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Monthly Newsletter
March 2025
𝙃𝙞𝙜𝙝𝙡𝙞𝙜𝙝𝙩𝙨 𝙤𝙛 𝙩𝙝𝙚 𝙈𝙤𝙣𝙩𝙝:
- 𝗡𝗲𝘄 𝗣𝗿𝗶𝘃𝗮𝘁𝗲 𝗛𝗼𝗺𝗲𝘀: January 2025 saw a strong rebound in new private home sales, surging to 1,083 units, five times December’s volume, driven by The Orie and Bagnall Haus. Developers launched 896 units, reflecting renewed market confidence amid stabilising interest rates. While EC sales remained weak, upcoming launches like Parktown Residence and Aurelle of Tampines are expected to sustain demand.
- 𝗥𝗲𝘀𝗮𝗹𝗲, 𝗥𝗲𝗻𝘁𝗮𝗹 𝗧𝗿𝗲𝗻𝗱𝘀: In the resale and rental markets, condo resale prices rose 1.6% month-on-month, though transactions fell 9.2%. High-value sales included The Ritz-Carlton Residences ($13.8M) and Reflections at Keppel Bay ($7.2M). Rental prices dipped 0.4%, but demand remained strong, with a 7.6% rise in volumes as landlords showed greater flexibility.
- 𝗛𝗗𝗕 𝗠𝗮𝗿𝗸𝗲𝘁: The HDB resale market continued its price growth, up 1% month-on-month, with transactions rising 9.4% to 2,329 units. Million-dollar flat sales hit 119, led by The Peak @ Toa Payoh ($1.6M). Prices are expected to moderate amid a limited MOP supply and new BTO launches. HDB rentals followed suit, with higher volumes but a slight 0.6% price dip due to shifting tenant demand.
𝘼𝙨𝙞𝙖𝙣𝙋𝙧𝙞𝙢𝙚 𝘽𝙪𝙯𝙯:
- Singapore’s housing market sees two trends: HDB homeowners upgrading to private properties due to high resale prices and favourable loans, while others stay for space, convenience, and financial stability. In 2024, over 7,600 HDB flats sold for $700,000 or more, making private housing more attainable, especially resale condos. Yet, many prefer HDB living for its affordability, larger space, and prime locations. While upgrading is expected to continue with rising incomes and more private developments, many are rethinking if the move is worth it. Ultimately, the decision hinges on personal priorities beyond just finances.
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January 2025
𝙃𝙞𝙜𝙝𝙡𝙞𝙜𝙝𝙩𝙨 𝙤𝙛 𝙩𝙝𝙚 𝙈𝙤𝙣𝙩𝙝:
- 𝗡𝗲𝘄 𝗣𝗿𝗶𝘃𝗮𝘁𝗲 𝗛𝗼𝗺𝗲𝘀: November sales surged to an 11-year high, with 2,557 units sold, a 246.5% increase from October. This was driven by interest rate cuts, six new project launches, and pent-up demand. Key projects like Emerald of Katong and Chuan Parksaw near sell-outs, with the Rest of Central Region leading sales. December is expected to slow due to the festive season, but new launches in early 2025, like The Orie, may reignite demand.
- 𝗥𝗲𝘀𝗮𝗹𝗲, 𝗥𝗲𝗻𝘁𝗮𝗹 𝗧𝗿𝗲𝗻𝗱𝘀: Condominium resale prices rose 1.2% in November, led by the Outside Central Region, while volumes fell 5.8%, impacted by competition from new launches. Condo rents edged up 0.1%, with the Outside Central Region seeing the strongest gains. Leasing volumes dropped seasonally by 12.3%. Both resale and rental markets are poised for moderate growth in 2025, supported by easing borrowing costs and limited supply.
- 𝗛𝗗𝗕 𝗠𝗮𝗿𝗸𝗲𝘁: HDB resale prices increased by 0.9%, driven by mature estates and 3-room flats. Million-dollar transactions accounted for 4% of sales, with Toa Payoh leading. HDB rents rose 0.4%, with stronger gains in non-mature estates, though leasing volumes dropped by 13.8%. Resale prices are projected to grow 8%-10% in 2024, with stable rental growth expected into 2025, underpinned by affordability and supply constraints.
