The Urban Redevelopment Authority (URA) data released on April 25 showed that Singapore’s overall private residential property price index rose by 0.8% in 1Q2025, easing from a 2.3% increase in 4Q2024. This final figure came in slightly higher than the 0.6% growth indicated in the flash estimate released on April 1.
“Price benchmarks in several locations in the Rest of Central Region (RCR) and Outside Central Region (OCR) stabilised in 2024 and continue to stabilise in early 2025, with signs of equilibrium at the start of the new year,” notes Leonard Tay, head of research for Knight Frank Singapore.
Prices for non-landed properties increased 1% q-o-q in 1Q2025. The RCR recorded the highest price growth of 1.7% q-o-q and 7.3% y-o-y, the highest among the three regions in 1Q2025. Tay attributes the price growth to the launch of The Orie in Toa Payoh, an area that had not seen a new project launch in nine years.
Based on caveats lodged, The Orie has sold 694 units (89%) out of 777 units at an average price of $2,703 psf as of April 25.
The 188-unit Aurea was the first new luxury project launch in the Core Central Region (CCR) in 2025 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
In the Core Central Region (CCR), prices grew 0.8% q-o-q and 1.9% y-o-y even though much of this segment of the market remained quiet, reined in by the 60% Additional Buyer’s Stamp Duty (ABSD) rate for foreigners, notes Knight Frank’s Tay.
The first quarter marked the launch of the first CCR project this year: the 188-unit Aurea, a new luxury residential tower developed as part of the conserved Golden Mile Singapore. To date, 24 units have been sold at an average price of $3,009 psf.
Narrowest price gap between different segments since 1Q2013
When comparing median price psf of new private non-landed home sales across sub-markets, the price gap between CCR and RCR has contracted to 1.0% in 1Q2025 – the narrowest since 1Q2013 (when the price gap was –7.3% then), according to PropNex Research.
Meanwhile, the median unit price gap between CCR and the OCR remained relatively tight at 16.3% in 1Q2025 compared with 15.2% in 4Q2024.
In previous quarters, the price gap between projects in the CCR and OCR was at least 50%, says Ismail Gafoor, CEO of PropNex. “In a two-speed market where prices in the RCR and OCR have been firm and with the price gap having narrowed, we expect that there are potential buying opportunities in the CCR,” he comments.
The top-selling project in terms of percentage of units sold is the 477-unit Lentor Central Residences in Lentor Hills estate, with 460 units (96%) sold at an average of $2,205 psf as of April 25 (Hong Leong Holdings)
Transactions in 1Q2025 driven by new home sales in OCR
Price stabilisation was evident in the OCR, which grew by a slight 0.3% q-o-q in 1Q2025, even though buyer demand remained strong, based on the take-up rates at new projects launched in the quarter.
Lee Sze Teck, senior director of data analytics at Huttons Asia, attributes the slight price growth to a higher proportion of new home sales in the OCR in 1Q2025 compared with 4Q2024. The OCR made up 66.3% of total transactions in 1Q2025 compared to 41.7% in 4Q2025, he notes.
Four of six new projects launched in 1Q2025 were in the OCR, with one each in the CCR and OCR. This year to date, the top-selling project in terms of percentage of units sold is the 477-unit Lentor Central Residences in Lentor Hills estate, with 460 units (96%) sold at an average of $2,205 psf as of April 25.
This year’s sole mega project, the 1,193-unit ParkTown Residence in Tampines North, has cleared 1,061 units (89%) at an average price of $2,362 psf, based on caveats lodged as of April 25. It is the top-selling project in terms of number of units sold this year to date, says Lee.
Meanwhile, 328 units (over 65%) of the 501-unit Elta at Clementi Avenue 1 have been taken up at an average price of $2,539 psf, according to caveats lodged.
The 113-unit Bagnall Haus at Upper East Coast Road is the sole freehold project launched in the OCR in 1Q2025. It has sold 83 units (73.5%) at an average price of $2,484 psf.
“While we saw benchmark pricing achieved at some of these new launches, the overall price increase for new private homes was less pronounced compared to last quarter,” observes Marcus Chu, CEO of ERA Singapore.
The top-selling project in terms of number of units sold is the 1,193-unit ParkTown Residence in Tampines North, which has cleared 1,061 units (89%) at an average price of $2,362 psf, based on caveats lodged as of April 25 (Photo: UOL Group/CapitaLand Development)
‘Lowest unsold stock in five quarters’
URA data also showed 18,125 unsold uncompleted private homes (excluding executive condos) in the pipeline as of the end of 1Q2025. It reflects a 6.6% decline from 19,405 units in 4Q2024.
“The unsold stock in 1Q2025 is the lowest in five quarters, since 4Q2023 when there were 16,929 unsold uncompleted units (ex. EC), says Ismail Gafoor, CEO of PropNex.
Developers launched 3,139 private new housing units (ex. EC) for sale in 1Q2025, a touch lower than the 3,425 units put on the market in Q4 2024, notes Gafoor.
In the landed housing market, landed home prices increased by a marginal 0.4% q-o-q in 1Q2025, reversing the last two consecutive quarters of decline: a 0.1% q-o-q dip in 4Q2024 and a 3.4% decline in 3Q2024 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Prices stabilising in the landed housing segment
In the landed housing market, landed home prices increased by a marginal 0.4% q-o-q in 1Q2025, reversing the last two consecutive quarters of decline: a 0.1% q-o-q dip in 4Q2024 and a 3.4% decline in 3Q2024.
Demand for high-end landed homes grew in 1Q2025, with URA caveats showing a 21.6% q-o-q uptick in transactions for landed properties valued at $10 million and above, says ERA’s Chu.
