This report provides a comprehensive analysis of Singapore’s real estate market for 4Q 2024, focusing on macroeconomic shifts, property segment performance, and key opportunities in landed, strata landed, condominiums, Executive Condominiums (ECs), and HDB resale. The Singapore economy expanded by 5.0% year-on-year (y-o-y) in 4Q 2024, moderating from 5.7% in the previous quarter. While growth is expected to slow in 2025, Singapore’s real estate market remains well-positioned for stability amid monetary easing and improving affordability.
Market Outlook for 2025: Stability and Key Investment Opportunities
- Singapore’s GDP growth is forecast at 1.0%-3.0% in 2025, with potential macroeconomic uncertainties stemming from trade frictions and external financial risks.
- New launch momentum will continue in 2025, with 27 upcoming launches across CCR, RCR, and OCR, providing fresh investment opportunities.
- The narrowing price disparity between new launches and resale condos will influence buyer preferences, particularly in RCR and OCR districts where new supply remains attractive.
- The HDB resale market is likely to see continued price growth, supported by low supply and high upgrader demand in mature estates like Toa Payoh, Queenstown, and Clementi.
- Landed properties could stabilise in 2025, as declining mortgage rates improve affordability and high-value districts like D10, D11, and D15 maintain strong underlying demand.
- Investors should monitor undervalued segments, including suburban region, city-fringe resale condos, and ECs reaching MOP, for strategic entry points in an evolving market.
Singapore’s strong economic fundamentals, easing borrowing costs, and continued government measures provide a stable foundation for real estate growth into 2025. Buyers and investors who position themselves early in undervalued segments stand to benefit from favourable market conditions and long-term capital appreciation.
Contents
1. Macroeconomic Event
1.1 MAS Eased Monetary Policy; Fed Cut Rates Thrice by 100bps but Paused in Jan 2025
1.2 Effects of 16 Rounds of Cooling Measure
1.3 Government Land Sales On An Upward Trend; Pushing Residential Supply Up in Singapore
1.4 Overall Macro Situation
1.5 Macro Watchlist for Market Participants
2. Quarterly Growth in Residential Real Estate Segments
3. Apartment and Condominium
3.1 Private Non-Landed Price Index and Volume
3.2 Apartment & Condominium Money Flow Analysis
4. Executive Condominium
5. Landed
5.1 Overall Landed Price Index and Transaction Volume
5.2 Pure Landed Money Flow Analysis
5.3 Strata Landed Money Flow Analysis
6. Resale HDB
6.1 Resale HDB Price Index and Transaction Volume
6.2 Million-Dollar HDB Flats: 2024 Trends and 2025 Outlook
7. In Focus — Opportunity Spaces for 1Q 2025 and Beyond
PLB Research 4Q 2024 Quarterly Report
Disclaimer: Information provided on the report is general in nature and does not constitute financial advice.
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