Senja Close EC™

According to flash estimates published by the Urban Redevelopment Authority (URA) on Oct 1, the private residential property price index in 3Q2025 rose by 1.2% quarter-on-quarter (q-o-q). This figure represents a slight increase from the 1% gain recorded in the previous quarter and the 0.8% gain in 1Q2025. The prices of non-landed properties specifically saw a growth of 1.1% q-o-q in 3Q2025, higher than the 0.7% increase seen in the second quarter. In the landed property segment, prices also grew by 1.4% q-o-q in 3Q2025, although this was a decrease from the 2.2% growth in the quarter before.

It is worth noting that private residential property prices have now increased for four consecutive quarters. In fact, year to date, prices have risen by 3.1%, a significant increase compared to the 1.6% growth over the same period last year.

In addition to the rise in prices, the volume of private home transactions also saw an uptick in the third quarter of 2025, with 6,594 transactions recorded up to mid-September. This represents a 28.6% increase from the 5,128 transactions in the previous quarter. Despite the typically quiet September due to the Chinese Seventh Month, Leonard Tay, head of research at Knight Frank Singapore, points out that the higher volume and sustained price growth in 3Q2025 can be attributed to new launches. He adds that July and August in particular saw strong activity, likely due to new launches.

According to Wong Xian Yang, head of research for Singapore and Southeast Asia at Cushman & Wakefield (C&W), 3Q2025 saw a surge in new launches, with eight major launches featuring at least 100 units each. Wong states that the majority of these launches performed well, continuing the momentum from earlier quarters. C&W reports that 11 out of 18 major private residential launches in 2025 achieved a take-up rate of over 50% during their respective months of launch.

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The sharpest price increase was seen in the Core Central Region (CCR), where prices rose by 2.4% in 3Q2025, higher than the 3% increase in 2Q2025. This growth was largely supported by new launches, such as The Robertson Opus, UpperHouse at Orchard Boulevard, and River Green. These projects collectively contributed to 900 units being sold in the CCR last quarter, which is the highest quarterly CCR sales since 4Q2010, according to Kelvin Fong, CEO of PropNex. In the Rest of Central Region (RCR), non-landed property prices saw a 0.4% increase in 3Q2025, a reversal from the 1.1% decline in the previous quarter. The Outside Central Region (OCR) saw a 1% price growth, on par with its 1.1% increase in 2Q2025.

C&W’s Wong notes that condo prices in the CCR have now risen by 6.3% year-to-date, significantly more than the 1% and 2.4% growth rates seen in the RCR and OCR respectively over the same period. Wong believes that this growth in CCR prices follows a multi-year lag relative to the RCR and OCR, and reflects buyers’ increasing interest in the value proposition of CCR properties.

Moving forward into 4Q2025, PropNex’s Fong remains optimistic about the private residential market. He cites lower interest rates, an attractive pipeline of new launches, and stable homebuying interest among first-time buyers and HDB upgraders as factors that could drive the market. Fong adds that the CCR condo market is one to watch in 4Q2025, with the final CCR launch of 2025, Skye at Holland, expected to take place this quarter. Aside from Skye at Holland, other upcoming launches include Penrith and Zyon Grand in the RCR, and Faber Residence in the OCR. Fong estimates that new home sales volume, excluding executive condos, for the whole of 2025 could reach 9,000 to 10,000 units, while private home prices are expected to rise by 4% to 5%, surpassing last year’s 3.9% increase.

C&W’s Wong also expects private residential prices to grow by around 3% to 4% for the entire year, an upward revision from his previous forecast of 2% to 3% growth. He attributes this growth to resilient upgrading demand for private housing, as well as stronger buying interest prompted by declining interest rates and robust wealth effects from surging global equity markets.