Private Home Prices Up 2.7% in Q4 2023, HDB Resale Prices Climb at a Slower Pace in Same Time Period, and More

2 Jan 2024


27 December 2023 to 2 January 2024

Singapore saw prices of private homes increase by 2.7% in Q4 2023, following a 0.8% growth and 0.2% decline in Q3 and Q2 2023, respectively – showed flash estimates from the Urban Redevelopment Authority (URA). Meanwhile, prices of HDB resale flats increased by 1.0% in Q4 2023, marking its fifteenth consecutive quarterly growth.


1. Private home prices were up 2.7% in Q4 2023, bringing the full-year increase to 6.7%

Singapore saw prices of private homes increase 2.7% in the fourth quarter of 2023, following a 0.8% growth and 0.2% decline in Q3 and Q2 2023, respectively, showing flash estimates from URA.

“Price fluctuations across 2023 suggest that residential private property prices have close to peak,” said Dr Tan Tee Khoon, Country Manager – Singapore, PropertyGuru.

The hike in Q4 brings the price gain for 2023 to 6.7%, slowing from the 8.6% increase seen in 2022.

In Q4 2023, prices for landed properties climbed 4.5%, while non-landed property prices rose 2.2%.

The Outside Central Region (OCR) registered the highest increase in non-landed property prices at 4.6%, while the Core Central Region (CCR) saw prices grow at 4.2%. Prices in the Rest of Central Region (RCR) declined by 1.2%.

Meanwhile, transaction volume dropped by about 27% quarter-on-quarter in Q4 2023, with Dr Tan attributing the slower transaction activity to the year-end school holidays.

Transaction volume for 2023 fell by around 15% year-on-year (YoY), making it the lowest annual transaction volume since 2016.

Looking ahead, Dr Tan Tee Khoon expects property prices to remain high yet stable during the first six months of 2024, while demand is projected to maintain a consistent upward trend.

Related article: Singapore Property Market 2024: What Can You Expect? Watch Our Webinar


2. HDB resale prices climb at a slower pace compared to previous quarters in Q4 2023

Prices of HDB resale flats increased by 1% in Q4 2023, marking its fifteenth consecutive quarterly growth.

However, the hike is lower than the 1.3% growth registered in Q3 2023 and the 2.5% average quarterly growth posted in 2022.

HDB’s Q4 2023 flash estimates showed that resale flat prices rose by 4.8% in 2023, significantly lower than the 10.4% hike in 2022.

Resale transaction volume fell 2.3% to 6,440 in Q4 2023, making it the lowest Q4 volume since 2020. For the whole year period up to 28 December 2023, resale volume also declined 3.8% to 26,628.

Dr Tan Tee Khoon noted that HDB resale price continued to be buoyant despite the drop in transaction volume “mainly due to the number of HDB resale flat sales that fetched seven figures”.

Notably, 128 million-dollar flats were transacted in Q4 2023, bringing the total number for 2023 to 464 units. This is higher compared to the 369 million-dollar flats transacted in 2022.

“That said, there are signs the market is likely to stabilise next year as the pace of price increase has slowed,” said Dr Tan.

Related article: Singapore Property Market Outlook 2024 Overview


3. Temporary closure of street soccer court at Bedok North Road sparks debate online

The closure of a street soccer court located at Block 422, Bedok North Road has sparked online debate, with some supporting the move while others bemoan the loss of “kampung spirit”, reported TODAY.

The temporary closure was announced by Tan Kiat How, Member of Parliament (MP) for East Coast GRC and Vice-chairman of East Coast Town Council, citing late-night disturbances from soccer court users.

Some netizens felt that the move was extreme, while others thanked the MP for addressing the noise issue. Some people lament the loss of “kampung spirit” and consideration for neighbours.

Meanwhile, Tan shared that the town council is exploring alternative uses for the space.

“As the residents’ profiles change, I can imagine that their needs may be different now, for example, wanting inter-generational space for them and their grandkids, exercise equipment for seniors, community garden,” he said.

“As People’s Action Party MPs, we always try our best to meet the needs of different groups of residents, across different life stages,” he added.


4. Roselane Court in Tanjong Katong is on sale again for $23 million

Roseland Court, a freehold residential development in Tanjong Katong is up again for sale by tender, with a guide price of $23 million, revealed exclusive marketing agent Knight Frank Singapore.

The development occupies a 1,119.9 sq m (12,054 sq ft) site that is zoned for “Residential” use under the 2019 Master Plan, with a gross plot ratio of 1.4.

The site could be redeveloped into a new development with 18 units averaging 85 sq m, subject to the relevant authorities’ approval.

Meanwhile, an adjoining private remnant land lot spanning 50.6 sq m (545 sq ft) may also be amalgamated with the plot, subject to the approval of authorities.

Knight Frank noted that the guide price works out to a land rate of about $1,320 per sq ft per plot ratio (PSF ppr), after taking into account the adjoining private remnant land, the land betterment charge and the 7% bonus gross floor area for balconies.

The tender for Roseland Court closes on 12 January 2024.


