- Total of 11,617 transactions recorded in July 2023 (+35.6% MoM).
- Median sale price per square foot: $2,044, up 25.2% from last month.
- Median monthly rent: $4,700 (+2.2% MoM).
- Most active district: District 15 (Katong, Joo Chiat, Amber Road) with 705 sales.
- Highest gross yield: 3.48% in the OCR segment.
Based on URA REALIS data, the Singapore private residential market recorded 11,617 total transactions in July 2023, up 35.6% from the previous month. Sales volume stood at 2,766 units with a median price of $2,044 per square foot, while the rental market saw 8,851 leases at a median rent of $4,700/month. For an overview of the buying process, see our Singapore Property Tax Guide — Annual Value, Rates & Reliefs.
Highest-Value Transactions
The top 5 transactions by total price in July 2023:
| Project | District | Price | PSF | Size (sqft) | Type |
|---|---|---|---|---|---|
| CALDECOTT HILL ESTATE | D11 | $22,250,000 | $2,036 | 10,931 | Resale |
| BEVERLY HILL | D10 | $18,000,000 | $2,382 | 7,556 | Resale |
| WATTEN ESTATE | D11 | $15,600,000 | $1,657 | 9,415 | Sub Sale |
| LANDED HOUSING DEVELOPMENT | D10 | $15,000,000 | $1,852 | 8,099 | Resale |
| LANDED HOUSING DEVELOPMENT | D10 | $15,000,000 | $1,852 | 8,099 | Resale |
Key Figures at a Glance
Sales Market Deep Dive
The private residential sales market recorded 2,766 transactions in July 2023, representing an increase of 80.3% month-on-month and up 21.3% year-on-year. The median price per square foot was $2,044 (up 25.2% MoM), while the median transaction price stood at $1,703,500.
Transaction Mix: Resale: 1,239 (44.8%) · New Sale: 1,408 (50.9%) · Sub Sale: 119 (4.3%)
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) | 274 | $2,300 | 2,479 | $6,300 | 3.1% |
| RCR (Rest of Central Region) | 1,195 | $2,420 | 3,075 | $4,700 | 2.92% |
| OCR (Outside Central Region) | 1,297 | $1,629 | 3,297 | $4,200 | 3.48% |
For a deeper comparison, see Freehold vs 99-Year Leasehold: Price Premium.
Top Districts by Activity
The most active districts by sales volume in July 2023:
| District | Area | Segment | Transactions | Median PSF |
|---|---|---|---|---|
| District 15 (Katong, Joo Chiat, Amber Road) | Katong, Joo Chiat, Amber Road | RCR | 705 | $2,499 |
| District 26 (Upper Thomson, Springleaf) | Upper Thomson, Springleaf | OCR | 347 | $2,099 |
| District 23 (Hillview, Dairy Farm, Bukit Panjang, Choa Chu Kang) | Hillview, Dairy Farm, Bukit Panjang, Choa Chu Kang | OCR | 226 | $1,968 |
| District 19 (Serangoon Garden, Hougang, Punggol) | Serangoon Garden, Hougang, Punggol | OCR | 223 | $1,470 |
| District 21 (Upper Bukit Timah, Clementi Park, Ulu Pandan) | Upper Bukit Timah, Clementi Park, Ulu Pandan | OCR | 189 | $2,337 |
Notable Transactions
The highest-value transactions by price per square foot in July 2023:
| Project | District | PSF | Price | Size (sqft) | Type |
|---|---|---|---|---|---|
| RESIDENTIAL APARTMENTS | D9 | $5,569 | $11,750,000 | 2,110 | Resale |
| RESIDENTIAL APARTMENTS | D9 | $5,553 | $11,500,000 | 2,071 | Resale |
| ARDMORE PARK | D10 | $4,437 | $12,800,000 | 2,885 | Resale |
| LANDED HOUSING DEVELOPMENT | D15 | $4,389 | $5,150,000 | 1,173 | Resale |
| LANDED HOUSING DEVELOPMENT | D15 | $4,389 | $5,150,000 | 1,173 | Resale |
| LANDED HOUSING DEVELOPMENT | D15 | $4,389 | $5,150,000 | 1,173 | Resale |
| DALVEY HAUS | D10 | $3,844 | $6,000,000 | 1,561 | New Sale |
| MIDTOWN MODERN | D7 | $3,841 | $1,571,130 | 409 | New Sale |
| KLIMT CAIRNHILL | D9 | $3,836 | $5,740,000 | 1,496 | New Sale |
| DALVEY HAUS | D10 | $3,577 | $5,583,150 | 1,561 | New Sale |
Rental Market Snapshot
The rental market recorded 8,851 leases in July 2023, up 25.8% month-on-month. The median monthly rent was $4,700 (up 2.2% MoM).
