In the third quarter of 2024, Singapore’s private residential rental market experienced a modest rebound, with rents increasing by 0.8% quarter-on-quarter (q-o-q) after three consecutive quarters of decline. This uptick was largely driven by tenants seeking better value in private homes, as the rental gap between private condos and HDB flats narrowed over the past three quarters. Rental contract volumes surged during this period, indicating heightened tenant activity. Contracts for non-landed private homes rose by 22.8% q-o-q and 10.2% year-on-year (y-o-y), while landed property rental contracts saw a significant 45.9% q-o-q increase. Regionally, rents in the Outside Central Region (OCR) climbed by 2.2% q-o-q, and the Rest of the Central Region (RCR) saw a 1.7% q-o-q rise. Conversely, the Core Central Region (CCR) experienced a 1.6% q-o-q decline in rents. Despite this growth, the rental market’s upside appears limited due to increased competition among landlords for tenants. The influx of new housing supply and a more cautious economic outlook have intensified this competition, potentially capping future rental increases. While the rental market showed signs of recovery in 3Q2024, the sustainability of this growth remains uncertain amid rising tenant competition and broader economic factors.

City Developments Limited (CDL) has achieved its target sales at its latest project, Union Square Residences. As of November 9, 2024, 75 out of 366 units have been sold, representing 20% of the development, at an average price of $3,200 per square foot (psf). The project, which began previews on November 1, offers a range of units, including one- to four-bedroom apartments, two Sky Suites, and a penthouse. The majority of buyers are Singaporeans, accounting for 83% of sales, with the remaining 17% comprising Permanent Residents from countries such as China, Malaysia, the UK, and the Netherlands, as well as foreigners from Norway and the USA. Notably, a five-bedroom Sky Suite on the 38th floor was sold for $9.288 million ($3,751 psf). Union Square Residences is part of a mixed-use development located on Havelock Road, featuring a 40-storey tower with residential units and commercial spaces on the first two levels. The development is strategically situated near the Central Business District and within walking distance of three MRT stations: Clarke Quay, Chinatown, and Fort Canning. Its proximity to Clarke Quay and the upcoming CanningHill Square, along with the Orchard Road shopping belt, enhances its appeal to potential buyers. The diverse unit types have been well-received, with particular interest in the one-, two-, and three-bedroom premium units. Prices start at $1.38 million ($2,981 psf) for a 463 sq ft one-bedroom unit, $1.998 million ($2,854 psf) for a 700 sq ft two-bedroom unit, $2.82 million ($2,848 psf) for a 990 sq ft three-bedroom unit, and $4.62 million ($3,043 psf) for a 1,518 sq ft four-bedroom premium unit.

Kingsford achieved outstanding sales during its launch on November 10, 2024. Chuan Park sold 696 out of its 916 units, which translates to 76% of the total, at an average price of $2,579 per square foot (psf). Chuan Park achieved outstanding sales during its launch on November 10, 2024. The project sold 696 out of its 916 units, which translates to 76% of the total, at an average price of $2,579 per square foot (psf). The demand was evident even before the launch, with 2,800 cheques submitted for balloting, making it 2 times oversubscribed. The units ranged from 2-bedroom to 5-bedroom configurations. Approximately 93% of the buyers were Singaporeans, with permanent residents and foreigners making up the remaining 7%. 2 and 3 bedroom units were particularly popular, accounting for 92% of the units sold, while the remaining 8% comprised 4 and 5 bedroom units. Prices for the units varied, starting from $1.6 million for two-bedroom units and going up to $4.3 million for five-bedroom units. The project’s success is attributed to its strategic location next to Lorong Chuan MRT Station and the scarcity of new private condominium launches in the area over the past 14 years. The development’s pricing strategy also played a crucial role in drawing a large number of buyers.

Emerald of Katong, a new residential project by Sim Lian Group, achieved outstanding sales during its launch weekend. A staggering 835 out of 846 units, or nearly 99%, were sold within just 2 days. The units were sold at an average price of $2,621 per square foot (psf), marking it the most successful New Project launch this year. During the VIP sales on November 15, 404 units (48% of the total) were snapped up. This momentum continued on November 16, with another 431 units sold. By the end of the weekend, only 11 units remained available, including nine 1 bedroom units and two 5 bedroom units. All 2, 3, and 4 bedroom units were completely sold out. Buyers showed a strong preference for larger units with flexible layouts or additional study spaces. This highlights the growing demand for homes that cater to evolving lifestyle needs, whether for remote work, family living, or multi-functional spaces. Emerald of Katong’s exceptional performance reflects the high demand for properties in prime locations, particularly in a neighborhood as desirable as Katong. With its excellent location, well-thought-out unit designs, and competitive pricing, the development has set a new benchmark for successful launches in Singapore.