- Total of 8,933 transactions recorded in January 2023 (-2.1% MoM).
- Median sale price per square foot: $1,648, up 16.8% from last month.
- Median monthly rent: $4,400 (+2.3% MoM).
- Most active district: District 16 (Bedok, Upper East Coast, Eastwood, Kew Drive) with 198 sales.
- Highest gross yield: 3.29% in the OCR segment.
Based on URA REALIS data, the Singapore private residential market recorded 8,933 total transactions in January 2023, down 2.1% from the previous month. Sales volume stood at 1,264 units with a median price of $1,648 per square foot, while the rental market saw 7,669 leases at a median rent of $4,400/month. For an overview of the buying process, see our Building a 3-Property Portfolio — CCR, RCR & OCR Strategy.
Highest-Value Transactions
The top 5 transactions by total price in January 2023:
| Project | District | Price | PSF | Size (sqft) | Type |
|---|---|---|---|---|---|
| BAGNALL COURT | D16 | $115,280,000 | $1,683 | 68,491 | Resale |
| LANDED HOUSING DEVELOPMENT | D15 | $55,500,000 | $2,161 | 25,681 | Resale |
| LANDED HOUSING DEVELOPMENT | D15 | $55,500,000 | $2,161 | 25,681 | Resale |
| DALVEY HAUS | D10 | $16,280,000 | $3,493 | 4,661 | New Sale |
| BOULEVARD VUE | D10 | $15,500,000 | $3,504 | 4,424 | Resale |
Key Figures at a Glance
Sales Market Deep Dive
The private residential sales market recorded 1,264 transactions in January 2023, representing a decrease of 21.1% month-on-month and down 37.7% year-on-year. The median price per square foot was $1,648 (up 16.8% MoM), while the median transaction price stood at $1,585,500.
Transaction Mix: Resale: 693 (54.8%) · Sub Sale: 49 (3.9%) · New Sale: 522 (41.3%)
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) | 260 | $2,716 | 2,248 | $5,800 | 2.67% |
| RCR (Rest of Central Region) | 263 | $1,781 | 2,532 | $4,500 | 2.89% |
| OCR (Outside Central Region) | 741 | $1,392 | 2,889 | $3,800 | 3.29% |
For a deeper comparison, see East Coast vs Katong: Coastal Living Showdown.
Top Districts by Activity
The most active districts by sales volume in January 2023:
| District | Area | Segment | Transactions | Median PSF |
|---|---|---|---|---|
| District 16 (Bedok, Upper East Coast, Eastwood, Kew Drive) | Bedok, Upper East Coast, Eastwood, Kew Drive | OCR | 198 | $2,062 |
| District 18 (Tampines, Pasir Ris) | Tampines, Pasir Ris | OCR | 175 | $1,381 |
| District 10 (Ardmore, Bukit Timah, Holland Road, Tanglin) | Ardmore, Bukit Timah, Holland Road, Tanglin | CCR | 132 | $2,777 |
| District 19 (Serangoon Garden, Hougang, Punggol) | Serangoon Garden, Hougang, Punggol | OCR | 108 | $1,378 |
| District 15 (Katong, Joo Chiat, Amber Road) | Katong, Joo Chiat, Amber Road | RCR | 68 | $1,721 |
Notable Transactions
The highest-value transactions by price per square foot in January 2023:
| Project | District | PSF | Price | Size (sqft) | Type |
|---|---|---|---|---|---|
| MIDTOWN MODERN | D7 | $4,278 | $14,000,000 | 3,272 | New Sale |
| HILLTOPS | D9 | $4,270 | $6,619,000 | 1,550 | Resale |
| KLIMT CAIRNHILL | D9 | $4,202 | $9,950,000 | 2,368 | New Sale |
| KLIMT CAIRNHILL | D9 | $4,138 | $9,800,000 | 2,368 | New Sale |
| KLIMT CAIRNHILL | D9 | $4,117 | $9,750,000 | 2,368 | New Sale |
| KLIMT CAIRNHILL | D9 | $4,096 | $9,700,000 | 2,368 | New Sale |
| ARDMORE THREE | D10 | $3,986 | $6,950,000 | 1,744 | Resale |
| MIDTOWN BAY | D7 | $3,929 | $2,875,900 | 732 | New Sale |
| BOULEVARD 88 | D10 | $3,882 | $5,098,200 | 1,313 | New Sale |
| 19 NASSIM | D10 | $3,876 | $2,086,200 | 538 | New Sale |
Rental Market Snapshot
The rental market recorded 7,669 leases in January 2023, up 2.0% month-on-month. The median monthly rent was $4,400 (up 2.3% MoM).
