ShiokNest Monthly Market Report — October 2024

Market Report Updated
Key Takeaways
  • Total of 9,283 transactions recorded in October 2024 (-2.6% MoM).
  • Median sale price per square foot: $1,942, up 9.0% from last month.
  • Median monthly rent: $4,300 (+0.0% MoM).
  • Most active district: District 25 (Kranji, Woodgrove) with 327 sales.
  • Highest gross yield: 2.97% in the OCR segment.

Based on URA REALIS data, the Singapore private residential market recorded 9,283 total transactions in October 2024, down 2.6% from the previous month. Sales volume stood at 2,357 units with a median price of $1,942 per square foot, while the rental market saw 6,926 leases at a median rent of $4,300/month. For an overview of the buying process, see our First-Time Buyer's Complete Checklist: From Viewing to Keys.

Highest-Value Transactions

The top 5 transactions by total price in October 2024:

ProjectDistrictPricePSFSize (sqft)Type
LANDED HOUSING DEVELOPMENTD10$20,980,000$2,6028,064Resale
LANDED HOUSING DEVELOPMENTD10$20,980,000$2,6028,064Resale
DUNEARN ESTATED11$18,000,000$2,2148,130Resale
LANDED HOUSING DEVELOPMENTD13$15,700,000$1,42611,014Resale
LANDED HOUSING DEVELOPMENTD15$14,300,000$1,6498,671Resale

Key Figures at a Glance

2,357
Sales Transactions
↑ 21.7% MoM
$1,942
Median PSF
↑ 9.0% MoM
$1,791,000
Median Transaction Price
6,926
Rental Leases
↓ 8.8% MoM
$4,300
Median Rent
↑ 0.0% MoM
2.97%
Best Gross Yield (OCR)

Sales Market Deep Dive

The private residential sales market recorded 2,357 transactions in October 2024, representing an increase of 21.7% month-on-month and up 49.6% year-on-year. The median price per square foot was $1,942 (up 9.0% MoM), while the median transaction price stood at $1,791,000.

Transaction Mix: Resale: 1,517 (64.4%) · Sub Sale: 123 (5.2%) · New Sale: 717 (30.4%)

Segment Performance: CCR, RCR & OCR

Performance across Singapore's three market segments shows differentiated pricing and demand patterns.

SegmentSales Vol.Median PSFRentalsMedian RentGross Yield
CCR (Core Central Region)245$2,2372,159$5,6002.56%
RCR (Rest of Central Region)741$2,1592,311$4,3002.29%
OCR (Outside Central Region)1,371$1,6772,456$3,8002.97%

For a deeper comparison, see Freehold vs 999-Year vs 99-Year Leasehold — Which Tenure Wins?.

Top Districts by Activity

The most active districts by sales volume in October 2024:

DistrictAreaSegmentTransactionsMedian PSF
District 25 (Kranji, Woodgrove)Kranji, WoodgroveOCR327$2,069
District 15 (Katong, Joo Chiat, Amber Road)Katong, Joo Chiat, Amber RoadRCR296$2,633
District 19 (Serangoon Garden, Hougang, Punggol)Serangoon Garden, Hougang, PunggolOCR226$1,602
District 23 (Hillview, Dairy Farm, Bukit Panjang, Choa Chu Kang)Hillview, Dairy Farm, Bukit Panjang, Choa Chu KangOCR165$1,527
District 21 (Upper Bukit Timah, Clementi Park, Ulu Pandan)Upper Bukit Timah, Clementi Park, Ulu PandanOCR124$2,280

Notable Transactions

The highest-value transactions by price per square foot in October 2024:

ProjectDistrictPSFPriceSize (sqft)Type
ARDMORE PARKD10$4,402$12,700,0002,885Resale
CUSCADEN RESERVED10$3,753$14,100,0003,757Resale
LANDED HOUSING DEVELOPMENTD10$3,710$8,258,9852,226Resale
LANDED HOUSING DEVELOPMENTD10$3,710$8,258,9852,226Resale
BLAIR PLAIN CONSERVATION AREAD2$3,674$5,200,0001,415Resale
19 NASSIMD10$3,652$3,538,000969New Sale
19 NASSIMD10$3,570$3,458,000969New Sale
MEYER BLUED15$3,569$2,382,000667New Sale
MEYER BLUED15$3,569$2,382,000667New Sale
KLIMT CAIRNHILLD9$3,547$5,078,4001,432New Sale

Rental Market Snapshot

The rental market recorded 6,926 leases in October 2024, down 8.8% month-on-month. The median monthly rent was $4,300 (up 0.0% MoM).

Median Rent by Bedroom Type:

TypeMedian Rent
1BR$3,250
2BR$4,100
3BR$5,300
4BR$8,300
5BR$12,000
6BR$9,000
NA$5,200

Most Active Rental Projects:

ProjectLeases
LANDED HOUSING DEVELOPMENT170
NON-LANDED HOUSING DEVELOPMENT113
PARC ESTA63
MARINA ONE RESIDENCES53
THE SAIL @ MARINA BAY44

Planning to rent? Check out our How to Project Rental Property Cash Flow.

6-Month Price Trends

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

MonthMedian PSFMedian Rent
2024-05$1,669$4,300
2024-06$1,714$4,250
2024-07$1,827$4,400
2024-08$1,685$4,500
2024-09$1,782$4,300
2024-10$1,942$4,300

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 717 units (30.4% of total), while resales made up 1,517 transactions and 123 sub-sales were recorded.

Unit Size Demand: 5BR+: 252 (10.7%) · 4BR: 294 (12.5%) · 3BR: 769 (32.6%) · 2BR: 518 (22%) · 1BR: 384 (16.3%) · Studio: 140 (5.9%)

Price Distribution: $500K-1M: 187 · $1M-1.5M: 646 · $1.5M-2M: 545 · $2M-3M: 532 · $3M+: 447

Explore our latest Condos with Best Views in District 18 (Tampines, Pasir Ris) for featured developments.

Outlook & What to Watch

Throughout 2024, Singapore's private residential market showed remarkable resilience with stable pricing and healthy transaction volumes despite elevated interest rates.

Key takeaways for October 2024:

  • Prices are trending upward with median PSF rising 9.0% 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 33%, 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.

BedroomMedian Sale PriceMedian RentEst. Gross Yield
0$890,000----
1$1,310,000----
1BR--$3,250/mo--
2$1,562,500----
2BR--$4,100/mo--
3$1,960,000----
3BR--$5,300/mo--
4$3,104,000----
4BR--$8,300/mo--
5$4,866,000----
5BR--$12,000/mo--
6BR--$9,000/mo--
NA--$5,200/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: 757 condos with sales data and 1609 with rental data out of 3429 tracked properties for October 2024.