Published 10 September 2026
A CCR three-bedroom grew 27.2% from 2017 to 2025, an OCR one 45.8%
By Realila
Between 2017 and 2025 a resale three-bedroom in the CCR rose 27.2%. In the RCR it rose 46.9%, and in the OCR 45.8%. Per square foot the gap is wider, 34.6% in the CCR against 60.6% and 62.9%.
The CCR was the slowest three-bedroom market in Singapore on every measure available, on both the resale and the new-launch side, for nine years. The rest of the three-bedroom picture is on the three-bedroom condo guide: what it costs, what it rents for, what it yields and how big it is.
Key takeaways
- A CCR three-bedroom grew slowest on all four measures. 27.2% and 34.6% on resale price and per square foot, 29.5% and 39.2% at new launch, each the lowest of the three regions. How far each region moved
- The premium a CCR three-bedroom commands over an OCR one fell on all four measures, by 26.8 to 60.3 percentage points. The CCR against the OCR
- The RCR did not follow. Its premium over the OCR moved by less than two points on both resale measures across the same nine years. The RCR against the OCR
- CCR resale prices stood still for two years, the same 23.2% cumulative growth in 2022 and in 2024, while the RCR added eighteen points. Year by year
How far each region moved
Growth in the median, 2017 to 2025.
| CCR | RCR | OCR | |
|---|---|---|---|
| Resale price | 27.2% | 46.9% | 45.8% |
| Resale per square foot | 34.6% | 60.6% | 62.9% |
| New launch price | 29.5% | 68.7% | 86.2% |
| New launch per square foot | 39.2% | 79.5% | 85.3% |
Four measures, and the CCR is last on all four. That is the finding, and everything below is an attempt to break it.
The obvious objection is that the CCR started from a higher base, and a higher base grows more slowly. That is true and it is not an answer, because the question a buyer asks is what happened to their money, not what happened to a percentage. A CCR three-bedroom bought in 2017 gained 27.2% by 2025. An OCR one gained 45.8%, and the OCR buyer paid less than half as much to get it.
The CCR against the OCR
How much more a CCR three-bedroom cost than an OCR one, each year.
[CHART 1]
| Year | Resale price | Resale psf | New launch price | New launch psf |
|---|---|---|---|---|
| 2017 | 110.1% | 82.3% | 97.8% | 80.0% |
| 2019 | 112.1% | 71.4% | 92.5% | 90.6% |
| 2021 | 122.6% | 78.4% | 80.3% | 72.1% |
| 2023 | 95.9% | 59.6% | 53.1% | 41.6% |
| 2025 | 83.3% | 50.7% | 37.6% | 35.2% |
All four fell, by 26.8, 31.6, 60.3 and 44.8 percentage points. A CCR resale three-bedroom cost 110% more than an OCR one in 2017 and 83% more in 2025. Per square foot, 82% more became 51% more.
The turn is 2021 to 2022, not 2020. On resale the CCR's premium was still widening through 2021, at 122.6% against 110.1% four years earlier. It falls in every year after.
The RCR against the OCR
If this were the whole market compressing, the RCR would show the same pattern. It does not.
[CHART 2]
| Year | Resale price | Resale psf | New launch price | New launch psf |
|---|---|---|---|---|
| 2017 | 28.2% | 26.1% | 32.1% | 25.0% |
| 2019 | 29.6% | 26.9% | 23.1% | 23.6% |
| 2021 | 34.9% | 28.4% | 23.8% | 16.1% |
| 2023 | 27.2% | 26.7% | 15.1% | 17.6% |
| 2025 | 29.1% | 24.4% | 19.7% | 21.1% |
On resale, the RCR held its place. Its price premium over the OCR was 28.2% in 2017 and 29.1% in 2025, and per square foot 26.1% became 24.4%. Two measures, nine years, movement of a point either way.
Over the same nine years the CCR gave up 26.8 points on the first of those measures and 31.6 on the second. Same market, same years, same comparison against the same region.
The new-launch side is not as clean. The RCR's premium there fell 12.4 points on price and 3.9 per square foot, so the RCR gave ground where new homes are sold while holding it on resale. That still leaves the finding standing, because the CCR fell on all four and by two to five times as much.
Year by year, resale
Cumulative growth from 2017.
[CHART 3]
| Year | CCR | RCR | OCR |
|---|---|---|---|
| 2018 | 8.9% | 4.9% | 2.5% |
| 2019 | 8.0% | 8.2% | 7.0% |
| 2020 | 10.0% | 8.1% | 5.0% |
| 2021 | 16.0% | 15.3% | 9.5% |
| 2022 | 23.2% | 24.6% | 19.8% |
| 2023 | 23.8% | 31.8% | 32.8% |
| 2024 | 23.2% | 42.2% | 37.0% |
| 2025 | 27.2% | 46.9% | 45.8% |
Until 2021 the CCR led. It is ahead in 2018, 2020 and 2021, and level in 2022. Then it stops. 23.2% cumulative in 2022, 23.2% in 2024, two years of nothing, while the RCR went from 24.6% to 42.2%.
