Singapore’s private residential market saw a continued rise in prices in the first quarter of 2025, driven by new launches in fringe and suburban areas. According to Knight Frank’s latest report, non-landed private home prices increased by 0.6% quarter-on-quarter and 4.3% year-on-year. Nicholas Keong, Head of Residential and Private Office at Knight Frank Singapore, noted that these areas are offering “good value opportunities for savvy buyers.”
The report highlighted that the total transaction volume for non-landed homes, excluding Executive Condominiums, fell by 11.2% quarter-on-quarter to 6,085 units. However, this marked a significant 54% increase compared to the same period last year. The strong sales momentum from the end of 2024 carried into 2025, with new projects recording robust sales during launch weekends.
In the Core Central Region (CCR), new sales rose by 41.2% quarter-on-quarter, although overall transactions fell by 4.6%. The Rest of Central Region (RCR) saw a 1% quarterly price increase, driven by the successful launch of The Orie. Meanwhile, the Outside Central Region (OCR) experienced a marginal 0.3% price rise, with new sales up by 57.4%.
Rental contracts for non-landed private homes increased by 4.7% in early 2025 compared to late 2024. Despite moderate rent hikes across most segments, the ultra-luxury segment saw a 3% decline.
Knight Frank projects that new home sales in 2025 could reach between 7,000 and 9,000 units, with overall transactions potentially hitting 19,000 to 23,000 units, assuming no new cooling measures are introduced. Prices are expected to rise by 3% to 5% throughout the year.
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