- Total of 9,120 transactions recorded in December 2022 (+11.6% MoM).
- Median sale price per square foot: $1,411, down 5.0% from last month.
- Median monthly rent: $4,300 (+2.4% MoM).
- Most active district: District 18 (Tampines, Pasir Ris) with 485 sales.
- Highest gross yield: 3.35% in the OCR segment.
Based on URA REALIS data, the Singapore private residential market recorded 9,120 total transactions in December 2022, up 11.6% from the previous month. Sales volume stood at 1,602 units with a median price of $1,411 per square foot, while the rental market saw 7,518 leases at a median rent of $4,300/month. For an overview of the buying process, see our Property vs REITs vs Stocks — 10-Year Singapore Comparison.
Highest-Value Transactions
The top 5 transactions by total price in December 2022:
| Project | District | Price | PSF | Size (sqft) | Type |
|---|---|---|---|---|---|
| WINDSOR PARK | D20 | $29,000,000 | $1,348 | 21,508 | Resale |
| LANDED HOUSING DEVELOPMENT | D15 | $28,500,000 | $1,579 | 18,046 | Resale |
| LANDED HOUSING DEVELOPMENT | D15 | $28,500,000 | $1,579 | 18,046 | Resale |
| LANDED HOUSING DEVELOPMENT | D15 | $28,500,000 | $1,579 | 18,046 | Resale |
| SENTOSA COVE | D4 | $17,050,000 | $2,149 | 7,934 | Resale |
Key Figures at a Glance
Sales Market Deep Dive
The private residential sales market recorded 1,602 transactions in December 2022, representing an increase of 2.2% month-on-month and down 36.6% year-on-year. The median price per square foot was $1,411 (down 5.0% MoM), while the median transaction price stood at $1,500,000.
Transaction Mix: Resale: 943 (58.9%) · New Sale: 599 (37.4%) · Sub Sale: 60 (3.7%)
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) | 205 | $2,536 | 2,140 | $5,600 | 2.53% |
| RCR (Rest of Central Region) | 356 | $1,782 | 2,509 | $4,300 | 2.6% |
| OCR (Outside Central Region) | 1,041 | $1,360 | 2,869 | $3,800 | 3.35% |
For a deeper comparison, see Rental Yield by District: Best Returns.
Top Districts by Activity
The most active districts by sales volume in December 2022:
| District | Area | Segment | Transactions | Median PSF |
|---|---|---|---|---|
| District 18 (Tampines, Pasir Ris) | Tampines, Pasir Ris | OCR | 485 | $1,376 |
| District 19 (Serangoon Garden, Hougang, Punggol) | Serangoon Garden, Hougang, Punggol | OCR | 178 | $1,379 |
| District 10 (Ardmore, Bukit Timah, Holland Road, Tanglin) | Ardmore, Bukit Timah, Holland Road, Tanglin | CCR | 103 | $2,748 |
| District 15 (Katong, Joo Chiat, Amber Road) | Katong, Joo Chiat, Amber Road | RCR | 92 | $1,672 |
| District 23 (Hillview, Dairy Farm, Bukit Panjang, Choa Chu Kang) | Hillview, Dairy Farm, Bukit Panjang, Choa Chu Kang | OCR | 79 | $1,155 |
Notable Transactions
The highest-value transactions by price per square foot in December 2022:
| Project | District | PSF | Price | Size (sqft) | Type |
|---|---|---|---|---|---|
| BOULEVARD 88 | D10 | $4,924 | $13,780,000 | 2,799 | Sub Sale |
| NEW FUTURA | D9 | $4,459 | $12,000,000 | 2,691 | Resale |
| PARK NOVA | D10 | $4,445 | $6,363,000 | 1,432 | New Sale |
| SOUTH BEACH RESIDENCES | D7 | $4,315 | $8,500,000 | 1,970 | Resale |
| KLIMT CAIRNHILL | D9 | $4,264 | $10,098,000 | 2,368 | New Sale |
| WALLICH RESIDENCE | D2 | $4,169 | $5,250,000 | 1,259 | Resale |
| BOULEVARD 88 | D10 | $4,021 | $5,280,900 | 1,313 | New Sale |
| BLAIR PLAIN CONSERVATION AREA | D2 | $4,010 | $5,900,000 | 1,471 | Resale |
| TOMLINSON HEIGHTS | D10 | $3,971 | $10,900,000 | 2,745 | Resale |
| ARDMORE PARK | D10 | $3,744 | $10,800,000 | 2,885 | Resale |
Rental Market Snapshot
The rental market recorded 7,518 leases in December 2022, up 13.8% month-on-month. The median monthly rent was $4,300 (up 2.4% MoM).
