- Total of 8,235 transactions recorded in December 2023 (+1.4% MoM).
- Median sale price per square foot: $1,647, down 16.5% from last month.
- Median monthly rent: $4,500 (+0.0% MoM).
- Most active district: District 19 (Serangoon Garden, Hougang, Punggol) with 216 sales.
- Highest gross yield: 3.26% in the OCR segment.
Based on URA REALIS data, the Singapore private residential market recorded 8,235 total transactions in December 2023, up 1.4% from the previous month. Sales volume stood at 1,359 units with a median price of $1,647 per square foot, while the rental market saw 6,876 leases at a median rent of $4,500/month. For an overview of the buying process, see our Progressive Payment Schedule: Understanding BUC Milestones.
Highest-Value Transactions
The top 5 transactions by total price in December 2023:
| Project | District | Price | PSF | Size (sqft) | Type |
|---|---|---|---|---|---|
| LANDED HOUSING DEVELOPMENT | D15 | $15,000,000 | $1,326 | 11,310 | Sub Sale |
| LANDED HOUSING DEVELOPMENT | D15 | $15,000,000 | $1,326 | 11,310 | Sub Sale |
| LANDED HOUSING DEVELOPMENT | D15 | $15,000,000 | $1,326 | 11,310 | Sub Sale |
| WATTEN HOUSE | D11 | $14,391,000 | $3,528 | 4,080 | New Sale |
| WATTEN HOUSE | D11 | $14,157,000 | $3,470 | 4,080 | New Sale |
Key Figures at a Glance
Sales Market Deep Dive
The private residential sales market recorded 1,359 transactions in December 2023, representing a decrease of 35.1% month-on-month and down 15.2% year-on-year. The median price per square foot was $1,647 (down 16.5% MoM), while the median transaction price stood at $1,580,000.
Transaction Mix: Resale: 1,052 (77.4%) · Sub Sale: 152 (11.2%) · New Sale: 155 (11.4%)
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) | 160 | $2,155 | 1,908 | $5,995 | 2.73% |
| RCR (Rest of Central Region) | 408 | $1,944 | 2,316 | $4,500 | 3.09% |
| OCR (Outside Central Region) | 791 | $1,440 | 2,652 | $3,900 | 3.26% |
For a deeper comparison, see Orchard Road vs River Valley: Central Living Comparison.
Top Districts by Activity
The most active districts by sales volume in December 2023:
| District | Area | Segment | Transactions | Median PSF |
|---|---|---|---|---|
| District 19 (Serangoon Garden, Hougang, Punggol) | Serangoon Garden, Hougang, Punggol | OCR | 216 | $1,462 |
| District 15 (Katong, Joo Chiat, Amber Road) | Katong, Joo Chiat, Amber Road | RCR | 103 | $1,870 |
| District 23 (Hillview, Dairy Farm, Bukit Panjang, Choa Chu Kang) | Hillview, Dairy Farm, Bukit Panjang, Choa Chu Kang | OCR | 97 | $1,439 |
| District 18 (Tampines, Pasir Ris) | Tampines, Pasir Ris | OCR | 90 | $1,439 |
| District 5 (Pasir Panjang, Hong Leong Garden, Clementi New Town) | Pasir Panjang, Hong Leong Garden, Clementi New Town | RCR | 88 | $1,940 |
Notable Transactions
The highest-value transactions by price per square foot in December 2023:
| Project | District | PSF | Price | Size (sqft) | Type |
|---|---|---|---|---|---|
| LANDED HOUSING DEVELOPMENT | D9 | $3,853 | $3,500,000 | 908 | Resale |
| CUSCADEN RESERVE | D10 | $3,777 | $3,537,000 | 936 | New Sale |
| WATTEN HOUSE | D11 | $3,528 | $14,391,000 | 4,080 | New Sale |
| MIDTOWN MODERN | D7 | $3,512 | $6,350,000 | 1,808 | New Sale |
| THE CLAYMORE | D9 | $3,489 | $11,680,000 | 3,348 | Resale |
| PULLMAN RESIDENCES NEWTON | D11 | $3,476 | $1,609,000 | 463 | New Sale |
| WATTEN HOUSE | D11 | $3,470 | $14,157,000 | 4,080 | New Sale |
| 19 NASSIM | D10 | $3,454 | $3,829,000 | 1,109 | New Sale |
| PULLMAN RESIDENCES NEWTON | D11 | $3,453 | $1,598,000 | 463 | New Sale |
| THE ORCHARD RESIDENCES | D9 | $3,367 | $8,300,000 | 2,465 | Resale |
Rental Market Snapshot
The rental market recorded 6,876 leases in December 2023, up 14.0% month-on-month. The median monthly rent was $4,500 (up 0.0% MoM).
