28 Mar 2025
Retail Property Market 2025: Trends Shaping Investor Strategies
Property Insight

Singapore's retail landscape demonstrated resilience in 2024, underpinned by a sharp rebound in international visitor arrivals and strategic investor activity. Visitor arrivals surged by 21.5%, growing from 13.6 million in 2023 to 16.5 million in 2024, with strong contributions from Mainland China, Indonesia, and India. This growth was fueled by a robust calendar of high-profile events—including concerts by global artists like Taylor Swift, Ed Sheeran, and Coldplay, as well as the Formula 1 Singapore Grand Prix and Singapore Art Week—which bolstered tourism-related sectors like retail and hospitality.

Retail property transactions in 2024 moderated slightly, registering approximately 250 caveated transactions compared to 272 in 2023. Despite this moderation, District 7 (Middle Road/Golden Mile) emerged as the top-performing district with 52 transactions. This reflects investor confidence tied to the transformation of the Golden Mile Complex into The Golden Mile, integrating retail, office, and medical suites alongside the upcoming Aurea residential tower. Districts 14 (Geylang, Eunos) and 9 (Orchard, River Valley) followed with 35 and 32 transactions, respectively, underscoring demand for strategically located and historically stable commercial zones.

From a project perspective, Parklane Shopping Mall led with 12 transacted retail units, indicating sustained interest in older, strata-titled developments with flexible configurations. Far East Plaza and Sim Lim Square also recorded strong activity, each with 10 units transacted, appealing to niche businesses and tourist-centric trades.

Notably, City Developments Limited’s acquisition of Delfi Orchard for S$439 million highlighted institutional interest in Orchard Road’s rejuvenation. Other high-value deals included transactions along Irrawaddy Road, North Bridge Road, and Beach Road—signaling a preference for prime, high-footfall locations.

The leasing market also improved, with total retail rental value rising by 2.7% year-on-year from $254.5 million in 2023 to $261.2 million in 2024. Median rentals held firm across multiple regions, with the North and North-East regions commanding premium rates. Fringe and Central Areas also experienced rental recovery, reflecting sustained demand in key retail corridors.

Looking ahead to 2025, Singapore's retail sector is poised for continued growth. The Singapore Tourism Board projects 17.0 to 18.5 million visitors, generating up to $30.5 billion in tourism receipts. This optimism is supported by new attractions such as Illumination’s Minion Land at Universal Studios Singapore and the Disney Adventure Cruise Line, both expected to draw significant regional traffic.

Retail will also benefit from a vibrant MICE calendar, bringing in high-spending business travelers. Experiential retail, the integration of physical and digital commerce, and evolving consumer expectations will continue to shape leasing and investment trends. While external risks such as geopolitical uncertainties and macroeconomic fluctuations persist, the sector remains anchored by Singapore’s strong fundamentals, diversified tourism base, and investor confidence in well-located assets.

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
15 Oct 2025
Developer Sales Outlook Brightens with New Launches Like Faber Residence and Penrith

Developers moved a total of 255 private residential units (excluding ECs) in September, moderating from the 2,142 units transacted in August. The slowdown was not unexpected, coinciding with the Lunar Seventh Month, a period where homebuying sentiment typically softens. However, the lull proved brief, as Skye at Holland achieved an exceptional performance, selling about 658 units (99% of its total) during its launch weekend in early October surpassing the entire September total.

The positive momentum is expected to continue with the upcoming launches of Faber Residence and Penrith, followed by Zyon Grand, The Sen, and Coastal Cabana (EC) in the coming months. These previews and launches are set to reignite sales momentum in the final quarter of the year, providing a healthy pipeline of new inventory for homebuyers and ensuring a steady stream of fresh supply to meet sustained demand from both upgraders and investors.

Part of the market optimism can be traced to the US Federal Reserve’s rate cut in 2024, which eased liquidity conditions and lifted buyer sentiment. This supportive backdrop was reinforced at the recent Federal Open Market Committee (FOMC) meeting, where the Fed reduced the Funds Target Rate by 25 basis points to a range of 4.00%–4.25%, signalling continued willingness to support growth and lower borrowing costs. The move is expected to enhance affordability and spur stronger buyer confidence, providing further upside for developers timing their launches to capture sentiment shifts.

