The Singapore real estate market has undergone an extraordinary transformation—from humble beginnings in kampongs to today’s skyline of gleaming condominiums and luxurious landed homes. Whether you’re a homeowner, investor, or simply curious about how we got here, understanding this evolution gives valuable insight into where the market might be headed next.
From Villages to Vertical Living: A Quick Flashback
In the early days, much of Singapore’s housing consisted of kampongs—simple wooden homes with zinc roofs. Land was plentiful, and ownership was mostly informal. But everything changed post-independence. With rapid urbanisation, the government launched the Housing & Development Board (HDB) in 1960, paving the way for high-rise, high-density living. Today, over 80% of Singaporeans live in HDB flats.
The Rise of Private Property
By the 1980s and 1990s, rising affluence and a maturing economy saw a boom in private property ownership. Condominiums with modern amenities became more than just luxury—they became aspirational. Developers tapped into land scarcity by building upwards, and foreign investors started seeing Singapore as a safe haven for real estate investments.
Key Milestones That Shaped the Market
- Introduction of CPF Housing Schemes (1968): Citizens could use their CPF to buy HDB flats, increasing accessibility to home ownership.
- Executive Condominiums (1990s): ECs were introduced as a hybrid of public and private housing for the “sandwich class.”
- Cooling Measures (2009 onwards): To manage speculation, the government introduced Additional Buyer’s Stamp Duty (ABSD), Loan-to-Value limits, and Total Debt Servicing Ratio (TDSR).
- Smart and Sustainable Housing (2020s): The government began pushing for eco-friendly, smart homes and digital transformation in the property sector.
Shifting Buyer Profiles and Preferences
The modern Singaporean buyer is more informed and digitally savvy. Online portals, virtual tours, and data-driven insights now shape purchasing decisions. There’s a growing preference for:
- Proximity to MRT and good schools
- Smart home features
- Efficient layouts over sheer size
- Green spaces and community amenities
Prices—Then vs. Now
In the 1970s, an HDB flat could cost under $10,000. Today, million-dollar HDB resale flats are no longer headlines—they’re common in mature estates. Similarly, private condos that once sold for $500 psf now average above $2,000 psf in prime districts. This sharp rise reflects both economic growth and land scarcity.
Foreign Investments and Global Appeal
In recent decades, Singapore has drawn attention from global investors. With political stability, strong legal protections, and high rental yields, foreigners view Singapore real estate as a safe, long-term asset. This international interest has played a role in price growth and luxury development trends.
What This Means for You
Whether you’re looking to upgrade, invest, or enter the market for the first time, understanding the historical trajectory of the Singapore real estate market helps you make informed decisions. Property may cost more than it used to—but with the right guidance and a long-term view, it remains a valuable asset.
Thinking About Making a Move?
At MKD Real Estate, we understand that the property journey can feel overwhelming. That’s why we combine market expertise with genuine, human-centric service to help you find the right home or investment.
Reach out today—let’s find your next perfect address.