𝘼𝙨𝙞𝙖𝙣𝙋𝙧𝙞𝙢𝙚 𝘽𝙪𝙯𝙯:
- Singapore's property market stayed resilient in 2024, driven by stabilising interest rates, steady demand, and new housing launches. HDB resale prices outpaced private growth, while suburban areas led gains in resale and rental markets despite a year-end dip. Easing interest rates and housing policies are set to shape 2025, offering opportunities for cost savings through refinancing or repricing.
February 2025
𝙃𝙞𝙜𝙝𝙡𝙞𝙜𝙝𝙩𝙨 𝙤𝙛 𝙩𝙝𝙚 𝙈𝙤𝙣𝙩𝙝:
- 𝗡𝗲𝘄 𝗣𝗿𝗶𝘃𝗮𝘁𝗲 𝗛𝗼𝗺𝗲𝘀: December 2024 saw 203 units sold, the lowest in ten months, due to the absence of new launches, leading to a 92% drop from November. However, annual sales reached 6,560 units, slightly higher than 2023. The Outside Central Region (OCR) led sales at 54.7%, followed by the Rest of Central Region (RCR) at 36% and Core Central Region (CCR) at 9.3%. Key factors included lower interest rates, pent-up demand, and price sensitivity. In 2025, 14,000 new units are expected, with demand driven by HDB upgraders, though geopolitical risks and supply surges may impact sentiment.
- 𝗥𝗲𝘀𝗮𝗹𝗲 𝗮𝗻𝗱 𝗥𝗲𝗻𝘁𝗮𝗹 𝗧𝗿𝗲𝗻𝗱𝘀: The resale condo market remained stable, with prices 4% higher year-on-year despite a 2.6% drop in monthly sales. High-value transactions included $19.75M at Eden Residences Capitol (CCR) and $10.15M at Jadescape (RCR). The rental market rebounded, with prices rising 0.9% month-on-month and transactions up 17% to 5,862 units, led by OCR at 38.2%. Demand was driven by expatriates, affordability concerns, and owners opting to lease instead of sell. In 2025, resale properties remain attractive for budget-conscious buyers, while rental growth is expected to slow to 2–5%.
- 𝗛𝗗𝗕 𝗠𝗮𝗿𝗸𝗲𝘁: The HDB resale market stayed strong, with prices up 0.1% month-on-month and 9.8% year-on-year. Sales rose 9.1% from November, with million-dollar flats making up 4.5% of sales (95 units), led by a $1.54M 5-room flat in Bishan. HDB rentals saw 0.4% price growth and a 13.6% rise in transactions, driven by local tenant demand and affordability factors. 2025 outlook sees moderate price growth, as new BTO and SBF launches in February may ease demand, but strong fundamentals will sustain interest in well-located flats.
𝙌𝙪𝙖𝙧𝙩𝙚𝙧𝙡𝙮 𝙍𝙚𝙥𝙤𝙧𝙩:
- 𝗥𝗲𝘀𝗶𝗱𝗲𝗻𝘁𝗶𝗮𝗹: Private residential sales surged 38.4% in Q4 to 7,433 units, though full-year sales dropped 12.6% year-on-year due to cooling measures and high interest rates. Prices rebounded 2.3%, with OCR leading growth at 3.3%. Landed home prices declined 0.1% in Q4, resulting in a modest 0.9% full-year increase. Rentals stabilised, ending 1.9% lower year-on-year. In 2025, moderate growth is expected, supported by new launches and lower interest rates, though buyer selectivity and ample supply may temper price gains, forecasted at 3–6%.
- 𝗖𝗼𝗺𝗺𝗲𝗿𝗰𝗶𝗮𝗹: Office prices fell 0.7%, while rentals dipped 0.9%, despite strong leasing in tech and professional services. Retail rents grew 0.6%, and vacancy rates hit a 12-year low, supported by MICE events and higher consumer spending. With Grade A office projects in 2025, rental rates should remain competitive, while retail space demand stays stable despite e-commerce pressures.
- 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝗶𝗮𝗹: Industrial prices rose 2.0% QoQ but slowed to 3.5% YoY, down from 5.1% in 2023. Rental growth also moderated to 3.5% YoY. Warehouses led rental increases at 0.9% QoQ, while multiple-user factories saw the highest price growth at 1.9% QoQ. With 1.2 million sqm of new supply in 2025, occupancy rates may remain stable, but JTC will monitor market conditions to manage supply-demand balance.