Median Rent by Bedroom Type:
| Type | Median Rent |
|---|---|
| 1BR | $3,300 |
| 2BR | $4,000 |
| 3BR | $5,000 |
| 4BR | $8,300 |
| 5BR | $8,000 |
| 6BR | $18,000 |
| NA | $4,500 |
| Studio | $5,650 |
Most Active Rental Projects:
| Project | Leases |
|---|---|
| LANDED HOUSING DEVELOPMENT | 161 |
| NON-LANDED HOUSING DEVELOPMENT | 156 |
| PARC ESTA | 72 |
| THE SAIL @ MARINA BAY | 52 |
| D'LEEDON | 37 |
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 |
|---|---|---|
| 2022-07 | $1,747 | $4,000 |
| 2022-08 | $1,604 | $4,000 |
| 2022-09 | $1,830 | $4,000 |
| 2022-10 | $1,381 | $4,100 |
| 2022-11 | $1,486 | $4,200 |
| 2022-12 | $1,411 | $4,300 |
Market volatility assessment: Volatile (based on 6-month coefficient of variation of median PSF).
For longer-term analysis, see Sales Trends by Floor Size — 2021.
Supply & Demand Signals
Primary vs Secondary Market: New launches accounted for 599 units (37.4% of total), while resales made up 943 transactions and 60 sub-sales were recorded.
Unit Size Demand: 4BR: 238 (14.9%) · 5BR+: 160 (10%) · 3BR: 666 (41.6%) · 2BR: 319 (19.9%) · Studio: 79 (4.9%) · 1BR: 140 (8.7%)
Price Distribution: $500K-1M: 183 · $1M-1.5M: 614 · $1.5M-2M: 373 · $2M-3M: 196 · $3M+: 236
Explore our latest Top 10 Most Affordable Condos for featured developments.
Outlook & What to Watch
In 2022, the introduction of higher Additional Buyer's Stamp Duty (IRAS ABSD ratesABSD) rates in December 2021 tempered foreign demand, while domestic buyers remained active amid rising interest rates.
Key takeaways for December 2022:
- Prices have softened with median PSF falling 5.0% month-on-month.
- Rents are holding firm with median rent up 2.4% 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 86%, near historical averages.
Useful resources: How to Compare Mortgage Loan Packages · Capital Gains and Appreciation: How Values Grow
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 | $750,000 | -- | -- |
| 1 | $1,023,444 | -- | -- |
| 1BR | -- | $3,300/mo | -- |
| 2 | $1,253,000 | -- | -- |
| 2BR | -- | $4,000/mo | -- |
| 3 | $1,487,500 | -- | -- |
| 3BR | -- | $5,000/mo | -- |
| 4 | $2,200,500 | -- | -- |
| 4BR | -- | $8,300/mo | -- |
| 5 | $4,769,000 | -- | -- |
| 5BR | -- | $8,000/mo | -- |
| 6BR | -- | $18,000/mo | -- |
| NA | -- | $4,500/mo | -- |
| Studio | -- | $5,650/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 Check TDSR and MSR Affordability
- How to Evaluate Mortgage Refinancing
- Property vs REITs vs Stocks — 10-Year Singapore Comparison
- PR vs Citizen Stamp Duty Comparison — Full Cost Differential
- Buying Property in Trust for Your Child — Legal Risks & ABSD
- Capital Gains and Appreciation: How Values Grow
- ABSD Explained: Additional Buyer's Stamp Duty Rates
- Cash-on-Cash Return: Measuring Your Cash Investment
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: 601 condos with sales data and 1680 with rental data out of 3429 tracked properties for December 2022.