1Q 2025 URA Private Residential Flash Estimates – New Launches Lift Private Home Prices Moderately as Market Shows Resilience Amid Global Uncertainty

SINGAPORE, 1 April 2025 – Singapore’s private residential market posted a stable performance in the first quarter of 2025, growing at a more moderate pace of 0.6% quarter-on-quarter (q-o-q). The milder growth momentum was primarily driven by new launch activity and a higher base in 4Q 2024.

According to flash estimates released by the Urban Redevelopment Authority (URA), the non-landed RCR property index showed the most pronounced growth among regional sub-markets, with a moderate yet notable 1.0% q-o-q increase. Similarly, the non-landed CCR and OCR property price index saw 0.6% and 0.3% q-o-q growth. These increases were largely driven by higher price benchmarks achieved at recent new home launches across all market segments. The Landed price index rose 0.6% q-o-q reversing the decline to also saw a reversal of the decline of 2.3% in 4Q 2024.

Primary sales remained strong, buoyed by blockbuster projects such as The Orie in Toa Payoh, Parktown Residences in Tampines, and Lentor Central Residences, which saw robust take-up rates during their respective launch weekends. In contrast, resale and sub-sale volumes tapered as buyers gravitated towards new launches amid dwindling numbers of newly-completed homes.

“Homebuyers are responding positively recent new launches, many of which are located in housing estates supported by amenities and transport connectivity” said Marcus Chu, CEO, ERA Singapore. “The Singapore’s property market remains underpinned by healthy economic fundamentals which in turn supported demand for new homes. Moreover, the rising HDB resale prices continued to pave the way for Singaporeans to upgrade to private homes.”

Singapore’s property market continues to be rooted in healthy fundamentals such as strong local employment, rising household incomes, and easing interest rates following rate cuts by the U.S. Federal Reserve in late 2024. Core inflation also declined to an average of 2.7% last year, further supporting consumer sentiment.

Per URA data up till mid-March, 1Q 2025’s transaction volume of private homes totalled 6,299 units. Though this is lower than the 7,433 units sold in 4Q 2024, new sales still made up more than half of all transactions recorded for the quarter. 1Q 2025’s downtick in overall sales volume can also be traced back to falling resale and sub-sales amid fewer estimated completions this year.

“Singapore’s strategic position as a key business hub in the Asia Pacific has kept buyer confidence resilient. This remains true even as friction continues mounting in global markets, amid looming slowdown fears, geopolitical tensions, and economic policy-related uncertainties,” Marcus added. “Many are taking a long-term view when it comes to housing investment, especially in anticipation of future capital gains.”

Similarly, Executive Condominiums (ECs) had performed exceptionally, with Aurelle at Tampines achieving a 90% sell-through rate at launch. Though there are another two projects at Plantation Close and Jalan Loyang Besar slated to be launched this year, this incoming EC supply might still fall short of demand.

In the landed market, prices ticked up by 0.6% q-o-q in 1Q 2025, reversing the 0.1% q-o-q decrease seen last quarter.

Looking ahead, upcoming launches in RCR, such as One Marina Gardens and Bloomsbury Residences, are expected to attract both investors and upgraders seeking long-term value in prime locations.

Marcus concluded. “Barring any unforeseen circumstances, we remain optimistic that the healthy sales momentum will continue into 2Q 2025, supported by a steady stream of launches and stable economic fundamentals.”

In light of the recent momentum in new home sales, ERA has upgraded our earlier projections to 8,500–9,500 units (from 7,000-8,000 units previously) for the whole of 2025. In conjunction, sub-sale and resale transactions are also expected to reach between 1,100 to 1,300 units and 14,000 to 15,000 units respectively by the close of 2025.

For media enquiries, please contact:

Ning Peh, Senior Marketing Communications Manager, ERA Singapore

Email: ning@era.com.sg

Kaixin Yue, PR Manager, ERA Singapore

Email: kaixin@era.com.sg

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