November 2024
𝙃𝙞𝙜𝙝𝙡𝙞𝙜𝙝𝙩𝙨 𝙤𝙛 𝙩𝙝𝙚 𝙈𝙤𝙣𝙩𝙝:
- 𝗡𝗲𝘄 𝗣𝗿𝗶𝘃𝗮𝘁𝗲 𝗛𝗼𝗺𝗲𝘀: In September 2024, the new private home market witnessed a robust resurgence, with sales rising by 90.1% month-on-month to 401 units. The end of the Hungry Ghost Festival spurred buyer interest, alongside favourable interest rate cuts and strategic project launches. The Rest of Central Region led with the majority of transactions. Moving forward, developers anticipate steady sales, driven by upcoming launches catering to diverse buyer demographics.
- 𝗥𝗲𝘀𝗮𝗹𝗲, 𝗥𝗲𝗻𝘁𝗮𝗹 𝗧𝗿𝗲𝗻𝗱𝘀: Singapore’s condo resale market experienced a 0.8% price increase in September, although transaction volumes fell by 5.4%, influenced by competition from new launches and Build-To-Order (BTO) flats. Rental trends showed a minor price drop and a 17.2% decrease in lease volumes, attributed to increased supply from new completions and a shift towards public housing rentals. The condo rental market is expected to stabilise, with potential increases in demand from expatriates and short-term rentals as supply expands.
- 𝗛𝗗𝗕 𝗠𝗮𝗿𝗸𝗲𝘁: The HDB resale market in September 2024 saw price growth of 1.8% despite a 14.9% decline in transaction volumes, driven by high demand and limited supply. Million-dollar flat transactions remained strong, with Kallang Whampoa leading the highest-value deals. While new BTO projects might draw some buyers away, resale prices are projected to remain stable or grow modestly, sustained by limited availability and demand from those unable to afford private homes.
𝙌𝙪𝙖𝙧𝙩𝙚𝙧𝙡𝙮 𝙍𝙚𝙥𝙤𝙧𝙩:
- 𝗥𝗲𝘀𝗶𝗱𝗲𝗻𝘁𝗶𝗮𝗹: In Q3 2024, private residential prices dipped 0.7%, driven by demand for affordable suburban launches, while landed properties saw a 3.4% drop. HDB resale prices rose by 2.7%, bolstered by demand for affordable options and million-dollar flat transactions. Rentals stabilised, with larger units remaining in demand.
- 𝗖𝗼𝗺𝗺𝗲𝗿𝗰𝗶𝗮𝗹: The commercial office sector softened, with a 0.5% rental decline due to high vacancy rates and conservative leasing. Investor interest in HDB shophouses grew, thanks to high yields and affordability, attracting retailers and boosting rental values.
- 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝗶𝗮𝗹: Industrial property prices rose 0.5% with rentals up 0.3%, supported by demand for flexible and sustainable spaces. Multiple-user factories led the growth, though warehouse demand softened, with steady outlooks for moderate growth in prices and rentals.
December 2024
𝙃𝙞𝙜𝙝𝙡𝙞𝙜𝙝𝙩𝙨 𝙤𝙛 𝙩𝙝𝙚 𝙈𝙤𝙣𝙩𝙝:
- 𝗡𝗲𝘄 𝗣𝗿𝗶𝘃𝗮𝘁𝗲 𝗛𝗼𝗺𝗲𝘀: October 2024 saw a resurgence in private new home sales, with 738 units sold, up 84% from September and 261.8% from October 2023. Key contributors were Norwood Grand in Woodlands, with 292 units sold, and Meyer Blue on the East Coast, which sold 124 units, appealing to affluent buyers. The OCR led sales due to affordability, followed by the RCR and CCR. With upcoming project launches, the market is set to maintain its momentum into 2025.
- 𝗥𝗲𝘀𝗮𝗹𝗲, 𝗥𝗲𝗻𝘁𝗮𝗹 𝗧𝗿𝗲𝗻𝗱𝘀: Condo resale prices dipped 0.5% month-on-month but rose 3.6% year-on-year in October 2024, with 1,124 units transacted, driven by HDB upgraders and demand in the OCR. Rentals increased by 0.5%, but volumes declined 7.5%, reflecting stabilising demand. Both markets are expected to stabilise, with modest growth in 2025 as supply balances demand.
