | $12,482,340 | New Sale |
| 21 ANDERSON | D10 | $5,013 | $22,500,000 | New Sale |
| 21 ANDERSON | D10 | $4,879 | $21,900,000 | New Sale |
| LANDED HOUSING DEVELOPMENT | D10 | $4,550 | $64,900,000 | Resale |
| ARDMORE PARK | D10 | $4,396 | $12,680,000 | Resale |
Rental Market Snapshot
The rental market recorded 0 leases in April 2026, down 100.0% month-on-month. Median monthly rent: N/A.
6-Month Price Trends
| Month | Median PSF | Median Rent |
|---|---|---|
| 2025-11 | $1,922 | $4,400 |
| 2025-12 | $1,851 | $4,300 |
| 2026-01 | $1,821 | $4,350 |
| 2026-02 | $1,873 | $4,400 |
| 2026-03 | $2,152 | $4,300 |
| 2026-04 | $2,114 | -- |
Market volatility assessment: Volatile.
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.
April 2026’s 2,935 transactions represent a solid mid-cycle print. To contextualise: Q4 2025 saw an unusually elevated 6,699 transactions for the quarter (approximately 2,233 per month), buoyed by a high density of new-launch activity in the second half of 2025. Q1 2026 then corrected sharply to just 4,041 transactions for the full quarter — a 39.7% sequential decline — as launches thinned and buyers digested their choices. April’s 2,935 therefore marks a meaningful rebound from the Q1 2026 run rate, suggesting the market absorbed the Q1 cooldown relatively quickly rather than entering a sustained volume drought (as of 2026-Q1).
The -1.8% month-on-month PSF dip from March to April (to S$2,114) is the more nuanced signal. On its own it is not alarming — monthly PSF figures fluctuate with unit-mix composition, and a single month of softness does not define a trend. However, it does align with the broader Q1 2026 non-landed softness observed in CCR (+0.6% q-o-q) and RCR (+0.8% q-o-q), while OCR led the quarter with +2.2% q-o-q. This segmentation matters: the overall median S$2,114 PSF in April is pulled toward the OCR’s weight in the transaction mix. CCR new launches averaged approximately S$3,208 PSF in Q1 2026 while OCR averaged S$2,154 PSF — meaning the nationwide median is heavily influenced by which segment dominates monthly volume (as of 2026-Q1).
For buyers, the April print contains an embedded opportunity signal in the OCR. With prices up 2.2% q-o-q at the quarterly level but the monthly PSF pulling back 1.8% in April, the OCR market appears to be oscillating around an equilibrium rather than in freefall. Districts such as District 5 (Pasir Panjang, Clementi) have historically led OCR volume cycles; buyers watching the District 5 analytics page can track whether April’s dip translates into seller concessions or whether it self-corrects in May–June as new launches pipeline into the market. Use the island-wide price heatmap to visualise district-level PSF concentration.
For sellers, the combination of a softening median PSF and elevated SORA-linked financing costs suggests that the market’s capacity to absorb ambitious asking prices has narrowed. Buyers shopping at the S$1.5M to S$2.5M band — the sweet spot for HDB upgraders and second-property investors — face TDSR constraints that cap their comfortable monthly repayment. At a 3.70% all-in rate over 25 years, a S$1.5M loan requires approximately S$7,720/month in repayments; factor in a 20% ABSD on a second SC purchase and the effective entry cost rises sharply. Sellers who price to the last transacted comparable may find fewer qualified buyers than they expect. See the IRAS BSD guide for the upfront tax schedule (as of 2026-Q1).
Looking across the year-on-year dimension, the broader 2025 full-year PPI increase of 3.3% means that the Q1 2026 revised +0.9% quarterly gain, annualised, sits at roughly 3.6% — broadly in line with analyst consensus forecasts of 2–4% for full-year 2026. The market, in other words, is performing within its predicted range rather than breaking out in either direction. Refer to the URA Property Price Index for the official quarterly series (as of 2026-Q1).
[
{
"buyer_type": "First-time Singapore Citizen buyer",
"action": "You pay 0% ABSD and face only BSD (graduated from 1% to 6%). With OCR PSF at roughly S$2,154 on Q1 2026 averages, a 2-bedroom in the S$1.2M–S$1.5M range remains accessible. The -1.8% MoM PSF dip in April is a negotiating signal: counter offers 2–3% below last transacted PSF on subsale units and see if sellers bite. Use the mortgage calculator and TDSR calculator to confirm your comfortable loan quantum before viewing."
