20 Feb 2025
Budget 2025: Building a More Inclusive and Sustainable Housing Market
Property Insight

Budget 2025 prioritizes affordability, accessibility, and sustainability in both public and private housing. With an emphasis on homeownership support, climate-friendly initiatives, and senior-friendly modifications, the government aims to provide inclusive policies that cater to all Singaporeans.

Public Housing – Expanding Supply & Affordability

The government is expanding housing options to improve affordability, especially for first-time homebuyers. Prime Minister Lawrence Wong noted that application rates for Build-To-Order (BTO) flats have stabilized and are now lower than pre-pandemic levels, indicating a more balanced supply-demand situation.

To ensure sufficient housing stock, more than 50,000 new HDB flats will be launched islandwide over the next three years. These developments, located in key estates such as Woodlands, Bayshore, and Mount Pleasant, aim to meet the diverse housing needs of Singaporeans.

For those seeking faster access to a home, HDB is prioritizing shorter waiting times. In 2025, about 3,800 flats with waiting periods of less than three years will be launched, accounting for approximately 20% of the total BTO supply.

Recognizing the strong interest in completed flats, the government will introduce another SBF exercise in 2025, providing homebuyers with additional options.

To further assist lower-income families, the Fresh Start Housing Scheme grant has increased from S$50,000 to S$75,000. This initiative, previously limited to second-timer families, now extends to first-time families living in rental housing.

Private Housing – Sustainability & Senior-Friendly Measures

Enhancements to Climate Vouchers

To support sustainability, the government is enhancing the Climate Friendly Households Programme. HDB households will receive an additional S$100 in Climate Vouchers, raising the total to S$400.

For the first time, private property households will also receive S$400 in Climate Vouchers, expanding support for sustainable living across Singapore.

Enhancements to Senior-Friendly Home Modifications

The Enhancement for Active Seniors (EASE) programme will be extended until 2028. Previously available only to HDB flats, it will now include private property households, allowing more seniors to age safely and independently at home.

Why It Matters

• Improved Affordability: Stabilized application rates provide more homebuyers with the opportunity to secure a flat.

• Faster Access to Housing: The introduction of a second SBF exercise in 2025 increases the chances of obtaining a ready-to-move-in unit.

• Balanced Housing Supply: The ramp-up in BTO launches prevents excessive price increases and meets long-term housing needs.

• Sustainability & Inclusivity: Expanding Climate Vouchers and senior-friendly modifications ensures equitable access for all Singaporeans.

Budget 2025 reinforces the government’s commitment to affordable, sustainable, and inclusive housing policies, ensuring Singaporeans have more opportunities for homeownership while fostering a livable and resilient community.

Click here for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg  

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01 Apr 2026
1Q2026 Flash Estimates Point to Stable Demand

According to the 1Q2026 flash estimates, Singapore’s residential property market is transitioning toward a more balanced and sustainable phase, supported by a calibrated increase in housing supply and steady underlying demand. Private residential property prices rose by 0.3% quarter on quarter in 1Q2026, moderating from the 0.6% growth recorded in 4Q2025, reflecting a healthier pace of appreciation amid improved supply conditions .

This moderation comes alongside a notable increase in new launches, with approximately 3,149 units, including Executive Condominiums, introduced during the quarter. Much of this supply was driven by sites from the Government Land Sales programme, which has significantly strengthened the pipeline of upcoming private housing. The expanded supply has enhanced market visibility and helped anchor buyer expectations, reducing the likelihood of sharp price movements while supporting a more orderly market environment .

In the public housing segment, HDB resale prices showed early signs of moderation, easing by 0.1% quarter on quarter in 1Q2026. This marks the first decline since 2Q2019 and reflects the impact of a significant ramp up in supply. The first BTO exercise of the year introduced about 4,692 flats, alongside approximately 4,320 Sale of Balance Flats, providing buyers with more options across both new and completed units .