In September, the highest transacted condominium was a four-bedroom unit at 21 Anderson, sold for $24.0 million. The spacious 4,489 sq ft freehold residence in Tanglin achieved $5,347 psf, marking it as the top condominium sale of the month. This sale reflects the renewed strength of the luxury segment, which saw 21 non-landed new homes priced at $10 million and above transacted in the first nine months of 2025—almost three times the 8 units sold in the same period of 2024.

Among individual projects, Canberra Crescent Residences emerged as the top-seller with 28 units sold at a median price of $2,001 psf, followed by Grand Dunman and River Green. These results reaffirm the continued depth of buyer demand across all regions, from OCR to CCR, as Singapore’s private residential market enters the final quarter on a firm footing.

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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
09 Oct 2025
UOL, SingLand and Kheng Leong JV Tops GLS Tender for Dorset Road Site at $1,338 psf ppr

The tender for the Government Land Sales (GLS) site at Dorset Road has officially closed, marking another milestone in the continued rejuvenation of the Farrer Park precinct. The joint venture between UOL Group, Singapore Land Group (SingLand), and Kheng Leong Company emerged as the top bidder, submitting a land price of $524.3 million, which translates to $1,338 psf ppr.

The outcome reflects UOL’s ongoing confidence in the city-fringe residential market, following the strong market reception of its recent joint-venture project, Skye at Holland, which has drawn considerable buyer attention. This momentum likely reinforced UOL’s conviction in pursuing another centrally located site with strong long-term growth potential.

A total of nine bidders participated in the tender, demonstrating sustained developer confidence in well-connected Rest of Central Region (RCR) plots. The competitive turnout underscores developers’ positive outlook for city-fringe housing demand, especially in established neighbourhoods like Farrer Park and Novena, where upcoming transformations are set to enhance the precinct’s appeal.

The Dorset Road site shares similar locational advantages. It is within walking distance of Farrer Park MRT station, City Square Mall, and the Connexion medical and lifestyle complex, while being minutes from key city districts such as Novena and Orchard. Proximity to the Novena healthcare hub, reputable schools, and a rich mix of amenities further enhances the site’s attractiveness to families, professionals, and investors alike.

The future development is expected to yield approximately 425 residential units, positioned within a vibrant and evolving community. The Farrer Park transformation aims to blend modern living with heritage preservation, introducing new housing integrated with sports, wellness, and green spaces that honour the area’s sporting legacy. This thoughtful approach will create a balanced, community-oriented urban environment, reinforcing the precinct’s appeal as a liveable city-fringe destination.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: mohan@sri.com.sg

Property Insight
01 Oct 2025
3Q2025 Flash Estimates Highlight Balanced Growth in Private and Public Housing

Singapore’s residential property market sustained positive momentum in the third quarter of 2025, reflecting steady demand, a healthy launch pipeline, and stabilising trends across both private and public housing sectors.

Private Property Market

According to flash estimates, private property prices rose by 1.2% in 3Q2025, building on the 1.0% increase in the previous quarter. This brings cumulative growth for the first nine months of 2025 to 3.1%, notably higher than the 1.6% increase recorded during the same period in 2024. The uptick was driven by a strong pipeline of project launches, which provided more options for homebuyers and supported transaction volumes.

Developers exhibited confidence by releasing projects from GLS sites, which in turn helped stabilise primary market prices. Key launches such as Springleaf Residence, River Green, Promenade Peak, Canberra Crescent Residences, and Artisan 8 received healthy buyer response, while July’s wave of launches including The Robertson Opus, UpperHouse at Orchard Boulevard, and LyndenWoods—revitalised sentiment and widened market choices.

Looking ahead, momentum is expected to carry into 4Q2025, supported by previews of Skye at Holland, Faber Residence, Penrith, Zyon Grand, The Sen, Coastal Cabana, and the Jalan Loyang Besar EC. 

HDB Resale Market

HDB resale price growth continued to moderate, rising 0.4% in 3Q2025 compared to 0.9% in 2Q2025. For the first nine months, prices grew 2.9%, significantly slower than the 6.9% surge in the same period last year, indicating greater market balance.

Policy initiatives such as the upcoming Voluntary Early Redevelopment Scheme (VERS) aim to provide long-term renewal pathways for ageing estates, ensuring progressive rejuvenation. In the near term, demand for older flats is expected to remain niche, driven mainly by households downsizing or buyers prioritising affordability.

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

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