Private home prices up 0.9% in Q3 amid surge in new launches

SINGAPORE: Private home prices rose 0.9 per cent in the third quarter of 2025, slightly lower than the 1 per cent increase in the preceding quarter, according to the latest data from the Urban Redevelopment Authority (URA) released on Friday (Oct 24). 

This comes as developers launched 4,191 units (excluding executive condominiums) for sale in Q3, compared with 1,520 units in the previous quarter, while they also sold 3,288 units, up from the 1,212 units in Q2. 

This is the highest quarterly launch volume since the second quarter of 2013, when 4,395 units were released.

“The surge in launch activity reflects developers’ readiness to capitalise on improving market sentiment and growing buyer engagement across all regions,” said Mr Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc.

“Many of these new projects originated from Government Land Sales (GLS) sites, as the government has progressively ramped up the GLS programme in recent exercises to ensure an adequate housing supply,” he added.

“This has provided developers with more opportunities to introduce well-located projects, reinforcing both stability and depth in the primary market. The active participation of developers in these launches also reflects renewed confidence in the property market and the resilience of underlying demand.”

The total volume of private home transactions (excluding executive condominiums) rose to 7,404 units in Q3, up by 44.4 per cent from the 5,128 units in the previous quarter. 

The figure marks the highest third-quarter performance in four years, surpassing 5,372 units in 2024, 5,201 units in 2023 and 6,148 units in 2022, said Ms Christine Sun, chief researcher and  strategist of Realion (OrangeTee & ETC) Group.

“For the first three quarters of 2025, 19,793 units were transacted, which exceeded the 14,517 units sold in the corresponding period last year,” she said.

“The sales resurgence indicates strong demand for private homes despite the ongoing macroeconomic uncertainties.”

Huttons Asia CEO Mark Yip also noted the strongest third-quarter numbers since 2021.

“In 3Q 2025, nine non-landed projects were pushed out for sale - Artisan 8, Canberra Crescent Residences, LyndenWoods, Promenade Peak, River Green, Springleaf Residence, The Robertson Opus, UPPERHOUSE at Orchard Boulevard and W Residences Marina View - Singapore,” he said.

“Buyers returned to the market after the June school holidays, drawn by the attractive prices of the projects which narrowed against subsale and resale prices.”

LANDED AND NON-LANDED PROPERTY PRICES

According to URA statistics, prices of landed properties increased by 1.4 per cent in the third quarter of 2025, lower than the 2.2 per cent increase in the previous quarter. 

Prices of non-landed properties rose by 0.8 per cent in Q3, compared with the 0.7 per cent increase in Q2.

In the Core Central Region (CCR), prices of non-landed properties increased by 1.7 per cent in Q3, compared with the 3 per cent rise in the previous quarter.

Non-landed property prices in the Rest of Central Region (RCR) rose by 0.3 per cent in Q3, reversing the 1.1 per cent fall in Q2.

Prices of non-landed properties in the Outside Central Region (OCR) increased by 0.8 per cent, compared with the 1.1 per cent rise in the preceding quarter.

Springleaf Residences was the top-selling project in the third quarter of 2025, selling 881 units at a median price of S$2,166 (US$1,667) per sq ft. This reflects solid demand for well-positioned projects in the OCR, said Mr Sandrasegeran.

“Overall, the diversity of launches across regions helped sustain healthy sales momentum in 3Q2025,” he said. “The combination of mass-market affordability, RCR value positioning, and CCR luxury appeal strengthened overall market breadth. 

“As a result, the private residential market entered the final quarter of 2025 on a firm footing, supported by a balanced mix of upgrader demand and confidence in Singapore’s long-term property fundamentals.”

MARKET OUTLOOK                   

URA warned on Friday that households should continue to exercise prudence when purchasing properties and taking on mortgage loans, given the highly uncertain macroeconomic outlook.

Nevertheless, Mr Yip said Singapore’s resilient economy in the face of US tariffs, as well as economists revising the country’s growth forecast upwards, have given buyers the confidence to enter the property market.

“The strong sales in recent project launches added urgency on developers to replenish their land bank,” he said. “There has been an increase in the number of bidders in GLS tenders and the stiff competition has pressured land prices up.”

“Huttons Data Analytics estimates developers’ sales for 2025 may be as high as 11,000 units. Prices on the other hand are forecasted to grow between 3 per cent and 4 per cent in 2025.”

A similar sentiment was echoed by Ms Sun, who expects demand for new homes to hold firm in Q4 as developers are likely expedite their launches to ride on the current wave of positive sales momentum.

“Sales of some projects have already seen a high take-up rate, with Skye at Holland and Penrith almost fully sold within the launch weekend in October,” she said.

Ms Sun added that market sentiment could also be buoyed by easing borrowing costs, as the lowering of interest rates by the US Federal Reserve in September, with further rate cuts forecasted before the end of 2025.

“With mortgage rates falling further, housing affordability and investor confidence are likely to improve, supporting continued buying activity,” she said. 

HDB Q3 RESALE PRICES

Separately, resale flat prices rose by 0.4 per cent in the third quarter of 2025, according to the latest data from the Housing and Development Board (HDB) released on Friday.

This figure - down from the 0.9 per cent rise in the second quarter - was in line with flash estimates published on Oct 1 and marked the lowest quarter-on-quarter increase since the second quarter of 2020.

HDB also noted resale transactions rose by 1.7 per cent, from 7,102 cases in Q2 to 7,221 cases in Q3. "Compared to 3rd quarter 2024, resale transactions in 3rd quarter 2025 were 11.3 per cent lower," it added.

The first Build-to-Order (BTO) exercise of 2026 will take place next February, with about 4,600 flats in Bukit Merah, Sembawang, Tampines and Toa Payoh to be launched. Around 3,000 Sale of Balance Flats (SBF) units will also be concurrently offered. 

Prospective flat buyers are advised to apply for HDB Flat Eligibility (HFE) letters early and to submit all required documents by Dec 15 if they wish to participate in the February 2026 sales exercise.

The final BTO launch of the year began on Oct 15 and ended on Wednesday.