- 𝗛𝗗𝗕 𝗠𝗮𝗿𝗸𝗲𝘁: HDB resale prices rose 0.3% in October 2024, with Executive flats in high demand. Million-dollar flats accounted for 4.8% of sales, led by a $1.54 million unit at Pinnacle@Duxton. The rental market saw a 0.4% price rise, with larger flats favoured. Resale prices are expected to grow 8–10% in 2024, supported by limited supply and sustained demand for larger and centrally located units.
September 2024
Highlights of the Month:
- New Private Homes: In July 2024, new private home sales jumped 150.4% from June, driven by strategic launches and suburban demand, though still 59.6% lower year-on-year. The OCR led with 77.8% of sales. A slowdown is expected in August, with recovery anticipated post-Ghost Month.
- Resale, Rental Trends: Condo resales rose 32.2% in July, fueled by post-holiday buyers and HDB upgraders. The OCR dominated with 51.9% of transactions. Prices are expected to remain strong, especially for freehold properties. Condo rentals surged 35.1% in July, driven by returning renters. The OCR led with 38.2% of leases. Rent prices are likely to stabilize or slightly decrease as market conditions shift.
- HDB Market: The HDB resale market saw record volumes in July 2024, with 3,049 transactions and a 0.6% price increase, driven by strong demand and limited supply, including 120 million-dollar flats. HDB rents rose 1.4% month-on-month despite lower rental volumes. Larger flats were in demand, and rental prices may stabilize as the market adjusts.
AsianPrime Buzz:
- The Singapore government has introduced measures to cool the HDB resale market and support first-time buyers, including reducing the Loan-to-Value (LTV) ratio for HDB loans from 80% to 75%, increasing the Enhanced CPF Housing Grant (EHG) to up to S$120,000 for families, and extending BTO priority to singles living with or near their parents. These steps aim to make housing more affordable and stabilize the market amidst rising prices.
October 2024
Highlights of the Month:
- New Private Homes: In August 2024, new private home sales reached a 16-year low with only 208 units sold, driven by high interest rates, elevated property prices, and the Hungry Ghost Festival. Despite the slump, there is cautious optimism for recovery, spurred by potential interest rate cuts and upcoming new project launches in the final quarter of 2024.
- Resale, Rental Trends: The resale market saw a slight decline in volume with stable prices in August 2024, while the rental market experienced falling volumes and a modest rise in prices. Resale volumes were higher year-on-year, and analysts predict price increases of 4% to 6% by the end of 2024, although upcoming new launches may challenge the resale market.
- HDB Market: The HDB resale market saw a drop in transaction volumes in August due to the Hungry Ghost Festival and cooling measures, but prices remained resilient with a year-on-year increase of 7.5%. The rental market also saw a slight decrease in volumes and prices, but yearly rents rose by 4.2%. The market may face pressure from new condominium completions in the latter half of 2024.
AsianPrime Buzz:
- Mortgage rates in Singapore are easing but will not return to pre-pandemic lows due to inflation and economic uncertainties. Only gradual reductions are expected, with banks already adjusting their rates. In Q4 2024, nearly 6,000 new private units will launch, increasing competition. While prices remain high, interest rate cuts could improve buyer sentiment. Sales are expected to recover but remain below 2023 levels.
July 2024
Highlights of the Month:
- New Private Homes: May 2024 saw the lowest new private home sales for May since 2008, with 221 units sold, a 26.6% drop from April 2024 and 78.7% from May 2023, due to a lack of major launches, economic uncertainty, high mortgage rates, and cooling measures. The OCR led sales at 63.8%, followed by RCR at 24% and CCR at 12.2%..
- Resale, Rental Trends: Resale market transactions decreased across all regions, with the CCR dropping 34.6% and prices flat, while RCR and OCR saw slight price increases. Condo rentals fell 0.5% month-on-month and 4.5% year-on-year, with a 12.2% decrease in transactions from April. HDB rentals also declined due to economic and seasonal factors.
- Market Insights: TBuyers are now more price-sensitive and selective, reducing fear-of-missing-out. High interest rates and economic uncertainty have led developers to delay launches. Market recovery is expected post-June holidays, with a possible delay during the Hungry Ghost Festival. Prices may grow 3-4% in 2024, with full recovery likely by 2025.
