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

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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.

Click

here

for the full report:

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

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11 Feb 2026
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.

 

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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
11 Feb 2026
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