Transaction volume told a different story. Private residential deals (excluding ECs) slipped 2.4 % q‑o‑q, yet the y‑o‑y figure rose 2.6 %. The Outside Central Region, a the “suburban” slice of the market, should 65 % of all sales—its biggest share since 3Q 2016. Resale activity dominated, with 2,689 units (63.6 % of total) changing hands, while sub‑sale listings fell 8.3 % q‑o‑q to 377 transactions. It’s a bit like watching the COE price dip after a surge; buyers hesitate, but the underlying demand stays.
Private residential deals dip q‑o‑q, yet sales‑o‑y rises; suburbs dominate, resale leads, sub‑sale falls.
Developers kept the pipeline humming. They launched 1,304 uncompleted private units, a 23 % q‑o‑q jump from last year. Private home sales rose 6.6 % q‑o‑q, reaching 1,164 units, though y‑o‑y sales were still 7.3 % lower than 2023. The standout was Lentor Mansion, which sold 75 % of its 533 units on launch weekend—think of a hawker stall selling out its signature dish before the lunch rush ends.
Unsold inventory swelled 17.8 % q‑o‑q to 19,936 units, with OCR holding 38.6 % of the stock. The total pipeline of uncompleted private units sat at 38,167, or 44,337 when ECs are added. Expected completions for the rest of 2024 are 10,561 units, a modest trickle compared with the looming supply wave.
Rentals cooled off. The private residential rental index fell 1.9 % q‑o‑q, non‑landed rentals down 1.6 % and landed rentals slipping 4.2 %. In CCR the non‑landed rental decline held steady at 1.6 %, while OCR’s drop eased to 1.4 % from 2.8 % in the prior quarter.
Looking ahead, the government added 5,450 units to the confirmed land‑sales list for H1 2024—the biggest batch since H2 2013. Total private housing supply for 2024‑2025 is set to edge toward 100,000 units. Higher‑for‑longer interest rates and geopolitical uncertainty will likely temper demand, but analysts still forecast a 3 %–5 % price rise by year‑end. New home sales are expected to hit 7,000‑8,000 units, with resale and sub‑sale transactions between 13,000‑14,000. Notably, HDB resale prices also rose by 1.5 % in Q1 2025, reflecting persistent demand across both public and private housing segments. In short, the market is humming, a bit like a busy hawker centre that never truly empties.
The overall market‑wide price movement showed a +1.4% q‑o‑q increase in all‑residential PPI for 1Q 2024. Resale activity continued to dominate, accounting for roughly two‑thirds of all transactions.