AsianPrime Buzz:
- HDB launched its Resale Flat Listing Service on May 30, providing a transparent marketplace for buyers, sellers, and property agents, with over 1,000 resale flats listed. The service ensures genuine listings, requires sellers to declare intent, and buyers to have an HDB Flat Eligibility (HFE) letter. It offers pricing guidance, financial tools, and ensures authenticity and accurate information.
August 2024
Highlights of the Month:
- Private Homes: June 2024 saw a slight uptick in private home sales with 228 units sold, a 2.2% increase from May but an 18% decrease year-on-year. The first half of 2024 experienced record low sales due to a lack of new launches and high-interest rates. Suburban areas dominated sales, and developers focused on smaller units while delaying new projects.
- Resale, Rental Trends: The condo resale market in June 2024 witnessed a 29.9% drop in transaction volumes from May, with prices remaining mixed across regions. The rental market saw a 16.8% increase in leasing volumes but faced stagnant rents compared to May and a 4.8% year-on-year decline. Rising supply and economic uncertainties influenced market dynamics.
- HDB Market: HDB resale prices rose by 1.8% month-on-month and 7.3% year-on-year in June 2024, despite a 13.1% drop in monthly transaction volumes. There was a record number of million-dollar flat sales, driven by demand for premium units. The rental market saw modest price increases and fluctuating demand amid broader economic challenges.
Quarterly Report:
- Residential: In Q2 2024, Singapore's private residential market saw stabilization with prices rising by 0.9% and new home sales dropping to 725 units. The City Fringe had the highest price increase at 1.6%, while the Prime District saw a 0.3% decline. Resale transactions surged by 41.4% to 3,802 units, dominating overall sales. New launches were limited to 634 units, reflecting cautious buyer behaviour.
- Commercial: In Q2 2024, Singapore's commercial office market had a slight increase in CBD Grade A office vacancy rates to 6.0% and net absorption turning negative. Despite this, rents for Core CBD Premium and Grade A offices rose by 0.5% to SGD 11.63 per sq ft, although average capital values declined slightly. Modest rental growth is expected for the rest of 2024 amid global economic uncertainties and new supply.
- Industrial: In Q2 2024, Singapore's industrial property market showed resilience with rents rising by 1% quarter-on-quarter. Multiple-user factory space rents increased by 1.5%, while single-user factory space and warehouses saw smaller increases. Business parks had a slight rent decline. Despite supply pressures, positive economic growth in H2 2024 is expected, with projected rental growth of 3% to 5% for the year.
May 2024
Highlights of the Month:
- Private Homes: March 2024 saw a significant rise in new private home sales, led by a surge in launches like Lentor Mansion and Lentoria, primarily in suburban areas, reflecting strong buyer interest in project design and functionality.
- Rent, Rental Trends: Condominium resale volumes increased by 17.4%, reaching a seven-month high, while rental volumes also showed recovery with a 19.1% increase, despite ongoing high interest rates affecting prices.
- HDB Market: The HDB resale market continued its upward trend with robust demand for larger flats and increased million-dollar transactions, while the rental market demonstrated a modest recovery in volumes, yet remained below historical averages.
Quarterly Report:
- Residential: March 2024 saw a significant rise in new private home sales, led by a surge in launches like Lentor Mansion and Lentoria, primarily in suburban areas, reflecting strong buyer interest in project design and functionality.
- Commercial: Minor rent fluctuations in prime and lower-cost areas, with a sharp 95% drop in transaction volumes. The market is stable with expectations of moderate rent increases due to pent-up demand.
- Industrial: Industrial rents increased by 1.7%, continuing a long-term growth trend, while prices slightly declined by 0.2%. The sector faces adjustments due to high supply levels and economic uncertainties, with occupancy rates slightly decreased to 88.7%.
June 2024
Highlights of the Month:
- New Private Homes: April 2024 saw a four-year low in new private home sales, driven by limited launches, high interest rates, economic uncertainty, and anticipated new home supply. Sales excluding executive condominiums (ECs) fell by 58.1% from March and 66.2% year-on-year. Suburban areas led in sales but also experienced a significant drop compared to March.
