ShiokNest Monthly Market Report — August 2021

Market Report Updated
Key Takeaways
  • Total of 12,617 transactions recorded in August 2021 (-9.9% MoM).
  • Median sale price per square foot: $1,471, down 6.1% from last month.
  • Median monthly rent: $3,200 (+0.0% MoM).
  • Most active district: District 19 (Serangoon Garden, Hougang, Punggol) with 422 sales.
  • Highest gross yield: 2.73% in the OCR segment.

Based on URA REALIS data, the Singapore private residential market recorded 12,617 total transactions in August 2021, down 9.9% from the previous month. Sales volume stood at 3,372 units with a median price of $1,471 per square foot, while the rental market saw 9,245 leases at a median rent of $3,200/month. For an overview of the buying process, see our Stamp Duty Complete Guide: BSD, ABSD, and SSD.

Highest-Value Transactions

The top 5 transactions by total price in August 2021:

ProjectDistrictPricePSFSize (sqft)Type
LANDED HOUSING DEVELOPMENTD10$45,000,000$1,37932,626Resale
THE MARQ ON PATERSON HILLD9$25,500,000$4,0436,308Resale
LANDED HOUSING DEVELOPMENTD11$23,399,999$2,3739,861Resale
KILBURN ESTATED21$23,180,000$1,50315,421Resale
LANDED HOUSING DEVELOPMENTD10$22,000,000$1,62913,508Resale

Key Figures at a Glance

3,372
Sales Transactions
↓ 13.2% MoM
$1,471
Median PSF
↓ 6.1% MoM
$1,441,000
Median Transaction Price
9,245
Rental Leases
↓ 8.7% MoM
$3,200
Median Rent
↑ 0.0% MoM
2.73%
Best Gross Yield (OCR)

Sales Market Deep Dive

The private residential sales market recorded 3,372 transactions in August 2021, representing a decrease of 13.2% month-on-month. The median price per square foot was $1,471 (down 6.1% MoM), while the median transaction price stood at $1,441,000.

Transaction Mix: Resale: 2,034 (60.3%) · New Sale: 1,277 (37.9%) · Sub Sale: 61 (1.8%)

Segment Performance: CCR, RCR & OCR

Performance across Singapore's three market segments shows differentiated pricing and demand patterns.

SegmentSales Vol.Median PSFRentalsMedian RentGross Yield
CCR (Core Central Region)460$2,1192,882$4,7502.48%
RCR (Rest of Central Region)954$1,6842,938$3,2002.24%
OCR (Outside Central Region)1,958$1,3013,425$2,7502.73%

For a deeper comparison, see East Coast vs Katong: Coastal Living Showdown.

Top Districts by Activity

The most active districts by sales volume in August 2021:

DistrictAreaSegmentTransactionsMedian PSF
District 19 (Serangoon Garden, Hougang, Punggol)Serangoon Garden, Hougang, PunggolOCR422$1,221
District 27 (Yishun, Sembawang)Yishun, SembawangOCR383$1,447
District 5 (Pasir Panjang, Hong Leong Garden, Clementi New Town)Pasir Panjang, Hong Leong Garden, Clementi New TownRCR312$1,717
District 15 (Katong, Joo Chiat, Amber Road)Katong, Joo Chiat, Amber RoadRCR237$1,581
District 18 (Tampines, Pasir Ris)Tampines, Pasir RisOCR235$1,135

Notable Transactions

The highest-value transactions by price per square foot in August 2021:

ProjectDistrictPSFPriceSize (sqft)Type
PARK NOVAD10$4,810$13,928,0002,895New Sale
PARK NOVAD10$4,762$13,788,0002,895New Sale
THE RITZ-CARLTON RESIDENCES SINGAPORE CAIRNHILLD9$4,580$14,000,0003,057Resale
EMERALD HILL CONSERVATION AREAD9$4,360$5,800,0001,330Resale
LANDED HOUSING DEVELOPMENTD9$4,341$6,000,0001,382Resale
RESIDENTIAL APARTMENTSD9$4,169$9,150,0002,195Resale
LANDED HOUSING DEVELOPMENTD11$4,162$5,680,0001,365Resale
THE MARQ ON PATERSON HILLD9$4,046$12,500,0003,089Resale
THE MARQ ON PATERSON HILLD9$4,043$25,500,0006,308Resale
WALLICH RESIDENCED2$3,904$3,740,000958Resale

Rental Market Snapshot

The rental market recorded 9,245 leases in August 2021, down 8.7% month-on-month. The median monthly rent was $3,200 (up 0.0% MoM).

Median Rent by Bedroom Type:

TypeMedian Rent
1BR$2,300
2BR$2,950
3BR$3,800
4BR$7,000
5BR$7,050
6BR$10,000
NA$4,200

Most Active Rental Projects:

ProjectLeases
LANDED HOUSING DEVELOPMENT240
NON-LANDED HOUSING DEVELOPMENT171
D'LEEDON71
THE SAIL @ MARINA BAY50
MARINA ONE RESIDENCES49

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.

MonthMedian PSFMedian Rent
2021-03$1,548$3,000
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

Market volatility assessment: Moderate (based on 6-month coefficient of variation of median PSF).

For longer-term analysis, see Rental Price Distribution — 2023.

Supply & Demand Signals

Primary vs Secondary Market: New launches accounted for 1,277 units (37.9% of total), while resales made up 2,034 transactions and 61 sub-sales were recorded.

Unit Size Demand: 5BR+: 428 (12.7%) · 4BR: 446 (13.2%) · 3BR: 1,064 (31.6%) · 2BR: 775 (23%) · Studio: 155 (4.6%) · 1BR: 504 (14.9%)

Price Distribution: $500K-1M: 631 · $1M-1.5M: 1,138 · $1.5M-2M: 695 · $2M-3M: 458 · $3M+: 450

Explore our latest Condos with Best Views in District 1 (Raffles Place, Cecil, Marina, People's Park) 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 August 2021:

  • Prices have softened with median PSF falling 6.1% 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 63%, near historical averages.

Useful resources: How to Use the Mortgage Calculator · Moving Averages: Reading Property Price Trends

Bedroom Type Analysis

Prices and rents broken down by unit type help buyers identify value across different bedroom configurations.

BedroomMedian Sale PriceMedian RentEst. Gross Yield
0$720,000----
1$1,023,000----
1BR--$2,300/mo--
2$1,169,000----
2BR--$2,950/mo--
3$1,480,000----
3BR--$3,800/mo--
4$2,195,000----
4BR--$7,000/mo--
5$4,080,000----
5BR--$7,050/mo--
6BR--$10,000/mo--
NA--$4,200/mo--

Yields are gross estimates: (monthly rent × 12) / median sale price. Actual net yields vary with maintenance, taxes, and vacancy.

Useful Resources

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: 964 condos with sales data and 1756 with rental data out of 3429 tracked properties for August 2021.