In contrast, he notes that the $5 million to $10 million segment saw a 0.8% contraction in sales volume, while the sub-$5 million segment witnessed an even more pronounced 17.6% q-o-q decrease in transactions.
URA Private Residential Resale Transaction Volume and Prices
Source: URA, Huttons Data Analytics as of 25 Apr 2025
Resale Market Trends
Resale transactions continued to outpace new home sales, with 3,565 units sold in 1Q2025. However, this represented a 3.7% q-o-q decline in volume from 3,702 units in 4Q2024.
The more subdued performance in the resale market could be due to competition from new project launches in 1Q2025, as “some buyers were drawn to the attractively priced new launches near transport nodes and amenities,” says Huttons’ Lee.
Resale prices, on the other hand, climbed 2.2%, reflecting healthy demand amid limited supply and buyer interest in well-located new projects, he adds.
Resale transactions made up 49.1% of the overall private home sales (including new sales and sub-sales) in Q1 2025 – “This is the smallest proportion in 19 quarters, since 2Q2020 where the corresponding proportion of resale against total sales was 35%,” says PropNex’s Gafoor. “The lower resale proportion in recent quarters came on the back of a slew of new launches that have boosted developers’ sales.”
Despite a dip in total private housing transactions in 1Q2025, the market remained resilient, notes Huttons’ Lee. Overall, private home sales fell 2.3% q-o-q to 7,261 units, down from 7,433 units in 4Q2024. Still, Lee highlights, “The market has not seen volumes exceed 7,000 units since 4Q2021, which reflects growing buyer confidence.”
The rental market, therefore, rose marginally by 0.4% in 1Q2025. It marks the fourth consecutive quarter in which rents have remained range-bound within -1% to 1%, showing that rents have generally stabilised (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Clouds looming in the rental market?
There were 20,409 private home leasing transactions recorded in 1Q2025, rising by 3.2% from the 19,782 rental contracts done in 4Q2024, notes PropNex. As per URA Realis data, median monthly rents in 1Q2025 saw a marginal uptick to $4.99 psf from $4.90 psf in the previous quarter.
The rental market, therefore, rose marginally by 0.4% in 1Q2025. It marks the fourth consecutive quarter in which rents have remained range-bound within -1% to 1%, showing that rents have generally stabilised, says Christine Sun, OrangeTee Group chief researcher and strategist.
“The private rental market may take longer than expected to recover fully, given the rising macroeconomic uncertainties surrounding the tariff headwinds and potential global trade wars,” cautions Sun.
“Based on the latest World Economic Outlook report by the International Monetary Fund (IMF), global growth has been adjusted downwards. Therefore, some companies may slow their expat hiring in light of the uncertain economic outlook, which may impact the private rental market.”
Still, a rental price correction could be minimised with the decline in new home completions. A total of 1,988 private homes were completed in 1Q2025, with another 3,816 units slated for completion in the next few quarters, according to ERA’s Chu. “It will bring the total number of private home completions to 5,920 units in 2025, down from 8,433 units in 2024.”
Upcoming Supply of Private Residential Homes Under Construction
Source: URA, Huttons Data Analytics as of 25 Apr 2025
Vacancy rates fell in 1Q2025
Tricia Song, CBRE head of research for Singapore and Southeast Asia, says the stock of occupied private residential units (excluding ECs) increased by 2,498 units in 1Q2025, compared with an increase of 5,420 units in the previous quarter.
“Hence, the vacancy rate of completed private residential units fell for a second straight quarter, falling slightly to 6.5% as of 1Q025, from 6.6% in the previous quarter,” says Song.
Vacancy rates of completed private residential properties as of 1Q2025 were 10.3% in the CCR, 6.6% in the RCR and 4.7% in the OCR. The previous quarter, it was 10%, 7.3% and 4.7% respectively, in the previous quarter, notes CBRE’s Song.
Another silver lining is that ultra-high-net-worth individuals may relocate to Singapore and rent luxury homes in the CCR, notes Huttons’ Lee.
“In the next two years, the CCR will experience a very low supply of completed homes,” he adds. “Landlords of CCR homes may see better rental growth in the coming years.”
Full-year private home price growth expected to be 3% to 4% for now, given the “still-low unsold inventory and strong household balance sheets” (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Outlook – ‘growth to plateau’
The private residential market is currently driven by domestic buyers, particularly HDB upgraders who have enjoyed substantial proceeds from the sale of their flats, says OrangeTee’s Sun.
“If employment remains stable, income continues to grow, and the HDB market continues to thrive, consumer confidence and spending are expected to remain favourable, which will, in turn, benefit the private residential market,” she adds.
A progressive ramp-up in the overall housing supply through Government Land Sales will see the pipeline supply of private residential units and EC completions rise annually from 7,968 units in 2026 to 12,392 units in 2028. Sun believes the increasing overall housing supply will mitigate a substantial rise in home prices over the next few years.
ERA’s Chu expects another 15 new private residential projects and two more executive condos (ECs) to be launched in the next few quarters, yielding about 7,800 new homes. Chu is forecasting the year to end with 8,500 to 9,500 new homes sold.
Private residential prices rose 3.9% in 2024, a moderation from 2023’s 6.8% growth, notes CBRE’s Song. The 0.8% q-o-q growth in 1Q2025 is also a moderation from the 2.3% q-o-q increase in 4Q2024.
CBRE is maintaining its full-year private home price growth to 3% to 4% for now, given the “still-low unsold inventory and strong household balance sheets,” says Song. “The growth momentum could plateau in the next few quarters on a weaker economic outlook — MTI [Ministry of Trade and Industry] has cut Singapore’s 2025 GDP growth forecast to 0 – 2% (from an initial 1 – 3%) as of April 14.”