- Resale, Rental Trends: In April, condo resale prices increased by 1.5% and 5.1% year-on-year, with sales volumes rising by 23.2% from March. Despite this, condo rents declined by 0.4% and 4.6% year-on-year, though rental volumes saw a slight increase. HDB resale prices rose by 0.9% month-on-month, and rents increased by 0.4%.
- Market Insights: Foreign buyer activity was notable in high-end properties, despite an overall decrease in foreign buyers. Limited new launches and economic factors are expected to keep new private home sales sluggish, while the resale market remains active. Analysts predict slower growth in resale prices for 2024 and a potential further decline in condo rents due to high inflation and oversupply.
AsianPrime Buzz
- The 99:1 property ownership structure, or Tenancy-In-Common, involves one party holding 99% ownership and another holding 1%. While not inherently illegal, it can be deemed tax avoidance if used to circumvent Additional Buyer’s Stamp Duty (ABSD). The Inland Revenue Authority of Singapore (IRAS) is investigating these arrangements to uncover potential tax avoidance, focusing on artificial structures to reduce or avoid stamp duties. From 2018 to 2021, IRAS identified 166 cases, leading to the recovery of stamp duty amounts plus a 50% surcharge, and additional penalties up to four times the unpaid amount. This effort has reclaimed approximately S$60 million in ABSD and surcharges.
March 2024
Highlights of the Month:
- Private Homes: In January 2024, new private home sales surged by 108.1% from December 2023, yet the overall sell-through rate was lower than in January 2023, signaling subdued demand. Concurrently, Singapore's condominium resale market saw prices drop by 0.8%, despite a 7.2% increase compared to January 2023.
- Rent Trends: In January 2024, private apartment rents fell by 0.7%, while condo rentals increased by 6.2%. HDB resale rents decreased by 0.7%, despite being 8.5% higher than in January 2023. Transaction activity for leased HDB flats rose by 10.8% year-on-year.
- Budget 2024: In contrast, October saw a rebound in HDB resale prices and volumes, but HDB rental prices fell for the first time since October 2021, and shophouse transactions declined by 21.3% quarter-over-quarter, with stable projections for industrial property rentals next year.
April 2024
Highlights of the Month:
- Private Homes: Sales plummeted to a 15-year low, down 65.6% year-over-year to 149 units due to developer caution and softer economic conditions. This marks the weakest February since 2008.
- Resale, Rental Trends: The resale condominium market rebounded with a 0.2% price increase and a 1.2% rise in transactions. However, the condo rental market faced a 1% drop in prices and a 21% fall in volumes, contrasting with HDB rentals reaching new highs despite a volume decrease, driven by affordable housing demand.
- HDB Market and Office Rental Trends: HDB resale transactions fell by 18.8% but saw a year-on-year increase, dominated by 4-room units. HDB rental prices hit a new peak. Grade A office rents in the CBD increased by 1.3% to a 15-year high, supported by heightened inquiries from professional sectors and a decrease in vacancy.
January 2024
Highlights of the Month:
- Market Trends: November saw a significant rise in new private home sales, mainly due to the launch of three major projects, resulting in a 286.2% increase from October and 201.5% year-on-year, with 784 units sold excluding executive condominiums.
- Condo Resale and Rent Trends: Condo resale prices continued to rise modestly, while resale volumes remained subdued. Condo rents saw a notable decline of 1.4% month-on-month, the largest drop since May 2020, influenced by increased supply and reduced demand.
- Rental Policy Change: In contrast, October saw a rebound in HDB resale prices and volumes, but HDB rental prices fell for the first time since October 2021, and shophouse transactions declined by 21.3% quarter-over-quarter, with stable projections for industrial property rentals next year.
February 2024
Highlights of the Month:
- Private Homes: Private home prices in Singapore increased by 2.8% in Q4 2023, marking a 6.8% annual hike, but at a slower pace than previous years, due to factors like higher interest rates, cooling measures, and reduced demand. Rents, on the other hand, declined by 2.1% in Q4.
- Rent Trends: The market showed signs of balancing out, with a higher number of completed private units in 2023, leading to a drop in vacancy rates. The primary market saw fewer new home launches, resulting in a 43.9% decrease in sales volumes in Q4 compared to the previous quarter.
- Market Outlook: In the upcoming year, 11,793 private homes will be completed, possibly stabilising prices. Million-dollar HDB resales reached a historic high, while the shophouse market faced a Q4 slowdown with lower sales and values.