Overall, the market is entering a phase where supply side measures are taking effect. The continued ramp up in both private and public housing supply is expected to support price stability while maintaining accessibility. With demand fundamentals remaining intact, the residential market is likely to see a more balanced and sustainable trajectory in the year ahead.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
01 Apr 2026
Dover Drive Site Draws 6 Bidders as One North Gains Traction

The Government Land Sales tender for the Dover Drive residential site closed with a total of 6 bidders, reflecting a notable increase in participation compared to recent GLS sites in the Media Circle area, which each attracted 3 bidders. This stronger turnout points to improving developer confidence in the one north and Queenstown precinct, supported by the area’s evolving residential and employment landscape.

The top bid of $951.0 million, translating to $1,556 psf ppr, was submitted by a consortium comprising Qingjian Realty, Forsea Residence and Jianan Realty Investments. The relatively tight clustering of bids suggests that developers share a similar view of the site’s underlying value, while the leading bid reflects a strong level of conviction in the precinct’s long term demand fundamentals. The site’s attributes, including its proximity to one north MRT station and Buona Vista, as well as its allowable commercial use at the first storey, further enhance its attractiveness by supporting convenience and liveability for future residents. 

The positive response to the tender also comes on the back of growing momentum within the one north corridor. The Government’s continued push to strengthen Singapore’s innovation economy, including plans for an expanded AI park and initiatives such as Kampong AI, is expected to reinforce one north’s position as a key hub for research, technology and high value industries. This, in turn, is likely to support a sustained pool of housing demand from professionals working within the area. 

In addition, developers are increasingly looking to build scale within the precinct. Qingjian Realty and Forsea Residence have previously secured sites in Media Circle for projects such as Bloomsbury Residences and the upcoming Hudson Place Residences. The latest successful bid at Dover Drive reflects a continued effort to strengthen their presence in a precinct that is still in its growth phase but showing clear signs of maturation.

At the same time, the expanding pipeline of residential sites under the GLS programme, including potential future parcels in Media Circle, provides greater visibility on supply. This may help to anchor buyer expectations and support a more measured pace of price growth, ensuring that market movement remains aligned with underlying demand fundamentals.

Overall, the Dover Drive tender results reinforce growing confidence in the one north precinct. With continued investment in infrastructure, innovation driven industries and a steady pipeline of residential developments, the area is progressively shaping into a well-integrated live work environment with sustained long term residential appeal.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
16 Mar 2026
February Developer Sales Reflect Growing Buyer Interest in Prime Segment

Singapore’s new private home market saw a moderation in developer sales in February 2026, largely influenced by seasonal factors rather than any structural weakening in demand. According to SRI Research, developers sold 246 new private homes (excluding ECs) in February, down from 466 units in January, representing a 47.2% month on month moderation. This softer performance was widely anticipated as the month coincided with the Chinese New Year festive period, a time that typically experiences fewer marketing activities and lower buyer turnout. As such, the February figures should be interpreted within the context of seasonal timing and launch schedules rather than a fundamental shift in market demand. 

Despite the monthly moderation, the Core Central Region (CCR) segment has shown encouraging momentum at the start of the year. In the first two months of 2026, a total of 225 CCR units were transacted, compared to 149 units over the same period in 2025, representing a 51.0% year on year increase. This improvement suggests that buyer interest within the prime residential segment has strengthened relative to a year ago. The pickup in activity may reflect growing confidence among high-net-worth buyers, improved pricing alignment between developers and purchasers, as well as selective project launches that have resonated with market demand. Overall, the CCR segment appears to be demonstrating measured resilience despite a calibrated supply environment and existing policy framework. 

The renewed interest in the prime segment was further highlighted by the successful launch of River Modern, which reportedly sold more than 90% of its units during its launch weekend. The strong take up illustrates how well-located developments in prime districts continue to attract confident buyers, even after a series of launches across the River Valley and Zion corridor over the past year. Buyers appear willing to commit when developments offer strong locational attributes, connectivity and long-term value prospects. 

Looking ahead, market activity is expected to gain renewed traction as several upcoming developments enter the launch pipeline. Projects such as Rivelle Tampines, Pinery Residences, Vela Bay, Hudson Place Residences and Tengah Garden Residences are anticipated to re-energize primary market activity across a diverse range of locations and buyer segments. These developments collectively span city fringe areas as well as emerging regional growth corridors, and their launches are expected to reintroduce a steadier cadence of supply into the market. 

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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