SRI - Singapore Realtors Inc.

10 Jul 2025

Resilient Landed Market Holds Firm in 1H2025

The landed property market in Singapore remained resilient in the first half of 2025, underpinned by stable prices, consistent transaction activity, and healthy demand from high-net-worth individuals and private property upgraders. According to data from URA Realis, landed property prices rose by 1.1% in 1H2025, with a 0.7% gain in Q2 following a 0.4% increase in Q1.

Transaction volume climbed modestly to 964 deals in 1H2025, up 6.6% year-on-year from 904 in the same period last year. Although volumes have not yet returned to the peaks of 1H2022, this upward movement reflects renewed confidence in the segment. The uptick was driven by increased demand for semi-detached and terrace houses, with sales rising 21.0% and 2.4% respectively. This highlights a sustained appetite for more spacious and private living environments, especially among multi-generational families and private upgraders.

The revision of the Seller’s Stamp Duty (SSD) is not expected to significantly affect the landed segment, as most owners are long-term holders focused on legacy planning or capital preservation. The high entry price, limited liquidity, and absence of strata titles further deter speculative activity.

Looking ahead, the landed market is poised to remain firm in 2H2025, supported by constrained supply and continued demand for large-format homes. In an uncertain economic landscape, Singapore’s landed properties remain a cornerstone of stability and long-term value.

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

09 Jul 2025

Sing Holdings–Sunway joint bid leads Chuan Grove tender at $1,376 psf ppr

The recent Government Land Sales (GLS) tender for the Chuan Grove site drew strong interest from developers, with a total of seven bids submitted—marking the highest number of bidders for an Outside Central Region (OCR) site in 2025, second only to the Bayshore Road site with eight bids. Sing Holdings Residential and Sunway Developments submitted the highest bid of $703.6 million, translating to $1,376 per square foot per plot ratio (psf ppr). This edged out the second-highest bid by 7.3%, highlighting their assertive approach to securing this well-positioned parcel.

This site’s appeal stems from its strategic location within the Serangoon planning area—an established and mature residential enclave known for its strong amenities, schools, connectivity, and limited new supply. The Chuan Grove tender price also represents the second-highest OCR land bid in 2025, just behind the Bayshore Road site ($1,388 psf ppr). The enthusiastic turnout and aggressive bidding underscore growing developer confidence in OCR locations with strong locational attributes and buyer demand.

A key factor bolstering interest in Chuan Grove is the successful performance of Chuan Park, a nearby project launched in Q4 2024. Chuan Park achieved an impressive take-up rate of over 83% within less than a year.

In summary, the Chuan Grove GLS tender exemplifies renewed optimism in OCR development, underpinned by strategic location advantages, successful nearby launches, and supportive infrastructure enhancements. As developers continue to seek value in mature, well-connected estates, the Chuan Grove site represents a timely and compelling addition to Singapore’s new launch pipeline.

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

04 Jul 2025

Seller’s Stamp Duty Changes 2025: Minimal Impact on Genuine Buyers

On 3 July 2025, the Singapore government announced adjustments to the Seller’s Stamp Duty (SSD), effective from 4 July 2025. The changes involve extending the SSD holding period from three to four years and increasing SSD rates by four percentage points across all tiers. The revised rates restore the SSD framework to its pre-2017 structure, with a 16% duty for properties sold within the first year, tapering to 0% only after four years. Importantly, these changes do not apply to HDB flat owners.

Why This Matters

The policy is timely given the fragile global economic backdrop, including persistent trade tensions, tariff volatility, and geopolitical uncertainties. With Singapore’s 2025 GDP growth forecast set between 0.0% and 2.0%, the SSD revision serves as a preemptive safeguard. It is designed to discourage short-term speculative activity, moderate knee-jerk market reactions, and build long-term market resilience.

Market Reaction and Holding Periods

The revised SSD is expected to have minimal impact on genuine homebuyers and long-term investors. Transaction data from SRI Research shows that average holding periods already exceed the new 4-year requirement across various segments:

This reinforces that the market is primarily driven by owner-occupiers and long-horizon investors rather than speculative flippers.

Sustainable Market Momentum

The SSD revision aligns with a broader strategy to sustain healthy market momentum. According to URA’s 2Q2025 flash estimates, private home prices rose 0.5%, moderating slightly from the 0.8% increase in 1Q2025. Developers are adopting a more calibrated launch strategy, balancing supply with demand, and promoting sustainable absorption.

Outlook

Far from being a deterrent to long-term investment, the SSD changes are seen as a structural reinforcement of market stability. They protect long-term asset value, offer confidence to serious buyers, and enhance Singapore’s reputation as a safe and transparent investment hub. As more launches are expected in 2H2025, the policy provides developers and buyers with a clear framework to plan within a disciplined, fundamentals-driven property cycle.

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Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg