4Q 2025 URA Private Residential Report: Year-End Dip After Strong 3Q, Firm Outlook for 2026

SINGAPORE, 2 January 2026 – According to flash estimates released by the Urban Redevelopment Authority (URA) for 4Q 2025, the All-Residential Property Price Index rose modestly by 0.7% quarter-on-quarter (q-o-q). Based on caveat data as of 29 December 2025, total transaction volume of private homes decreased by 27.1% q-o-q to 5,399 transactions from 7,404 transactions registered in 3Q 2025.

The overall non-landed private property price index fell by a marginal by 0.1% q-o-q to 208.3 in 4Q 2025. This was largely due to the higher base effect in 3Q 2025, which saw a bumper slate of new launches.

• The Core Central Region (CCR) non-landed price index registered the sharpest decline, reflecting a 3.2% q-o-q fall. This is largely due to a higher base, as 3Q 2025 saw a sharp 1.7% increase. 
• The Outside Central Region (OCR), which grew by a further 1.0% q-o-q, extending the 0.8% from 3Q 2025. Meanwhile, the Rest of Central Region (RCR) saw a 0.7% q-o-q increase in corresponding prices.

The Landed property price index rose 3.5% q-o-q, extending the uptick from the previous quarter, supported by stronger demand from condo upgraders. 

However, as buyers gravitated towards new launches, resale and sub-sale activity in the secondary market softened during the quarter. 

Chart 1: All-Residential Property Price Index and Total Private Transaction Volume 

“Following the bumper slate of new launches that propelled private property price growth in 3Q 2025, this momentum carried into 4Q, largely underpinned by strong new home sales, with 2,856 units sold during the quarter. Overall, the primary market delivered a stellar performance in 2025, with 10,611 units sold, marking the best performing year since 2021,” said Marcus Chu, CEO, ERA Singapore.

“Despite heightened uncertainty earlier in 2025, including the Liberation Day announcement that briefly dampened sentiment in April, confidence recovered swiftly as Singapore proved largely insulated from tariff-related risks. Stronger-than-expected economic performance in 3Q 2025, alongside low unemployment and easing inflation, reinforced buyers’ sense of stability.”

“Non-landed CCR prices recorded a steeper decline of 3.2% q-o-q, mainly reflecting the higher pace of growth in 3Q 2025. The previous quarter’s 1.7% increase was supported by four CCR launches, compared with just one in 4Q 2025. Nonetheless, the strong sales momentum carried into this quarter, with Skye at Holland - the sole CCR launch in 4Q 2025 - performing exceptionally well.”

“With an additional 4,575 private residential units in the 1H 2026 GLS Confirmed List, the fresh supply will continue to reinforce the Government’s aim to stabilise land prices and maintain a steady flow of new homes over the coming years.”

Table 1: List of new launches in 4Q 2025

New Sales

“Four of the five launches in 4Q 2025 achieved take-up rates of over 80% on their respective launch days. The tighter supply, arising from fewer new home completions in 2025, led to spillover demand into the primary market. In addition, easing interest rates and rising HDB prices have strengthened buyers’ financial capacity to enter the private residential market. As a result, strong sales momentum is likely to carry into 2026.”

“The strong market conditions in 3Q 2025 gave buyers the confidence to commit to higher-valued homes, including those in the Central Region, despite higher prices. At the same time, rising new home prices and strong take-up rates in other regions made city-fringe and central locations increasingly compelling.  This helped drive the strong performance of projects such as Skye at Holland, Penrith and Zyon Grand.”

“Skye at Holland combines a prime CCR location near an MRT station with convenient access to amenities, all at a palatable price point, with median transaction prices of $2,948 psf recorded in 4Q 2025. Its balanced proposition, featuring attractive pricing, family-friendly layouts and a strong location that supports a steady exit strategy, drove robust demand. As a result, Skye at Holland sold the highest number of units during the quarter and emerged as the best-selling project of 2025, with 99.4% of units sold.”

“It has been more than five years since the last condominium launch in the vicinity of Queenstown MRT Station, making the highly anticipated launch of Penrith particularly appealing to buyers. Queenstown is also home to a sizeable stock of high-value HDB flats that fetch strong resale prices, which likely contributed to the pool of buyers. This, in turn, underscores a strong exit strategy for future investment buyers.”

“Zyon Grand, the latest launch among the cluster of GLS sites around River Valley/Zion Road, achieved a commendable take-up rate of over 86.0% since its launch in October 2025. As an integrated development near the city centre, it offers highly efficient unit layouts, and higher-floor units offer panoramic views of Singapore’s city skyline. These factors strongly appeal to buyers.” 

“Faber Residence, the sole OCR launch in 4Q 2025, is located in the well-established Clementi town. As a low-rise, low-density development within a landed-housing enclave, it is well suited to families seeking a private, tranquil living environment. Furthermore, its strong focus on liveability, with functional spaces and efficient floor plates, is a strong draw for buyers accustomed to larger living spaces.”

“The Sen, the final launch of 2025 in Upper Bukit Timah, has seen 24.2% of its units sold since launch. The project is primarily geared towards owner-occupiers, who typically take more time to assess layouts, orientation, and long-term suitability, before making a new purchase, which explains the measured yet healthy sales pace.”

“With no new EC launches, new EC sales fell to 426 units in 4Q 2025, representing a 58.3% q-o-q decline. Available EC stock has continued to tighten, with just seven units remaining island-wide, all from Otto Place. This tightening supply is expected to shift buyer attention to the upcoming EC launches in 1Q 2026, namely Coastal Cabana at Jalan Loyang Besar and Rivelle Tampines, which will collectively introduce 1,320 units to the market.” 

Resale and sub-sale

“In 4Q 2025, resale transactions for non-landed private homes (excluding ECs) fell by 28.5% quarter-on-quarter to 2,393 units. This is the lowest figure since 2Q 2022 and marks a deviation from the relatively consistent trend of resale transaction volumes of around 3,000 units per quarter observed over the past six quarters.” 

“Buyer attention shifted away from the resale market, largely due to the bumper pipeline of new home launches in desirable locations, which offered buyers a wider range of choices.” 

“Meanwhile, sub-sale activity decreased by 31.2% q-o-q to 150 deals, mainly due to fewer completions. Private home completions (excluding ECs) are projected to total around 5,249 units by the end of 2025, which would be the lowest since 2020 and about 37.8% lower than in 2024, pending the release of the full quarterly statistics.”

Market Outlook

“The dip in transactions in 4Q 2025 was largely due to the stellar performance seen in 3Q 2025 and the seasonal year-end lull. Developers typically postpone launches in December, when buyers travel during the holiday season. This moderation does not signal a softening market, but rather reflects a seasonal pause.” 

“2025 was a strong year for Singapore’s private residential market, underpinned by resilient demand, steady economic conditions and renewed confidence as global risks eased. Attention now turns to how far this momentum can be sustained into 2026.”

“In 2026, the private residential market is expected to remain resilient, with moderate price growth supported by strong owner-occupier demand and ongoing right-sizing trends. Buyers can expect a pipeline of 19 private residential projects, and 5 EC launches this year. While this is fewer than 2025, which saw 24 private developments and 2 EC launches, overall homebuying demand is expected to remain healthy.”

“Barring any unforeseen circumstances, ERA Singapore projects new home sales to be between 9,000 and 10,000 units, while the secondary market is expected to record 13,000 and 14,000 transactions, pointing to stable underlying demand in the year ahead.”

Table 2: Upcoming launches in 1Q 2026

For media enquiries, please contact:

Lisha Rodney

Public Relations Manager, ERA Singapore

Email: [email protected]

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