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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2Q2026 Singapore Property Flash Estimates: Stable Demand & Moderate Prices

Singapore's residential property market continued its transition towards a more balanced and sustainable growth phase in 2Q2026, with both the private residential and HDB resale markets showing signs of moderation driven largely by improving housing supply rather than weakening demand.

According to the flash estimates, private residential property prices increased by 0.5% quarter-on-quarter in 2Q2026, easing from the 0.9% growth recorded in 1Q2026. This brought cumulative price growth for the first half of 2026 to 1.4%, compared with 1.8% during the same period in 2025. The moderation reflects a market returning to a more sustainable trajectory following stronger momentum earlier in the year. Limited new project launches, changes to the Executive Condominium (EC) policy framework, and seasonal factors such as the June school holidays contributed to a slower pace of transactions.

Developers launched an estimated 1,705 private residential units across three projects—Tengah Garden Residences, Vela Bay and Hudson Place Residences—slightly lower than the 1,844 units launched in 1Q2026. Despite the reduced supply, buyer demand remained resilient, with the average launch weekend take-up rate improving from 70.5% to 77.5%. This demonstrates continued demand for well-located and competitively priced developments, particularly among owner-occupiers and HDB upgraders supported by stable employment and healthy household balance sheets.

The HDB resale market also continued to moderate. Flash estimates indicate resale prices declined by 0.3% quarter-on-quarter in 2Q2026 following a slight 0.1% decline in 1Q2026, bringing first-half price growth to -0.4%, compared with a 2.5% increase over the same period in 2025. Rather than indicating market weakness, the slower price movement reflects improving supply conditions through continued Build-to-Order (BTO) launches, a growing number of flats reaching their Minimum Occupation Period (MOP), and expanding resale inventory.

The June 2026 BTO exercise introduced approximately 6,952 flats, including substantial supply in mature estates such as Bishan, Bukit Merah and Ang Mo Kio, providing buyers with more attractive alternatives to the resale market. Increased availability of shorter waiting-time flats has further eased demand pressures on resale housing.

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here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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River Valley Green (Parcel C) Draws Top Bid of $1,730 psf ppr

The tender results for the River Valley Green (Parcel C) Government Land Sale (GLS) site reinforce continued developer confidence in Singapore's prime residential market. Sunway MCL and CSC Land Group emerged as the highest bidder with a tender of $750.6 million, translating to $1,730 psf per plot ratio (psf ppr). The site attracted four bids, despite being the fifth GLS site released within the broader River Valley and Zion precinct, highlighting sustained developer interest in securing a presence within one of Singapore's most established residential enclaves.

Much of this optimism is supported by the strong performance of recent residential launches in the River Valley and Zion area. Projects within the precinct have recorded an average launch weekend sales rate of around 79%, with River Modern achieving an impressive 90% take-up during its launch weekend. These healthy absorption rates demonstrate resilient buyer demand and provide developers with greater certainty regarding future sales.

The precinct continues to appeal to buyers due to its combination of excellent connectivity and lifestyle offerings. Located near Great World MRT Station on the Thomson-East Coast Line, the site enjoys convenient access to Orchard Road, Marina Bay and the Central Business District. Residents will also benefit from proximity to Great World City, Robertson Quay, the Singapore River, Kim Seng Park and various dining, retail and recreational amenities, while families are likely to appreciate nearby schools such as River Valley Primary School.

The land parcel is expected to yield approximately 470 residential units, catering to a broad spectrum of buyers including owner-occupiers, HDB upgraders and investors seeking a centrally located development. Despite an increasing pipeline of residential supply within the precinct, the combination of strong locational attributes, robust buyer demand and consistently successful nearby launches is expected to sustain healthy developer interest.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight

RCR Demand Drives 43.3% Growth in New Home Sales in May 2026

Singapore's new home market moderated in May 2026, with developers selling 447 new private homes excluding Executive Condominiums (ECs), down from the 1,548 units transacted in April.

Despite the monthly moderation, market performance remained encouraging on a year on year basis. New home sales increased by 43.3% from the 312 units sold in May 2025 to 447 units in May 2026. The improvement was primarily driven by stronger activity in the Rest of Central Region (RCR), where sales rose from 191 units to 334 units over the same period. The strong showing highlights continued demand for city fringe developments that offer a balance between accessibility, lifestyle amenities and relative affordability. The year on year growth also suggests that buyer confidence remains intact, with purchasers continuing to participate actively in the market despite a more measured operating environment.

Hudson Place Residences emerged as the standout performer of the month. As the only major launch in May, the project accounted for nearly half of all new private home sales, moving 209 units at a median price of $2,465 psf. The strong response demonstrates that buyers remain receptive to projects that are well located, well connected and competitively positioned within their respective market segments.

Looking ahead, new home sales are expected to remain relatively subdued in June due to the seasonal impact of the mid year school holidays and the limited number of major launches scheduled during the month. However, this is likely to be temporary. Market activity is expected to regain momentum in the second half of 2026 as a fresh pipeline of launches enters the market. Upcoming projects such as Lentor Gardens Residences and Dunearn House are expected to attract healthy interest, while buyers who have remained on the sidelines may return as more options become available. Barring any significant external shocks, the primary residential market is expected to remain on stable footing, supported by resilient underlying demand and a steady pipeline of new launches.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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