ShiokNest Monthly Market Report — February 2023

Market Report Updated
Key Takeaways
  • Total of 7,663 transactions recorded in February 2023 (-14.2% MoM).
  • Median sale price per square foot: $1,764, up 7.0% from last month.
  • Median monthly rent: $4,500 (+2.3% MoM).
  • Most active district: District 10 (Ardmore, Bukit Timah, Holland Road, Tanglin) with 151 sales.
  • Highest gross yield: 3.53% in the OCR segment.

Based on URA REALIS data, the Singapore private residential market recorded 7,663 total transactions in February 2023, down 14.2% from the previous month. Sales volume stood at 1,472 units with a median price of $1,764 per square foot, while the rental market saw 6,191 leases at a median rent of $4,500/month. For an overview of the buying process, see our HDB Upgrader Financial Planning: From HDB to Condo.

Highest-Value Transactions

The top 5 transactions by total price in February 2023:

ProjectDistrictPricePSFSize (sqft)Type
MEYER PARKD15$392,180,000$2,707144,882Resale
CORAL ISLANDD4$36,500,000$2,71713,434Resale
LES MAISONS NASSIMD10$36,000,000$5,7276,286New Sale
KLIMT CAIRNHILLD9$27,500,000$4,6455,920New Sale
LANDED HOUSING DEVELOPMENTD11$26,500,000$90729,201Resale

Key Figures at a Glance

1,472
Sales Transactions
↑ 16.5% MoM
$1,764
Median PSF
↑ 7.0% MoM
$1,794,000
Median Transaction Price
6,191
Rental Leases
↓ 19.3% MoM
$4,500
Median Rent
↑ 2.3% MoM
3.53%
Best Gross Yield (OCR)

Sales Market Deep Dive

The private residential sales market recorded 1,472 transactions in February 2023, representing an increase of 16.5% month-on-month and down 12.0% year-on-year. The median price per square foot was $1,764 (up 7.0% MoM), while the median transaction price stood at $1,794,000.

Transaction Mix: Resale: 972 (66%) · New Sale: 430 (29.2%) · Sub Sale: 70 (4.8%)

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.

SegmentSales Vol.Median PSFRentalsMedian RentGross Yield
CCR (Core Central Region)383$2,6581,816$6,0002.94%
RCR (Rest of Central Region)458$1,9132,139$4,5002.7%
OCR (Outside Central Region)631$1,3412,236$4,0003.53%

For a deeper comparison, see New Launch vs Resale Condos — A Data-Driven Comparison.

Top Districts by Activity

The most active districts by sales volume in February 2023:

DistrictAreaSegmentTransactionsMedian PSF
District 10 (Ardmore, Bukit Timah, Holland Road, Tanglin)Ardmore, Bukit Timah, Holland Road, TanglinCCR151$2,816
District 19 (Serangoon Garden, Hougang, Punggol)Serangoon Garden, Hougang, PunggolOCR145$1,425
District 5 (Pasir Panjang, Hong Leong Garden, Clementi New Town)Pasir Panjang, Hong Leong Garden, Clementi New TownRCR141$2,564
District 9 (Orchard, Cairnhill, River Valley)Orchard, Cairnhill, River ValleyCCR106$2,659
District 18 (Tampines, Pasir Ris)Tampines, Pasir RisOCR92$1,297

Notable Transactions

The highest-value transactions by price per square foot in February 2023:

ProjectDistrictPSFPriceSize (sqft)Type
LES MAISONS NASSIMD10$5,727$36,000,0006,286New Sale
SKYLINE @ ORCHARD BOULEVARDD9$5,371$20,234,0003,767Resale
NASSIM PARK RESIDENCESD10$4,785$20,500,0004,284Resale
KLIMT CAIRNHILLD9$4,645$27,500,0005,920New Sale
SOUTH BEACH RESIDENCESD7$4,504$8,630,0001,916Resale
PARK NOVAD10$4,371$6,258,0001,432New Sale
NEW FUTURAD9$4,008$4,400,0001,098Resale
3 CUSCADEND10$3,982$1,800,000452Sub Sale
19 NASSIMD10$3,906$5,508,0001,410New Sale
LANDED HOUSING DEVELOPMENTD11$3,849$9,578,8002,489New Sale

Rental Market Snapshot

The rental market recorded 6,191 leases in February 2023, down 19.3% month-on-month. The median monthly rent was $4,500 (up 2.3% MoM).

Median Rent by Bedroom Type:

TypeMedian Rent
1BR$3,500
2BR$4,300
3BR$5,400
4BR$8,500
5BR$10,000
6BR$16,308
NA$4,800

Most Active Rental Projects:

ProjectLeases
LANDED HOUSING DEVELOPMENT115
NON-LANDED HOUSING DEVELOPMENT105
PARC ESTA55
JADESCAPE48
D'LEEDON40

6-Month Price Trends

Tracking median PSF and rent over the past six months reveals the underlying trend beyond monthly noise.

MonthMedian PSFMedian Rent
2022-09$1,830$4,000
2022-10$1,381$4,100
2022-11$1,486$4,200
2022-12$1,411$4,300
2023-01$1,648$4,400
2023-02$1,764$4,500

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

For longer-term analysis, see Rental Trends by Floor Level — 2025.

Supply & Demand Signals

Primary vs Secondary Market: New launches accounted for 430 units (29.2% of total), while resales made up 972 transactions and 70 sub-sales were recorded.

Unit Size Demand: 5BR+: 193 (13.1%) · 4BR: 207 (14.1%) · 3BR: 432 (29.3%) · 2BR: 312 (21.2%) · Studio: 104 (7.1%) · 1BR: 224 (15.2%)

Price Distribution: $500K-1M: 197 · $1M-1.5M: 346 · $1.5M-2M: 301 · $2M-3M: 319 · $3M+: 309

Explore our latest Top 10 Highest Rental Yield Condos 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 February 2023:

  • Prices are trending upward with median PSF rising 7.0% month-on-month.
  • Rents are holding firm with median rent up 2.3% 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 98%, near historical averages.

Useful resources: How to Compare Mortgage Loan Packages · CCR, RCR, OCR: Singapore's Market Segments

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$790,000----
1$1,390,000----
1BR--$3,500/mo--
2$1,604,000----
2BR--$4,300/mo--
3$1,717,500----
3BR--$5,400/mo--
4$2,680,000----
4BR--$8,500/mo--
5$5,480,000----
5BR--$10,000/mo--
6BR--$16,308/mo--
NA--$4,800/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: 656 condos with sales data and 1578 with rental data out of 3429 tracked properties for February 2023.