The gap between fastest and slowest region widened from under 7 points in 2018 to 19.7 points in 2025, and almost all of that widening happened after 2022.
Year by year, new launch
| Year | CCR | RCR | OCR |
|---|---|---|---|
| 2018 | 60.2% | 4.9% | 9.7% |
| 2019 | 11.9% | 7.3% | 15.1% |
| 2020 | 10.0% | 7.1% | 21.5% |
| 2021 | 22.1% | 25.6% | 34.0% |
| 2022 | 39.1% | 49.0% | 64.3% |
| 2023 | 49.9% | 68.8% | 93.7% |
| 2024 | 64.5% | 71.3% | 93.5% |
| 2025 | 29.5% | 68.7% | 86.2% |
The new-launch side moves earlier and further. The OCR pulls ahead from 2019 and never gives it back, reaching 86.2% cumulative against the CCR's 29.5%.
Two CCR figures here should not be read, and both are in italics. The 2018 cell rests on 107 caveats, the thinnest in the table, and prints a median 60% above 2017 and 43% above 2019, a level the region does not reach again until 2024. The 2024 cell rests on 119 caveats against 295 the year before and 493 the year after, and prints a median above both. Both record which projects launched rather than what the region cost.
What this does not tell you
- Why. The measurement is clean and the cause is not visible in transaction data. Additional buyer's stamp duty on foreign buyers, the size of the units being built, and which projects happened to launch would all leave a footprint like this one.
- Whether it continues. Nine years is a pattern, not a forecast, and the sharpest part of it is the last three.
- What any project did. Every cell is a median across a region. A CCR three-bedroom in one project may have done anything at all.
- The rest of the market. This is three-bedroom units only. The two-bedroom market moved differently, and that series covers it.
Method and data notes. Sale data to 1 September 2026.
Medians of URA caveat data for private condominiums and apartments, three-bedroom by resolved bedroom count, collective sales excluded, resales and new sales counted separately, by URA market segment. Growth compares a year's median against 2017's within the same region and the same market, never across regions or across markets. Premium figures compare two regions in the same year on the same measure. All figures are computed from unrounded medians and rounded once for display.
Two cells are named unusable and shown in italics, both CCR new launch. 2018 rests on 107 caveats against 271 in 2017 and 198 in 2019, and prints a median above both. 2024 rests on 119 against 295 and 493, and prints a median above both. Each is excluded from every claim in this note.
Two kinds of number in this note are arithmetic on the columns beside them rather than figures it registers: a movement in percentage points, which is one year's premium less another's, and the gap between the fastest and slowest region, which is one growth figure less another. Both are differences of differences, and the register holds levels and the comparisons between levels. A reader can check either by subtracting two printed cells.
Every cell is a median of whatever transacted that year. CCR new-launch counts run from 571 in 2021 to 107 in 2018, so a single large project moves a CCR year. The finding rests on four independent series across nine years, not on any one of them. Sale data to 1 September 2026.
More from Realila
- Four ways to measure whether Singapore property prices went up, and why they disagree by 18 points
Median price per square foot says private condominium prices rose 45.9% between 2017 and 2025. Hold the mix of what sold constant and it says 47.2% or 51.5%, depending on whose basket you hold constant. Repeat sales, tracking the same units sold twice, says 33.5%. Four measurements of one market over nine years, 18 percentage points apart, and composition explains barely a tenth of it.
- Buying a 2 bedroom at launch beat buying the same condo later in 128 of 228 developments, and lost in most of the OCR
For two-bedroom condominiums, the buyer who bought in the launch year beat the buyer who waited one to four years for the same building in 128 of 228 developments on gain, and in 126 of 218 on return on the money put in. The advantage is a central-region one. In the CCR and RCR the launch buyer was ahead on both measures and by 6 to 23 percentage points a year on return; in the OCR the later buyer won more developments than the launch buyer, 49 of 90.
- A resale 2 bedroom condo returned more on the money put in than a new launch in every year from 2017 to 2021
For two-bedroom condominiums bought between 2017 and 2021 and resold from 2022, a resale unit returned more on the capital committed than a new launch bought in the same year, in every one of the five years and at every interest rate tested. At 2.5%, resale returned 11% to 15% a year and new launch 5% to 9%. In the CCR, new launches returned nothing or less on the money put in. Rent from the first month, paid at once against paid progressively, is most of the difference.
Every number in this post comes from Realila Research, dated to when it was true. For now we publish research notes from the platform to answer the community's questions; the platform itself opens to the public later.
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