},
{
"buyer_type": "HDB upgrader",
"action": "If selling your HDB and using proceeds to buy a private condo with no concurrent property ownership, you pay 0% ABSD. The April soft patch may create a brief window where sellers are more flexible, but with OCR leading Q1 2026 price growth at +2.2%, the OCR is not in distress. Factor in a 6–9 month HDB transaction-to-key timeline so your cash and CPF are available when you complete the private purchase."
},
{
"buyer_type": "Investor acquiring a second property (SC)",
"action": "A second-property SC purchase incurs 20% ABSD — which adds S$240,000–S$300,000 on a S$1.2M–S$1.5M OCR unit on top of BSD. At 3.70% all-in SORA-linked rates and a S$1M loan over 25 years, your monthly repayment is approximately S$5,150 before management fee and property tax. The gross rental yield needed to break even is roughly 3.8–4.2% on the total acquisition cost. Use the cash flow calculator to stress-test at SORA+50bps before committing."
},
{
"buyer_type": "Foreign purchaser",
"action": "At 60% ABSD, the total stamp duty on a S$2M CCR purchase exceeds S$1.26M. Only buyers with very long holding horizons or exceptional access to institutional pricing can make the numbers work. The CCR’s +0.6% q-o-q Q1 2026 gain indicates that some foreign-eligible demand persists, likely via certain FTA nationalities who qualify for SC-equivalent ABSD rates. Verify your treaty status before assuming 60% applies."
},
{
"buyer_type": "Seller in OCR or RCR",
"action": "The April -1.8% MoM PSF dip is a caution flag for sellers pricing aggressively above recent transacted comps. Volume at 2,935 is not a thin market, but the PSF compression suggests buyer selectivity. If you are outside the 3-year SSD window, April’s market allows you to exit without penalty. Price at or slightly below the last transacted comparable to attract the HDB upgrader cohort, which represents the most active buyer segment at the S$1M–S$1.8M price point in OCR/RCR."
}
]
- Model your borrowing costs — With 3M SORA in its current 3.0–3.3% range and bank spreads at 0.70–0.85%, your all-in floating rate is roughly 3.65–4.00%. Use the mortgage calculator to model monthly repayments at different loan sizes and stress-test at SORA+0.50% to understand your sensitivity to rate moves (see also the MAS SORA dashboard for the daily reading, as of 2026-04).
- Calculate your total stamp duty before making an offer — BSD starts at 1% and steps up to 6% above S$1.5M; ABSD adds 20% for a SC second purchase and 60% for foreigners. Run the BSD/ABSD stamp duty calculator for your exact profile before approaching a seller.
- Visualise PSF patterns by district — Monthly median PSF of S$2,114 masks wide district-level variation (CCR ~S$3,200 vs OCR ~S$2,154 in Q1 2026). Open the price heatmap to see where PSF compression is sharpest and where resilience is holding.
- Compare your shortlist units side by side — Use the ShiokNest comparison tool to place two or three properties side by side on price, PSF, yield, walkability, and en-bloc score before deciding which to view in person.
- Run the trailing 12-month picture — The district comparison calculator contextualises April’s single-month dip against full-year ranges, helping you separate seasonal noise from structural shifts.
Bear case: If 3-month SORA remains anchored at the upper end of its current range or creeps higher through H2 2026 — driven by a US Federal Reserve that is slower to cut than markets currently price — the all-in mortgage rate for Singapore condo buyers stays above 3.65%. In that environment, the -1.8% MoM PSF print in April could be the beginning of a sequence of monthly softness rather than a one-off blip. Seller motivation increases as holding costs compound, and the landed segment, which already fell 1.8% q-o-q in Q1 2026, could transmit caution into the broader non-landed market. Foreign demand, structurally suppressed by 60% ABSD, cannot provide the floor it once did.
Bull case: April is seasonally one of the softer transaction months in Singapore (Chinese New Year and school-holiday dynamics push buying decisions into Q2 and Q3). May and June often see a rebound as new launches open booking galleries and developers release choice units. The OCR’s +2.2% q-o-q Q1 2026 outperformance signals genuine end-user demand — not speculative froth — as HDB upgraders chase value. With the upgrader pipeline historically at its most active in the May–August window, a May rebound in transaction volume and PSF is structurally plausible even if not guaranteed.
