Prices Private Residential Properties See Moderate Quarterly Gain 09 3q2025

Huttons appoints new head of research

According to the most recent housing statistics from URA, private residential properties saw a moderate quarterly gain of 0.9% in the third quarter of 2025. This was almost equal to the 1.0% q-o-q increase recorded in the previous quarter.

The landed property segment experienced a price increase of 1.4% q-o-q in the third quarter, slightly lower than the previous quarter’s gain of 2.2% in the second quarter. Meanwhile, non-landed private properties saw a marginal increase of 0.8% q-o-q, compared to the 0.7% q-o-q increase recorded in the second quarter.

According to ERA Singapore CEO Marcus Chu, the strong buying sentiment in the third quarter was driven by lower interest rates and a more positive economic outlook despite the uncertain global economic climate. Homebuyers were also encouraged by the availability of new launches in the market and the attractive prices offered.

The steady price movement in the private residential market coincided with a significant increase in the number of new project launches. A total of nine private residential projects with 4,191 units entered the market in the third quarter, the highest launch pipeline since the second quarter of 2013.

These new launches included Artisan 8, Canberra Crescent Residences, LyndenWoods, Promenade Peak, River Green, Springleaf Residence, The Robertson Opus, Upperhouse at Orchard Boulevard, and W Residences Marina View in Singapore.

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This surge in new launches contributed to a significant increase of 171.3% q-o-q in new sales, with 3,288 units sold in the third quarter. According to Huttons Asia CEO Mark Yip, this was mainly due to the attractive prices offered by new launches, which narrowed the gap between new and resale property prices. Huttons Asia’s research showed that the average price of a new non-landed property in the third quarter was $2.3 million, resulting in a 18.8% difference between new and resale prices, compared to 25.2% in the second quarter.

Springleaf Residence was the best-performing project in the third quarter, selling 870 units (92%) at an average price of $2,175 psf during its launch weekend in August. The project, developed by GuocoLand and Hong Leong, has since sold a total of 881 units with a median price of $2,166 psf.

The next-best-performing project was River Green, a 524-unit development in the Core Central Region (CCR) by Wing Tai. The project, which launched in August, sold 460 units (88%) at an average price of $3,130 psf, with a further 5 units sold in August, bringing the total to 465 units with a median price of $3,111 psf.

New projects in the CCR accounted for 1,856 units (44%) of the new supply launched in the third quarter, the highest number since the first quarter of 2010. Other new launches in the CCR were Upperhouse at Orchard Boulevard, which sold 202 units at a median price of $3,277 psf, and The Robertson Opus, which sold 171 units at a median price of $3,359 psf.

According to Knight Frank Singapore’s head of research Leonard Tay, the price growth in the CCR has lagged behind the overall private residential market, which has seen a 40% increase since the pandemic. This has led to a narrowing price gap between prime locations and the rest of the island, potentially offering value opportunities for savvy homebuyers.

The Outside Central Region (OCR) saw a 1.7% quarterly increase in prices, contributing to the overall private residential market’s growth. The Rest of Central Region (RCR) saw a 0.3% q-o-q increase, recovering from a 1.1% decrease in the previous quarter.

Resale transactions also increased by 6.4% q-o-q in the third quarter, with 3,881 units changing hands. These transactions accounted for 52.4% of all sales, while sub-sale transactions represented 3.2% of all sale transactions, a significant decrease from 5.2% in the second quarter.

On July 4, the government introduced new cooling measures aimed at discouraging speculative activity in the property market. The measures, which include an increase in the Seller’s Stamp Duty (SSD) holding period and rates, may have contributed to the decrease in sub-sale transactions.

Despite global uncertainties, Singapore’s residential market remains resilient, supported by low unemployment rates and healthy household balance sheets, according to Tay. He adds that strong domestic savings provide households with the financial flexibility to sustain housing demand, even as global economic and geopolitical pressures persist.

The year is set to end with two more launch-ready projects, The Sen and Zyon Grand, while the executive condominium Coastal Cabana in Pasir Ris is expected to open its sales gallery to the public in December.

OrangeTee & ET&C Group’s chief researcher and strategist Christine Sun expects demand for new homes to continue into the final quarter of the year. She also notes that developers are likely to expedite their launches to take advantage of the current positive sales momentum. The strong sales in the new launch market may also contribute to upward pressure on land prices as developers hasten to replenish their land bank.