Median Rent by Bedroom Type:
| Type | Median Rent |
|---|---|
| 1BR | $3,300 |
| 2BR | $4,100 |
| 3BR | $5,000 |
| 4BR | $8,500 |
| 5BR | $9,275 |
| 6BR | $13,450 |
| NA | $4,900 |
| Studio | $5,000 |
Most Active Rental Projects:
| Project | Leases |
|---|---|
| LANDED HOUSING DEVELOPMENT | 189 |
| NON-LANDED HOUSING DEVELOPMENT | 162 |
| D'LEEDON | 60 |
| PARC ESTA | 60 |
| JADESCAPE | 57 |
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 |
|---|---|---|
| 2022-08 | $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 |
| 2023-01 | $1,648 | $4,400 |
Market volatility assessment: Volatile (based on 6-month coefficient of variation of median PSF).
For longer-term analysis, see Sales Trends by Bedroom Type — 2025.
Supply & Demand Signals
Primary vs Secondary Market: New launches accounted for 522 units (41.3% of total), while resales made up 693 transactions and 49 sub-sales were recorded.
Unit Size Demand: 5BR+: 136 (10.8%) · 4BR: 182 (14.4%) · 2BR: 301 (23.8%) · 3BR: 399 (31.6%) · Studio: 77 (6.1%) · 1BR: 169 (13.4%)
Price Distribution: $500K-1M: 125 · $1M-1.5M: 437 · $1.5M-2M: 276 · $2M-3M: 204 · $3M+: 222
Explore our latest Condos with Best Views in District 7 (Middle Road, Golden Mile) 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 January 2023:
- Prices are trending upward with median PSF rising 16.8% 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 95%, near historical averages.
Useful resources: How to Check TDSR and MSR Affordability · 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 | $915,000 | -- | -- |
| 1 | $1,208,000 | -- | -- |
| 1BR | -- | $3,300/mo | -- |
| 2 | $1,558,000 | -- | -- |
| 2BR | -- | $4,100/mo | -- |
| 3 | $1,470,000 | -- | -- |
| 3BR | -- | $5,000/mo | -- |
| 4 | $2,504,000 | -- | -- |
| 4BR | -- | $8,500/mo | -- |
| 5 | $5,661,500 | -- | -- |
| 5BR | -- | $9,275/mo | -- |
| 6BR | -- | $13,450/mo | -- |
| NA | -- | $4,900/mo | -- |
| Studio | -- | $5,000/mo | -- |
Yields are gross estimates: (monthly rent × 12) / median sale price. Actual net yields vary with maintenance, taxes, and vacancy.
Useful Resources
- How to Check TDSR and MSR Affordability
- How to Use the Mortgage Calculator
- How to Use the End-to-End Investment Calculator
- Building a 3-Property Portfolio — CCR, RCR & OCR Strategy
- Green Condos Guide — BCA Green Mark Developments in Singapore
- Singapore Mortgage Guide: Fixed vs Floating
- SSD Explained: Seller's Stamp Duty and Holding Periods
- CCR, RCR, OCR: Singapore's Market Segments
- IRR: Internal Rate of Return for Property Investors
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: 541 condos with sales data and 1708 with rental data out of 3429 tracked properties for January 2023.