Frequently Asked Questions
What does the -1.8% month-on-month PSF change in April 2026 actually mean?
It means the median price per square foot across all private residential caveats lodged in April 2026 (S$2,114) was 1.8% lower than the March 2026 median. This is a unit-mix-sensitive measure — if more lower-priced OCR transactions lodged in April relative to March, the median falls even if no individual property lost value. A single month’s MoM move is informative but not conclusive; look for three or more consecutive months of directional movement before calling a sustained trend (as of 2026-04).
Why is CCR PSF so much higher than OCR PSF?
CCR (Core Central Region) covers Districts 1–4 and 9–11, encompassing Orchard Road, Marina Bay, Sentosa Cove, and Bukit Timah — Singapore’s prime and super-prime residential corridors. Supply is constrained by limited land, proximity to the CBD, and historically strong foreign-investor demand. OCR (Outside Central Region) covers suburban districts (15+), where larger plots, more HDB upgrader demand, and greater supply of new launches keep PSF lower. In Q1 2026, CCR new launches averaged approximately S$3,208 PSF versus OCR at S$2,154 PSF — a ~49% premium (as of 2026-Q1).
Where can I find official URA transaction data myself?
The Urban Redevelopment Authority publishes caveats on the URA REALIS portal. Monthly transaction summaries and the quarterly Private Property Price Index are available on the URA PPI page. Data is free to access but requires registration for full REALIS downloads. ShiokNest ingests and aggregates this data automatically so you can explore it without downloading CSV files (as of 2026-05).
What are the ABSD rates in 2026 for a first purchase, second purchase, and foreign buyer?
As at April 2026, ABSD rates for Singapore Citizens are: 0% on first residential property, 20% on the second, and 30% on the third and subsequent. Singapore Permanent Residents pay 5% on first, 30% on second and subsequent. Foreigners (other than certain FTA nationals) pay 60% on any purchase. These rates have been unchanged since April 2023. See the IRAS ABSD guide for the full schedule and FTA nationality exemptions (as of 2026-04).
What does a 3M SORA of ~3.0–3.3% mean for my monthly mortgage payment on a S$1.5M loan over 25 years?
At a 3.20% 3M SORA plus a typical bank spread of 0.75%, your all-in floating rate is approximately 3.95%. On a S$1.5M loan amortised over 25 years, the monthly repayment is roughly S$7,860. If SORA rises 50 basis points to 3.70%, the all-in rate becomes 4.45% and monthly repayment climbs to approximately S$8,250 — an extra ~S$390/month. Use the mortgage calculator to model your specific loan amount, tenure, and rate scenarios (as of 2026-04).
Is the April 2026 transaction count of 2,935 high or low by historical standards?
It is broadly mid-range for a post-cooling-measure environment. For context, Q4 2025 averaged approximately 2,233 transactions per month (6,699 total for the quarter), boosted by heavy new-launch activity. Q1 2026 averaged only about 1,347 per month (4,041 total), the weakest quarterly run rate in nearly two years. April’s 2,935 therefore represents a meaningful sequential rebound, suggesting that the Q1 lull was partly seasonal and partly a digestion pause rather than a structural demand retreat (as of 2026-Q1).
Is May 2026 data available and what does it show?
As of the publication of this report, only 54 May 2026 caveats had lodged in URA REALIS — a partial-month figure reflecting the typical 4–6 week lodgement lag. This is far too thin a dataset to draw meaningful conclusions about May’s trend direction. The full May 2026 dataset will be reflected in our June 2026 market report once caveats have settled (as of 2026-05).
Should I use the stamp duty calculator or the total acquisition cost calculator to plan my budget?
Use both in sequence. The stamp duty calculator tells you exactly how much BSD and ABSD you owe based on your buyer profile and purchase price. The total acquisition cost calculator then adds legal fees, agent commissions, renovation budget, and option-to-purchase cash requirements on top of stamp duty — giving you the true all-in cash needed on day one. Many buyers are surprised that total acquisition costs on a S$1.5M condo for a second-property SC buyer can exceed S$1.85M before renovation (as of 2026-04).