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Q1 2024 Trends: HDB and Condo Prices Rise, Sales Volume Fall

Maelyn Lagman

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We’re finally past the first quarter of the year and we’re seeing similar trends in the HDB and condo market segments to last year’s results. Singapore property prices have been on a steady rise since January, while the number of transactions have dipped.

Q1 2024 Singapore Property Market Trends for HDB and Condo

The Ritz-Carlton Residences

Fewer foreign buyers in the condo market

There were a total of 2,655 condo transactions in the first quarter of 2024. Singaporeans and Permanent Residents accounted for 98.6% of the condo buyers, while foreigners only made up 1.1% of the buyer profile, with 35 purchases of residential homes. This is down from 66 in Q4 2023, likely due to the raised Additional Buyers’ Stamp Duty (ABSD) rates for foreigners, which is now 60% from the previous 30%.

Condo prices up to $16.5 million

In Q1 2024, condo prices ranged from $572,000 to $16.5 million, with the average hovering around $1.8 million. Meanwhile, the average price per square foot (PSF) is $1.8k PSF for a 1,071 sq ft unit.

The average price of leasehold condos in Q1 2024 is very close to prices in Q1 2023 and hovers around $1.6k PSF. On the other hand, freehold condos saw a 7% dip year-on-year from $2,217 PSF in Q1 2023 to $2,052 PSF in Q1 2024.

Rise in CCR freehold condo prices result in higher demand for RCR and OCR condos

As expected, the prices of freehold condos in the CCR have grown more than leasehold prices, hence there’s been higher demand for RCR and OCR condos. Prices in these two regions have remained stable since January.

For example, a condo in the central Orchard area such as The Ritz-Carlton Residences (a freehold development in Cairnhill) are seeing average prices at over $5.4k PSF. Condos in the Downtown Core area also fetch higher prices. A unit at South Beach Residences, a 99-year lease project, has an average price of about $4.4k PSF.

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Property agent speaking to a couple

Fewer transactions, rising prices

There were fewer HDB resale transactions this quarter compared to Q1 2023. A total of 5,945 HDB resale flats changed hands in the past three months, lower than the 6,699 transactions in Q1 2023. However, the median price for HDB resale flats has risen to $568,000 last quarter, 5.4% higher than the $538,888 in Q1 2023.

Private property owners exiting 15-month wait driving HDB resale price growth

Analysts believe that condo owners who’ve exited the 15-month waiting period could have driven the rise in HDB resale prices. With more cash windfall from their condo sale, they are more able, and likely more willing, to pay Cash Over Valuation (COV) for HDB resale flats in (mostly) prime areas.

HDB flats in Singapore

Higher HDB resale prices in prime central areas

The highest HDB resale transactions were mostly in prime areas: Toh Tuck Road, Clementi, Tiong Bahru, Tanjong Pagar, and New Upper Changi Road. Bishan, Marymount, and Bedok also saw higher-priced transactions last quarter.

Spike in 5-room flat prices

There was also a spike in HDB resale prices of 5-room flats. It rose to $680,000 in January this year, recording a 4.6% growth from $640,000 in January 2023.

4-room flat prices have also seen a steady growth since January 2023. From $530,000 at the start of last year, prices now hover around $570,000. 

Highest HDB resale transaction is in Toa Payoh

A 5-room flat at The Peak @ Toa Payoh was sold at almost $1.6 million. It currently holds the title for highest HDB resale transaction in all of Singapore as of the date of publication.

Can your HDB resale flat fetch a higher COV?

Million-dollar HDB resale flats in Toa Payoh sold by Ohmyhome

There’s no one-size-fits-all strategy when it comes to selling a property. To get tailored advice on when you should sell and at what price, you should speak to one of our agents, who have a track record of selling at higher-than-market prices! Send us a message on WhatsApp to book a call or meeting.

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