There was a consistent and notable upward trajectory in the leasehold condo market in 2023. From January to December, there was a 15.28% uptick in average prices across all regions. The most significant rise occurred in November, recording a 19.31% increase.
Simultaneously, there was a steady and substantial rise in total transaction volume each month, resulting in an impressive 139.90% increase in the total number of units sold over the entire year.
Market shift fuelled by RCR demand
The leasehold condo market showed the healthiest transaction volume compared to the freehold condo market, especially in the RCR. In 2023, the highest number of freehold condo transactions was around 380 in May, nowhere near the peak in sales volume of leasehold condos where around 800 units were sold in April. Average prices for leasehold condos saw a 3.19% rise from January to December, starting at $1,884 PSF at the start of the year to $2,305 PSF by year-end.
Top 5 best-selling leasehold new launches in the RCR in 2023
| New Launch Condo Project | Percentage of Units Sold | Median Price($ PSF) |
| The Reserve Residences | 90% | $2,473 |
| Blossoms by the Park | 825% | $2,441 |
| Parq Bella | 65% | $2,086 |
| Grand Dunman | 61% | $2,522 |
| Tembusu Grand | 59% | $2,461 |
Demand for leasehold condos in the RCR was driven by a slate of new launches, including The Reserve Residences (90% units sold), Blossoms by the Park (82%), Grand Dunman (61%), and Tembusu Grand (59%). These RCR projects saw the highest number of sales in 2023. It was also supported by more recent launches such as The Landmark and Liv @ MB.
Heightened demand for leasehold condos across Singapore was likely influenced by its comparative affordability to the freehold market. Buyers were faced with elevated interest rates, slower economic growth, and a higher cost of living, on top of the ABSD rate hike, pushing them towards more affordable options such as leasehold condos in fringe areas available at lower price points at the start of the year. As demand grew and more transactions occurred, prices were pushed up in the rest of 2023.
Download our 2023 Singapore Property Market Review
Get a full analysis of the trends, challenges, and opportunities that defined the past year. Click the image below to get started.
Should you buy or sell a leasehold condo in 2024?
If you’re genuinely looking to buy or sell a new home in 2024, you should remain level-headed when it comes to your property transaction. It may be dangerous to gamble on whether we’re at an inflection point. Rather than timing the market, you should seek the advice of a property agent to make your decision based on your real financial situation.
Drop us a message on WhatsApp to get an immediate callback or talk to us via our Live Chat at the bottom, right-hand corner of the screen.
What’s the property valuation of your leasehold condo?
Homer AI is our home ownership management & e-Valuation tool that will provide an accurate estimation of your home valuation that’s updated every month, so you can track if it increased, stayed the same, or decreased.
With Homer AI, you can also know:
- What your home is worth based on the recent transactions in your area
- How much cash you get to keep after selling
- If you have enough to buy your next home
Not ready to sell but looking for a better Condo Managing Agent?
Spend less on condo maintenance fees and save more for what matters to you. Ohmyhome Property Management leverages technology to automate on-site and off-site operations and digitise workflows and estate documents for productive and cost-efficient estate management. Reach out to us here.
+65 9755 9283 
hello@ohmyhome.com 
