Private Residential Property Prices Climb 12 Q O Q 3q2025 Ura Flash Estimate

According to the flash estimates published by the Urban Redevelopment Authority (URA) on October 1, the private residential property price index rose by 1.2% quarter-on-quarter (q-o-q) in the third quarter of 2025. This marked a slight increase from the 1% gain recorded in the previous quarter and the 0.8% growth in the first quarter of the same year. The increase in prices was mainly driven by the non-landed property segment, which saw a 1.1% q-o-q growth, higher than the 0.7% increase in the previous quarter. In the landed property segment, prices grew by 1.4% q-o-q, although this was a decrease from the previous quarter’s 2.2% rise.

This marks the fourth consecutive quarter of price increases for private residential properties. So far this year, prices have grown by 3.1%, surpassing the 1.6% growth recorded in the same period last year.

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The third quarter also saw a pickup in private home transactions, with 6,594 transactions recorded up to mid-September. This is a 28.6% increase from the 5,128 transactions in the second quarter of 2025.

Despite the typically quiet period during the Chinese Seventh Month in September, there was sustained growth in both volume and prices in the third quarter, according to Leonard Tay, head of research at Knight Frank Singapore. Tay noted that the increase in activity was supported by new launches in July and August, which helped to counter the prevailing economic uncertainty and concerns about the labour market.

In fact, there were eight major launches with at least 100 units in the third quarter, according to Cushman & Wakefield (C&W). The majority of these launches saw strong sales, continuing the momentum from earlier quarters. C&W also reported that 11 out of the 18 major private residential launches so far in 2025 achieved take-up rates of more than 50% during their month of launch.

The highest price increase was recorded in the Core Central Region (CCR), where prices rose by 2.4% in the third quarter, compared to 3% in the previous quarter. This was supported by new launches such as The Robertson Opus, UpperHouse at Orchard Boulevard, and River Green. Kelvin Fong, CEO of PropNex, noted that these projects contributed to the CCR’s highest quarterly sales since 4Q2010, with around 900 units sold in the third quarter.

In the Rest of Central Region (RCR), non-landed property prices also saw a rebound, increasing by 0.4% in the third quarter after a 1.1% decline in the previous quarter. Meanwhile, prices in the Outside Central Region (OCR) rose by 1%, similar to the 1.1% increase in the second quarter.

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C&W’s Wong Xian Yang pointed out that condo prices in the CCR have grown by 6.3% year-to-date, significantly outpacing the growth rates in the RCR and OCR at 1% and 2.4% respectively. He also noted that the CCR generally sees a lag in price growth compared to the RCR and OCR, and highlighted the growing interest in the value proposition of CCR properties among buyers.

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Looking ahead, PropNex’s Fong remains optimistic about the private residential market in the fourth quarter of 2025. He cited lower interest rates, a pipeline of attractive launches, and steady demand from first-time buyers and HDB upgraders as contributing factors.

In particular, the CCR condo market is expected to continue on its current trend. Fong noted that the final CCR launch of 2025, Skye at Holland, a joint development by UOL Group, Singapore Land Group, Kheng Leong Co, and CapitaLand Development, is expected to launch in the fourth quarter. Other upcoming launches include Penrith and Zyon Grand in the RCR, and Faber Residence in the OCR.

Fong predicts that the full-year new home sales volume, excluding executive condos, could reach 9,000 to 10,000 units, while private home prices are expected to rise by 4% to 5%, surpassing the 3.9% growth recorded last year.

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Meanwhile, C&W’s Wong expects private residential prices to grow by around 3% to 4% for the whole of 2025, an increase from his earlier forecast of 2% to 3% growth. He attributes this growth to strong demand for private housing from buyers looking to upgrade, as well as increasing interest from buyers due to lower interest rates and rising global equity markets.