Median Rent by Bedroom Type:
| Type | Median Rent |
|---|---|
| 1BR | $3,475 |
| 2BR | $4,300 |
| 3BR | $5,500 |
| 4BR | $9,000 |
| 5BR | $12,500 |
| NA | $5,800 |
Most Active Rental Projects:
| Project | Leases |
|---|---|
| LANDED HOUSING DEVELOPMENT | 197 |
| NON-LANDED HOUSING DEVELOPMENT | 151 |
| KENT RIDGE HILL RESIDENCES | 81 |
| THE SAIL @ MARINA BAY | 53 |
| D'LEEDON | 53 |
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 |
|---|---|---|
| 2023-02 | $1,764 | $4,500 |
| 2023-03 | $1,707 | $4,500 |
| 2023-04 | $1,987 | $4,580 |
| 2023-05 | $1,932 | $4,500 |
| 2023-06 | $1,632 | $4,600 |
| 2023-07 | $2,044 | $4,700 |
Market volatility assessment: Volatile (based on 6-month coefficient of variation of median PSF).
For longer-term analysis, see Sales Trends by Bedroom Type — 2024.
Supply & Demand Signals
Primary vs Secondary Market: New launches accounted for 1,408 units (50.9% of total), while resales made up 1,239 transactions and 119 sub-sales were recorded.
Unit Size Demand: 5BR+: 226 (8.2%) · 4BR: 306 (11.1%) · 3BR: 801 (29%) · 1BR: 579 (20.9%) · 2BR: 623 (22.5%) · Studio: 231 (8.4%)
Price Distribution: $500K-1M: 253 · $1M-1.5M: 775 · $1.5M-2M: 761 · $2M-3M: 579 · $3M+: 398
Explore our latest Condos with Best Views in District 3 (Queenstown, Tiong Bahru) 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 July 2023:
- Prices are trending upward with median PSF rising 25.2% month-on-month.
- Rents are holding firm with median rent up 2.2% MoM.
- New launches dominated the market, suggesting strong developer confidence and buyer appetite for new projects.
- The CCR-to-OCR price premium stands at approximately 41%, near historical averages.
Useful resources: How to Use the End-to-End Investment Calculator · 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 | $980,000 | -- | -- |
| 1 | $1,399,000 | -- | -- |
| 1BR | -- | $3,475/mo | -- |
| 2 | $1,725,000 | -- | -- |
| 2BR | -- | $4,300/mo | -- |
| 3 | $1,950,000 | -- | -- |
| 3BR | -- | $5,500/mo | -- |
| 4 | $2,854,000 | -- | -- |
| 4BR | -- | $9,000/mo | -- |
| 5 | $4,860,000 | -- | -- |
| 5BR | -- | $12,500/mo | -- |
| NA | -- | $5,800/mo | -- |
Yields are gross estimates: (monthly rent × 12) / median sale price. Actual net yields vary with maintenance, taxes, and vacancy.
Useful Resources
- How to Use the End-to-End Investment Calculator
- How to Evaluate Mortgage Refinancing
- Singapore Property Tax Guide — Annual Value, Rates & Reliefs
- MCST Rights Guide — What Every Subsidiary Proprietor Should Know
- Building a 3-Property Portfolio — CCR, RCR & OCR Strategy
- Divorce & Property in Singapore — Splitting Ownership & Obligations
- Property Expense Ratio: Rental Costs and Deductions
- TDSR and MSR: Singapore's Borrowing Limits
- Gross Yield vs Net Yield: Property Returns Explained
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: 746 condos with sales data and 1732 with rental data out of 3429 tracked properties for July 2023.