5. Over 950,000 HDB households to get U-Save, S&CC rebates in January 2024

About 950,000 HDB households will get U-Save and Service and Conservancy Charges (S&CC) rebates this month to help defray the 2024 GST hike, carbon tax, and water price, revealed the Ministry of Finance (MOF).

Notably, lower- to middle-income households will receive twice their regular U-Save rebates as well as an additional $20 in January 2024 to cushion the impact of the hike in their utility bills.

These additional rebates will be given quarterly from January 2024 to December 2025 as part of the $1.1 billion support package announced by Deputy Prime Minister and Minister for Finance Lawrence Wong in September 2023.

On average, the U-Save rebates for 2023 amounted to around eight to 10 months of utility bills for those living in 1-room and 2-room HDB flats, and around four to six months of utility bills for those living in 3-room and 4-room HDB flats.

MOF shared that eligible households will also get an additional 0.5 months of S&CC rebate in January 2024.


6. Son loses in a suit for his ‘share’ in $4 million home

The life story of a local rag-and-bone man is a testament to the adage of turning trash into treasure as the wealth he amassed from recycling enabled him to acquire four properties while raising 11 children, reported The Straits Times.

He started investing in property in the 1980s, choosing the unconventional strategy of placing the properties under the name of his children to secure longer loan tenures from banks.

Despite his meticulous financial management and legal planning, a dispute still arose over his most valuable property – a $4 million home within the Bartley estate.

After his death, one of the sons sued for a share of such a home even as he has been living and holding it in his name. This comes as he was not named as one of the beneficiaries of the house in his father’s will.

With this, the High Court ruled in favour of the estate, underscoring the father’s continued ownership of the house, which means the son had to vacate the premises.

Despite the conflict, the Judge noted that goodwill and familial bonds continued to exist among the siblings – far more important than legal victory.


7. Road Safety Community Park to get a facelift

The Singapore Police Force has revealed plans to upgrade the Road Safety Community Park, reported CNA.

Located at East Coast Park, the iconic park will be redeveloped and modernised in the coming years to adapt to the changing road and traffic environment.

“We plan to host families so that the children can learn road safety education alongside their parents and their grandparents,” shared Superintendent Jimmy Law, who serves as the Commanding Officer, Road Safety branch of the Traffic Police.

Details and timeline on the modernisation plan will be announced once relevant studies are completed, he said.

The Ministry of Home Affairs recently called for a tender on project management and consultancy services for the park’s redevelopment works.

The move comes as road accidents resulting in fatalities or injuries increased to 3,542 in 1H 2023 from 3,169 over the same period in 2022.

Despite its dilapidated state, the park continued to host numerous school visits and the annual Traffic Games.

Parents like Eric Ngiow expressed interest in participating in future programmes along with their children at the revamped park.


8. Government launches Industrial GLS for 1H 2024

The Ministry of Trade and Industry (MTI) has launched nine industrial sites, with a combined area of 13.75 ha, for the 1H 2024 Industrial Government Land Sales (IGLS) programme.

Five sites are offered under the Confirmed List, with a total area of 8.29 ha. The other four sites are on the Reserved List, totalling 5.46 ha.

Conditions of sale and tender submissions for one of the Confirmed List sites – namely, Plot 8 Jalan Papan – are estimated to be available by January 2024.

MTI noted that two Reserve List sites – the 2.18ha site at Tuas Road and the 0.72ha site at Jalan Papan – are also on the 2H 2023 Reserve List of the IGLS programme.

Notably, JTC will serve as the sales agent for all sites.

“The Government will continue to release sufficient land through the IGLS programme to ensure an adequate supply of industrial space in Singapore,” said MTI.

Related article: Government Land Sales (GLS) Programme Guide (Updated With GLS Sites for 1H2024 Singapore)


9. Prime office rents up 0.7% in Q4 2023

Prime Grade office rents within the Raffles Place/Marina Bay precinct climbed 0.7% quarter-on-quarter in Q4 2023, to average $11.13 PSF per month.

On an annual basis, rents increased 4.1%, moderating from the 5.5% hike seen over the same period last year.

Knight Frank noted that office rents steadily increased during H1 2023, before easing in the second half as companies prioritised operational stability and business continuity.

Meanwhile, occupancy levels within the Raffles Place/Marina Bay precinct remained high at 95.6% in Q4 2023. CBD occupancy was 94.6%, on par with the 94.4% registered in the previous quarter.

Knight Frank attributed the sturdy occupancy levels mainly to renewals and modest expansions since most businesses took a conservative stance during the quarter, balancing costs and revenues amidst a sluggish economy.

Knight Frank said that while 2024 “is expected to be better, the cautious optimism hangs in the balance with continued geo-political tensions and the risk of an escalation of military conflict in the Middle East.”

With most office occupiers likely to remain cautious in expanding, office rents are forecasted to grow more moderately at 1% to 3% for 2024.


Looking for a property in Singapore? Visit PropertyGuru’s ListingsProject Reviews and Guides.

Marcus Lee, Content Executive at PropertyGuru, edited this story. To contact him about this story, email:


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