SRI - Singapore Realtors Inc.

25 Nov 2024

What to Expect from Singapore’s Private Residential Market in 2025

Property Insight

The private property market in Singapore demonstrated contrasting dynamics in 2024, characterized by a "tale of two halves." The first half of the year experienced muted sales activity, with 1,889 units (excluding ECs) sold. This was attributed to limited new launches and a high-interest rate environment, which dampened buyer confidence. However, the second half of 2024 is estimated doubling of sales, reaching 4,000 to 4,500 units. This was driven by a significant rate cut by the US Federal Reserve, which improved financial conditions and reinvigorated buyer sentiment.

Key large-scale residential developments, such as Chuan Park and Emerald of Katong, were notable performers. These projects demonstrated the strong appeal of strategic locations, effective marketing campaigns, and well-integrated facilities. Together, they set benchmarks for sales momentum, with over 800–900 units each, showcasing developers' confidence in meeting market demand.

The outlook for 2025 appears positive, supported by steady interest rates and a robust pipeline. Anticipated launches such as The Orie, Marina View Residences, and Parktown Residence are expected to sustain buyer interest, reflecting renewed confidence in Singapore's property market. Additionally, the EC segment is poised for a strong year, with three major developments contributing an estimated 2,030 units—the highest number since 2016.

The number of private residential completions is expected to moderate in 2025, from 9,103 units in 2024 to 5,348 units—an adjustment of 41%. This tightening supply is likely to influence property prices and rental demand positively. The constrained supply, coupled with steady demand from HDB upgraders transitioning to private resale properties, is expected to sustain resale activity. Transactions in the resale market are projected to range between 11,000 and 13,000 units.

Overall, the private property market is well-positioned for growth in 2025, with new home sales forecasted at 7,000 to 8,000 units. The favourable combination of economic growth, stable employment, and adaptable buyer sentiment will continue to support the market’s recovery, ensuring robust activity in both new launches and the resale segment.

Click here for the full report

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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Budget 2026 Analysis: What It Means for Singapore’s Property Market

Singapore Budget 2026 is delivered against a backdrop of heightened global uncertainty, including geopolitical tensions and financial market fragility. Despite these external headwinds, Singapore’s macroeconomic outlook remains steady, with GDP growth projected at 2% to 4% and inflation expected to moderate to 1% to 2%. These forecasts reflect a stable economic environment that supports business confidence and household resilience. The Budget reinforces Singapore’s long-term strategy of anchoring high value industry clusters, investing in research and innovation, and strengthening structural competitiveness. Together, these measures provide a firm foundation for the property market across residential, industrial and commercial segments.

On the industrial front, the Government’s continued emphasis on anchoring high value industry clusters such as advanced semiconductor packaging, aerospace and biomedical sciences carries direct implications for space demand. These sectors require high specification facilities including cleanrooms, advanced manufacturing space and research laboratories.

A key highlight of Budget 2026 is the strengthening of One North as Singapore’s AI and innovation nucleus. The development of a larger AI park and the launch of national AI Missions across advanced manufacturing, connectivity, finance and healthcare signal a coordinated push to embed artificial intelligence across core economic sectors.

Within this evolving ecosystem, the upcoming Hudson Place Residences at Media Circle Parcel A is well positioned to benefit from One North’s continued expansion. Its proximity to research facilities, transport infrastructure, educational institutions and business parks situates it within a live work environment anchored by structural economic transformation rather than short term cyclical drivers.

Finally, Budget 2026 introduces broad based cost of living support across all HDB flat types, including cash payouts, GST Vouchers, MediSave and CPF top ups, CDC Vouchers, U Save rebates and S and CC rebates. These measures cushion household expenses, strengthen balance sheets and reinforce affordability within the housing ecosystem.

Overall, Budget 2026 signals policy continuity, economic resilience and calibrated growth. For the property market, the combination of structural economic transformation, disciplined supply management and household support measures points toward a stable and sustainable trajectory in 2026 and beyond.

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here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight

What Lies Ahead for Singapore Rental Market in 2026

The Singapore rental property market has entered a more stable and balanced phase heading into 2026, following a period of sharp adjustment in earlier years. Data from 2025 points to a market that remains fundamentally resilient, underpinned by genuine housing demand rather than speculative pressures. Total non-landed rental transactions rose by 3.8% year on year to 84,622 units, reflecting sustained leasing activity even as rental growth moderated and conditions normalised.

Leasing momentum in 2025 was broad based across all market segments. The Core Central Region recorded the strongest growth, with rental transactions increasing by 5.7% to 25,532 units. This reflects a gradual return of depth in the prime rental segment, supported by expatriates, senior professionals, and corporate tenants who continue to prioritise centrality, connectivity, and proximity to employment nodes.

At the project level, rental demand in 2025 remained concentrated within large scale, well located developments across all regions. In the CCR, projects such as The Sail @ Marina Bay, D’Leedon, and Marina One Residences continued to anchor leasing activity due to their proximity to employment hubs and transport infrastructure. In the RCR, Normanton Park emerged as the top performing project by rental transactions following its recent completion, highlighting strong tenant acceptance for large, amenity rich city fringe developments. In the OCR, rental demand was more evenly distributed across multiple projects, reflecting tenant preferences for affordability and convenience rather than concentration in a single dominant development.

Overall, the rental market in 2026 is likely to be characterised by stability rather than acceleration, supported by steady employment conditions, population stability, and a more balanced supply environment.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email:

mohan@sri.com.sg

Property Insight

CDL and Woh Hup Emerge as Top Bidder for Tanjong Rhu Road GLS at $1,455 psf ppr

The tender for the residential Government Land Sales site at Tanjong Rhu Road has officially closed, with a joint venture between CDL and Woh Hup emerging as the top bidder at $1,455 $psf ppr, translating to a total land price of about $709.3 million. The tender attracted 5 bidders, signalling sustained developer interest in rare city fringe sites with strong long term locational fundamentals.

Notably, this site marks the first residential land parcel released for sale in the Tanjong Rhu area in more than 2 decades. The previous GLS site in the vicinity was awarded in 1997 and subsequently developed into Water Place. The long interval since the last land release underscores the scarcity of new private residential opportunities in this established waterfront precinct, enhancing the appeal of the site to both developers and future homebuyers.

The level of participation reflects continued confidence in well located Rest of Central Region sites, even within a more calibrated and disciplined bidding environment. Developers appear increasingly mindful of demand conditions, upcoming supply visibility and cost considerations, contributing to bids that remain competitive while staying measured.

The site benefits from direct access to Tanjong Rhu MRT station on the Thomson East Coast Line, providing seamless connectivity to major employment and lifestyle nodes such as Marina Bay, Orchard and Changi Airport. It is also located near the Singapore Sports Hub, which is set to be progressively rejuvenated under the Kallang Alive Masterplan. Over time, this transformation is expected to introduce more community focused waterfront spaces, enhanced recreational facilities and a more vibrant lifestyle environment, further strengthening the liveability of the precinct.

Based on planning parameters, the site is expected to yield approximately 525 private residential units, allowing for a meaningful development scale while preserving the exclusivity associated with a waterfront city fringe address. With limited new private residential supply in the immediate vicinity, the future development is well positioned to attract interest from both owner occupiers and long term investors.

Overall, the outcome of the Tanjong Rhu Road GLS tender reflects the continued effectiveness of a calibrated ramp up in land supply. By improving visibility over the future housing pipeline, the GLS programme supports a healthier development environment and contributes to more balanced and sustainable pricing dynamics over the longer term.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email:

mohan@sri.com.sg

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