Since the additional ABSD hike in April 2023, Singapore's private property market went through a pronounced absorption phase. However, H2 2024 transaction data shows the market gradually recovering from its wait-and-see posture, especially for mid-tier projects in the Rest of Central Region (RCR) and Outside Central Region (OCR).

1. Three Market Segments: Each with Its Own Story

Singapore's private residential market is divided into three regions — CCR, RCR, and OCR — each with distinct pricing levels, buyer demographics, and liquidity profiles.

  • CCR (Core Central Region): Covers Districts 9, 10, 11 and Marina Bay. Premium luxury segment, high foreign buyer proportion, most impacted by ABSD, price growth slowing but per-sqft remains highest.
  • RCR (Rest of Central Region): Includes central and north-east corridor projects. Balances location and affordability; predominantly local buyer and PR pool. Currently the most active market segment.
  • OCR (Outside Central Region): Spans west, north, and east of the island. Driven by first-time buyers and HDB upgraders. Executive Condominiums (EC) are particularly sought-after here.

The real opportunity isn't in chasing the most expensive district — it's in identifying where the supply-demand gap is narrowing. Right now, that sweet spot is RCR.

2. Price Trends: Growth Slowing, Floor Remaining Solid

Based on the latest URA data, the private residential price index grew ~0.9% QoQ in Q1 2025, well below the 8-10% peaks of 2022. This isn't a market turning weak — it's a policy-managed deceleration.

Notably, even under cooling measure pressure, well-located projects have maintained firm transacted prices. Some RCR MRT-adjacent new launches even recorded oversubscription.

3. Where Are the Investment Opportunities?

Factoring in the current market environment, here are the key areas worth prioritising:

  1. New launches within a 500m walk of MRT stations, especially along the still-developing Thomson-East Coast Line (TEL) corridor
  2. Potential en-bloc candidates with redevelopment upside
  3. Small-format units in established estates with stable gross rental yields above 3.5%