Singapore’s private residential market saw slower price growth in 2Q2025, with prices edging up just 0.5% q-o-q, easing from the 0.8% rise in 1Q2025 and 2.3% in 4Q2024, according to URA’s flash estimate on July 1.
The moderation comes amid a sharp decline in new launches. Developers rolled out an estimated 1,420 private homes in 2Q2025 — a 55% drop from 3,139 units in 1Q2025. This weighed on overall price growth, as new projects typically command higher prices and form a smaller share of total transactions, says Christine Sun, chief researcher and strategist at Realion Group.
Major launches during the quarter included 21 Anderson (18 units) in District 10, Bloomsbury Residences (358 units) in one-north, One Marina Gardens (937 units) in Marina South, and Arina East Residences (107 units) in District 15.
“New sale transactions saw a sharper decline due to fewer and smaller-scale launches,” says Marcus Chu, CEO of ERA Singapore.
Tariff and caution in the air
Beyond seasonal effects like the June school holidays and May’s general elections, sentiment was also rattled by external shocks. “The biggest shock came in April when the US imposed a blanket 10% tariff on nearly every country, including Singapore,” says Mark Yip, CEO of Huttons Asia. While some tariffs were later paused, uncertainty hit buyer confidence.
“Some buyers decided to hold back and wait for clarity,” Yip notes.
Despite the headwinds, home prices still managed to inch upward, underlining the market’s resilience.
Developers’ new sales volume
Source: URA, Huttons Data Analytics as of 30 Jun 2025
Sales volume down, but higher than last year
According to Huttons Data Analytics, developers’ sales (excluding ECs) in 2Q2025 are estimated to exceed 1,200 units — 64.4% lower than in 1Q2025 but 65.5% higher than a year ago.
Meanwhile, PropNex estimates developers sold at least 1,153 units, bringing 1H2025 new home sales to 4,528 units — more than double the 1,889 units sold in 1H2024.
Resale activity held steady with 2,949 units sold in 2Q2025, reckons PropNex, lifting 1H resale transactions to an estimated 6,514 units, slightly above the 6,491 units in 1H2024.
Landed homes gain steam
The landed housing segment posted a 0.7% price increase in 2Q2025, up from 0.4% in the previous quarter. The Good Class Bungalow (GCB) market saw renewed interest, with over 10 caveats worth over $300 million lodged in 2Q2025, compared to just two in 1Q2025, says Huttons’ Yip.
Core Central Region (CCR)
Among non-landed homes, the Core Central Region (CCR) led with a 2.3% price jump, up from 0.8% in 1Q2025. Premium launches like 21 Anderson drove the uptick. Since its April debut, five units have been sold — including four four-bedroom units at prices ranging from $20.7 million ($4,672 psf) to $24 million ($5,347 psf), and a 3,197 sq ft two-bedroom unit at $9.5 million ($2,972 per square foot).
Another luxury deal was the sale of a five-bedroom unit at Skywaters Residences for $30.87 million ($5,841 psf), according to a caveat lodged in late May.
In total, nine transactions exceeding $10 million were recorded. “The uptick reflects the appeal of newly launched premium projects and the scarcity of luxury homes in prime districts,” says Mohan Sandrasegeran, head of research and data analytics at SRI.
Rest of Central Region (RCR)
In contrast, prices in the Rest of Central Region (RCR) fell 1.1%, reversing a 1.7% gain in 1Q2025. While One Marina Gardens and Bloomsbury Residences launched during the quarter, their realistic pricing may have capped price growth, says Tricia Song, CBRE head of research for Singapore and Southeast Asia.
To date, One Marina Gardens has sold 462 units (49.3%) at an average of $2,955 psf. Bloomsbury Residences sold 151 units (42%) at $2,483 psf — slightly below The Hill @ one-north’s $2,527 psf average, where 73% of units have been taken up.
Outside Central Region (OCR)
The Outside Central Region (OCR) remained the quietest in terms of new launches but still registered a 0.9% price increase, up from 0.3% in 1Q2025. “Growth in the OCR was supported by transactions in existing launches and the resale market,” says Leonard Tay, Knight Frank Singapore head of research.
Pickup expected in 3Q2025
ERA expects nine private residential launches in 3Q2025, totalling 4,154 units — including four projects in the CCR. Activity is expected to pick up, “albeit at a more measured pace than in 4Q2024 and 1Q2025,” says ERA’s Chu.
Still, with many of the upcoming launches located in prime areas, higher prices could moderate demand. CBRE projects full-year new home sales at 7,000 to 8,000 units, with price growth for 2025 expected to hold steady at 3% to 4%. “There’s downside risk if economic conditions worsen,” cautions CBRE’s Song.
Ismail Gafoor, CEO of PropNex echoes the forecast of 3% to 4% price growth for 2025. However, he expects developer sales to reach 8,000 to 9,000 units and resale volumes to hit 14,000 to 15,000 for the year.
Gafoor points to recent government land sales tenders, which saw improved developer participation. It suggests “a good level of confidence among developers about private housing demand and market outlook”, he says.
