04 Dec 2024
2025 Singapore Rental Market: Trends, Insights, and Projections
Property Insight

The Singapore rental market exhibited steady growth in 2024, with total non-landed rental transactions increasing by 5.3% year-on-year. Transactions rose from 65,460 in the first ten months of 2023 to 68,960 in the same period of 2024. 

The Rest of Central Region (RCR) led the charge, with an 8.9% increase in rental transactions, driven by popular developments like Normanton Park, which registered 775 rental transactions due to its strategic location and comprehensive facilities. The Core Central Region (CCR) saw a 6.0% rise, reflecting the ongoing appeal of high-end developments such as The Sail @ Marina Bay, which recorded 449 transactions. Meanwhile, the Outside Central Region (OCR) experienced moderate growth of 1.4%, with Treasure at Tampines leading the segment with 512 transactions, attributed to its affordability and extensive amenities.

Newly completed developments played a central role in reshaping tenant preferences across all market segments. These projects, offering modern amenities and convenient access to key areas, contributed significantly to the increase in rental volumes. For instance, in the RCR, Stirling Residences and City Square Residences attracted tenants due to their central locations and accessibility to MRT stations.

In the HDB market, rental transactions moderated by 5.2% from 32,490 in the first ten months of 2023 to 30,799 in the same period of 2024. This moderation aligned with a robust 10.4% increase in resale volumes, as some homeowners opted to sell their flats amid strong demand in the resale market. Additionally, progress in addressing pandemic-induced construction delays saw the completion of 87 out of 94 delayed projects by August 2024, enabling renters to transition into new flats.

The outlook for 2025 indicates a significant moderation in private residential completions, projected to decline from 9,103 units in 2024 to 5,348 units in 2025, a 41% adjustment. This tightening supply is expected to bolster rental demand and keep rental prices resilient. Non-landed rental volumes are forecast to range between 81,000 and 83,000, while HDB rental volumes are anticipated to stabilize between 38,000 and 39,000, aided by policy changes increasing the occupancy limit for larger flats.

The market dynamics underscore the evolving preferences of tenants and the importance of strategic positioning for stakeholders in the rental market. As supply tightens, both landlords and investors are poised to benefit from sustained demand and stable rental rates.

 Click here for the full report   

   

Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics 

  

  

Email: mohan@sri.com.sg
  

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Property Insight
27 Oct 2025
3Q2025 HDB Resale Market Trends: Steady Growth and Sustained Demand

The HDB resale market maintained steady momentum in 3Q2025, reflecting sustained buyer confidence amid an evolving public housing landscape. While the pace of growth moderated compared to 2024, transaction volumes and prices continued to show resilience, supported by stable demand for well-located and newer flats that have recently reached their Minimum Occupation Period (MOP).

Overall, HDB resale prices increased by 2.9% in the first nine months of 2025, moderating from the stronger 6.9% growth recorded during the same period in 2024. The moderation reflects a gradual normalisation in market conditions as more Build-To-Order (BTO) and Sale of Balance Flats (SBF) supply enters the pipeline. The ramp-up of new flats, particularly those with shorter waiting times, provided buyers with more options and helped to ease the pace of resale price growth.

Resale transactions reached about 7,500 cases in 3Q2025, slightly higher than the previous quarter. Demand remained healthy in both mature and non-mature towns. Mature estates such as Ang Mo Kio, Toa Payoh, and Queenstown continued to attract steady demand due to their accessibility and established amenities, while non-mature towns such as Yishun, Woodlands, and Sengkang drew buyers looking for affordability and newer flats with remaining lease value.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
27 Oct 2025
Developers Regain Confidence as Private Home Sales Surge in 3Q2025

Singapore’s private residential market recorded a strong rebound in the third quarter of 2025, reflecting renewed confidence and improved buyer sentiment following the Federal Reserve’s rate cut in September. Developers launched a total of 4,746 new private homes, marking the highest quarterly launch volume since 2Q2013. The surge in supply was driven by several major projects across all market segments, including Skye at Holland, Penrith, and Faber Residence, which collectively contributed to the robust sales momentum observed during the quarter.

Sales performance was equally upbeat, with 3,320 units (excluding ECs) transacted — a sharp increase from 1,212 units sold in the previous quarter. The healthy take-up rate demonstrates buyers’ growing readiness to re-enter the market, buoyed by an improved macroeconomic outlook, greater project diversity, and stabilising interest rates. Many of these launches stemmed from Government Land Sales (GLS) sites, underlining the government’s continued effort to ensure a sustainable supply pipeline to meet housing needs.

The primary market’s resilience was complemented by sustained activity in the resale segment, which benefited from a tightening pool of completed units and healthy owner-occupier demand. Despite some buyers adopting a more selective approach, resale prices held firm, underscoring the market’s underlying stability.

As Singapore continues to advance its housing pipeline through GLS and urban renewal initiatives under the upcoming Draft Master Plan 2025, the residential market is well-positioned to maintain stability and gradual growth. Buyer prudence is still encouraged, but confidence is expected to strengthen in the months ahead as both affordability and supply visibility improve.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
23 Oct 2025
Wee Hur and GSC Holdings Top Bid $613.9 Million for Upper Thomson Road GLS Site (Parcel A)

The top land bid for the Upper Thomson Road (Parcel A) site was submitted by Wee Hur Property Pte Ltd and GSC Holdings Pte Ltd at $613.9 million ($1,062 psf ppr). Their offer edged out the second-highest bid by a narrow 2.1%, underscoring the consortium’s strong conviction and competitive stance in securing this well-located site along the Thomson corridor. For Wee Hur, this marks a timely move to replenish its residential land bank, following its last notable condominium launch, Bartley Vue, a GLS site awarded in 2020.

The site had previously closed in June 2024 without any bids, likely due to the inclusion of a mandatory serviced apartment component in a location where demand for such units was largely untested. This reflected developers’ cautious stance toward projects in emerging residential areas with unconventional use requirements.

Responding to this, the Urban Redevelopment Authority (URA) introduced refinements in the 1H2025 GLS Programme to make the parcel more appealing. Serviced apartments were no longer a compulsory component, but subject to approval, giving developers more flexibility in conceptualizing their projects. This adjustment demonstrated URA’s responsiveness to market feedback and its commitment to aligning land parcels with prevailing demand dynamics.

These changes yielded positive results. The relaunch attracted five bids, a significant improvement over the earlier tender and even surpassing participation for the neighbouring Parcel B, which received only one bid. The renewed interest was also likely spurred by the successful launch of Springleaf Residence on the adjoining Parcel B site. Developed by GuocoLand and Intrepid Investments, Springleaf Residence achieved an impressive take-up rate exceeding 92% during its launch weekend, reinforcing developer confidence in the area’s growth potential.

The resurgence of interest signals growing recognition of the Springleaf Precinct as an emerging residential enclave with strong connectivity via the Thomson-East Coast Line. Supported by proximity to Springleaf MRT and the corridor’s lush greenery, the area is evolving into a sought-after address for both homeowners and investors.

With more than 95% of units sold, Springleaf Residence is expected to be fully sold before the Parcel A project launches. The limited unsold inventory and positive buyer sentiment will likely support new demand spillover from purchasers who missed earlier opportunities.

Overall, the tender results mark a turning point for Upper Thomson Road, reinforcing confidence in the precinct’s transformation into a vibrant and well-connected residential enclave in the northern region.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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