Here’s a rundown of Singapore’s Q3 non-landed home transactions by region

New sales in the Core Central Region declined for the sixth straight quarter.

In a report, Knight Frank revealed that overall sales in Singapore’s non-landed residential market fell 9.9% q-o-q to 3,930 units in Q3 2024*.

“Non-landed home transactions in the Core Central Region (CCR) remained lacklustre, with 526 in Q3 2024*, a 27.5% fall from the previous quarter. New sale transactions fell 39.8% q-o-q to 53 in Q3*, the sixth consecutive quarter since Q2 2023 when new sales started to decline, and the second consecutive quarter with less than 100 units transacted,” the report said.

Here’s more from Knight Frank:

While the fall in transactions in CCR was due to the lack of new projects launched in the region, it was the doubling of the Additional Buyer’s Stamp Duty (ABSD) rate for foreign homebuyers from end-April 2023 that put in place a key roadblock, effectively quelling foreign homebuyer demand in Singapore. In the same period, secondary sales decreased 25.9% q-o-q to 473 in Q3*. 

The poor transaction volume also resulted in non-landed home prices in the CCR falling 1.5% q-o-q in Q3 2023**. On a yearly basis, prices grew 5.5%**.

REST OF CENTRAL REGION (RCR) 

Prices of non-landed homes in the RCR increased 0.2% q-o-q and 1.3% y-o-y in Q3 2024**. Newly launched project, 8@BT, defied the prevailing mood in the private residential market to achieve a reported average price of S$2,719 psf for the 83 units (or about 53%) sold on the launch weekend. This also contributed to a 44.2% q-o-q increase to 333 new sales in Q3* and provided some underlying evidence that despite the current quiet market conditions, there are buyers with the means as well as the hunger to trigger a purchase. 

Although new sales increased in the RCR, the total transaction volume decreased 10.1% q-o-q to 1,252* units, with the decrease largely attributed to the decline in secondary sales which fell 20.9% q-o-q to 919*.

OUTSIDE CENTRAL REGION (OCR)

There were two new projects, Kassia and Sora, that launched in the OCR during the quarter. Kassia achieved a median selling price of S$2,049 psf for the 154 units (or about 56%) sold in August, capturing the interest of the buyers due to competitive pricing coupled with a freehold tenure. Freehold project launches have generally been limited in the OCR. This led to new sale transactions jumping 70.7% q-o-q to 647 in Q3*, a rebound from the 51.9% q-o-q decline in Q2*. 

However, the increase in new sales was unable to move the sentiment in suburban areas with total sales dipping 4.0% q-o-q with 2,152* units. Meanwhile, secondary sales posted a 19.2% q-o-q decrease to 1,505 transactions in Q3 2024*.

* based on data available as at 1 October 2024. Figures exclude Executive Condominiums (ECs). 

**based on flash estimates announced on 1 October 2024.