ShiokNest Monthly Market Report — October 2021

Market Report Updated
Key Takeaways
  • Total of 11,083 transactions recorded in October 2021 (-4.9% MoM).
  • Median sale price per square foot: $1,493, up 5.6% from last month.
  • Median monthly rent: $3,200 (+0.0% MoM).
  • Most active district: District 19 (Serangoon Garden, Hougang, Punggol) with 395 sales.
  • Highest gross yield: 2.57% in the OCR segment.

Based on URA REALIS data, the Singapore private residential market recorded 11,083 total transactions in October 2021, down 4.9% from the previous month. Sales volume stood at 2,958 units with a median price of $1,493 per square foot, while the rental market saw 8,125 leases at a median rent of $3,200/month. For an overview of the buying process, see our CPF Accrued Interest Explained — Impact on Property Decisions.

Highest-Value Transactions

The top 5 transactions by total price in October 2021:

ProjectDistrictPricePSFSize (sqft)Type
WATTEN ESTATE CONDOMINIUMD11$550,800,000$2,652207,700Resale
LES MAISONS NASSIMD10$75,000,000$6,21012,077New Sale
LANDED HOUSING DEVELOPMENTD21$37,500,000$1,45725,740Resale
LANDED HOUSING DEVELOPMENTD10$36,000,000$1,46824,531Resale
LANDED HOUSING DEVELOPMENTD10$36,000,000$1,46824,531Resale

Key Figures at a Glance

2,958
Sales Transactions
↓ 13.3% MoM
$1,493
Median PSF
↑ 5.6% MoM
$1,585,000
Median Transaction Price
8,125
Rental Leases
↓ 1.4% MoM
$3,200
Median Rent
↑ 0.0% MoM
2.57%
Best Gross Yield (OCR)

Sales Market Deep Dive

The private residential sales market recorded 2,958 transactions in October 2021, representing a decrease of 13.3% month-on-month. The median price per square foot was $1,493 (up 5.6% MoM), while the median transaction price stood at $1,585,000.

Transaction Mix: Resale: 1,900 (64.2%) · New Sale: 1,019 (34.4%) · Sub Sale: 39 (1.3%)

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.

SegmentSales Vol.Median PSFRentalsMedian RentGross Yield
CCR (Core Central Region)564$2,4272,669$4,3002.17%
RCR (Rest of Central Region)840$1,6902,593$3,2001.99%
OCR (Outside Central Region)1,554$1,2242,863$2,7502.57%

For a deeper comparison, see New Launch Premium Analysis — How Much More Do You Really Pay?.

Top Districts by Activity

The most active districts by sales volume in October 2021:

DistrictAreaSegmentTransactionsMedian PSF
District 19 (Serangoon Garden, Hougang, Punggol)Serangoon Garden, Hougang, PunggolOCR395$1,226
District 10 (Ardmore, Bukit Timah, Holland Road, Tanglin)Ardmore, Bukit Timah, Holland Road, TanglinCCR316$2,495
District 15 (Katong, Joo Chiat, Amber Road)Katong, Joo Chiat, Amber RoadRCR228$1,679
District 5 (Pasir Panjang, Hong Leong Garden, Clementi New Town)Pasir Panjang, Hong Leong Garden, Clementi New TownRCR222$1,734
District 23 (Hillview, Dairy Farm, Bukit Panjang, Choa Chu Kang)Hillview, Dairy Farm, Bukit Panjang, Choa Chu KangOCR201$1,432

Notable Transactions

The highest-value transactions by price per square foot in October 2021:

ProjectDistrictPSFPriceSize (sqft)Type
LES MAISONS NASSIMD10$6,210$75,000,00012,077New Sale
PARK NOVAD10$5,232$11,546,0002,207New Sale
PARK NOVAD10$5,191$11,454,0002,207New Sale
PARK NOVAD10$5,016$11,068,3802,207New Sale
PARK NOVAD10$4,984$10,998,7302,207New Sale
THE RITZ-CARLTON RESIDENCES SINGAPORE CAIRNHILLD9$4,907$15,000,0003,057Resale
WALLICH RESIDENCED2$4,845$17,000,0003,509Resale
PARK NOVAD10$4,836$10,670,3802,207New Sale
PARK NOVAD10$4,804$10,600,7302,207New Sale
PARK NOVAD10$4,767$6,824,7051,432New Sale

Rental Market Snapshot

The rental market recorded 8,125 leases in October 2021, down 1.4% month-on-month. The median monthly rent was $3,200 (up 0.0% MoM).

Median Rent by Bedroom Type:

TypeMedian Rent
1BR$2,400
2BR$3,000
3BR$3,800
4BR$6,900
5BR$7,350
6BR$17,300
NA$3,500

Most Active Rental Projects:

ProjectLeases
LANDED HOUSING DEVELOPMENT181
NON-LANDED HOUSING DEVELOPMENT169
THE SAIL @ MARINA BAY57
TWIN VEW50
CITY SQUARE RESIDENCES46

6-Month Price Trends

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

MonthMedian PSFMedian Rent
2021-05$1,376$3,050
2021-06$1,486$3,200
2021-07$1,566$3,200
2021-08$1,471$3,200
2021-09$1,414$3,200
2021-10$1,493$3,200

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

For longer-term analysis, see Rental Trends by Bedroom Type — 2021.

Supply & Demand Signals

Primary vs Secondary Market: New launches accounted for 1,019 units (34.4% of total), while resales made up 1,900 transactions and 39 sub-sales were recorded.

Unit Size Demand: 5BR+: 454 (15.3%) · 4BR: 453 (15.3%) · 1BR: 322 (10.9%) · 3BR: 954 (32.3%) · 2BR: 609 (20.6%) · Studio: 166 (5.6%)

Price Distribution: <$500K: 4 · $500K-1M: 490 · $1M-1.5M: 853 · $1.5M-2M: 617 · $2M-3M: 498 · $3M+: 496

Explore our latest Condos with Best Views in District 28 (Seletar) for featured developments.

Outlook & What to Watch

Following the pandemic recovery, Singapore's property market rebounded strongly in 2021 with pent-up demand driving volumes higher across all segments.

Key takeaways for October 2021:

  • Prices are trending upward with median PSF rising 5.6% 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 98%, near historical averages.

Useful resources: How to Check TDSR and MSR Affordability · TDSR and MSR: Singapore's Borrowing Limits

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$739,000----
1$1,061,500----
1BR--$2,400/mo--
2$1,280,000----
2BR--$3,000/mo--
3$1,500,000----
3BR--$3,800/mo--
4$2,400,000----
4BR--$6,900/mo--
5$4,200,000----
5BR--$7,350/mo--
6BR--$17,300/mo--
NA--$3,500/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: 904 condos with sales data and 1660 with rental data out of 3429 tracked properties for October 2021.