Median Rent by Bedroom Type:
| Type | Median Rent |
|---|---|
| 1BR | $3,300 |
| 2BR | $4,100 |
| 3BR | $5,200 |
| 4BR | $8,300 |
| 5BR | $9,000 |
| 8BR | $9,000 |
| NA | $4,800 |
| Studio | $4,500 |
Most Active Rental Projects:
| Project | Leases |
|---|---|
| NORMANTON PARK | 137 |
| LANDED HOUSING DEVELOPMENT | 125 |
| NON-LANDED HOUSING DEVELOPMENT | 106 |
| AFFINITY AT SERANGOON | 65 |
| TREASURE AT TAMPINES | 59 |
Planning to rent? Check out our Buy vs Rent: Finding Your Break-Even Point.
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 |
|---|---|---|
| 2023-07 | $2,044 | $4,700 |
| 2023-08 | $1,609 | $4,700 |
| 2023-09 | $1,604 | $4,600 |
| 2023-10 | $1,655 | $4,500 |
| 2023-11 | $1,972 | $4,500 |
| 2023-12 | $1,647 | $4,500 |
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 155 units (11.4% of total), while resales made up 1,052 transactions and 152 sub-sales were recorded.
Unit Size Demand: 4BR: 175 (12.9%) · 5BR+: 132 (9.7%) · 2BR: 280 (20.6%) · 3BR: 477 (35.1%) · 1BR: 193 (14.2%) · Studio: 102 (7.5%)
Price Distribution: $500K-1M: 195 · $1M-1.5M: 415 · $1.5M-2M: 318 · $2M-3M: 233 · $3M+: 198
Explore our latest Condos with Best Views in District 1 (Raffles Place, Cecil, Marina, People's Park) 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 December 2023:
- Prices have softened with median PSF falling 16.5% 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 50%, near historical averages.
Useful resources: How to Compare Mortgage Loan Packages · Singapore Cooling Measures: History and Current Rates
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 | $835,000 | -- | -- |
| 1 | $1,135,000 | -- | -- |
| 1BR | -- | $3,300/mo | -- |
| 2 | $1,420,000 | -- | -- |
| 2BR | -- | $4,100/mo | -- |
| 3 | $1,660,000 | -- | -- |
| 3BR | -- | $5,200/mo | -- |
| 4 | $2,525,000 | -- | -- |
| 4BR | -- | $8,300/mo | -- |
| 5 | $4,390,000 | -- | -- |
| 5BR | -- | $9,000/mo | -- |
| 8BR | -- | $9,000/mo | -- |
| NA | -- | $4,800/mo | -- |
| Studio | -- | $4,500/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
- Progressive Payment Schedule: Understanding BUC Milestones
- SORA Rate Tracker & Mortgage Impact Guide
- Decoupling Strategy for Singapore Property Owners
- Buying Property Through a Trust or Company in Singapore
- Punggol Digital District Guide — How a Tech Hub Changes Property Values
- TDSR and MSR: Singapore's Borrowing Limits
- Singapore Cooling Measures: History and Current Rates
- SSD Explained: Seller's Stamp Duty and Holding Periods
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: 636 condos with sales data and 1658 with rental data out of 3429 tracked properties for December 2023.