Private Residential Property Prices Climb 12 Q O Q 3q2025 Ura Flash Estimate
URA’s flash estimates published on Oct 1 reveal that the private residential property price index increased by 1.2% quarter-on-quarter (q-o-q) in 3Q2025. This is a slight improvement from the 1% gain in the previous quarter and the 0.8% growth in 1Q2025.
The non-landed property segment saw an even greater increase, with prices rising by 1.1% q-o-q in 3Q2025, compared to a 0.7% increase in the previous quarter. The landed property segment also saw growth, albeit at a slower rate of 1.4% q-o-q in 3Q2025, following a 2.2% rise in the previous quarter.
This marks the fourth consecutive quarter of price increases in the private residential property market. Year-to-date, prices have grown by 3.1%, surpassing the 1.6% rise in the same period last year.
Notably, private home transactions also saw a boost in the third quarter with 6,594 transactions recorded up to mid-September. This is a 28.6% increase from the 5,128 transactions in 2Q2025. According to Leonard Tay, head of research at Knight Frank Singapore, this was despite the Chinese Seventh Month, which typically results in a quieter September. He attributes the sustained activity in the market to new launches in July and August.
In fact, 3Q2025 saw a surge in new launches, including eight major projects with at least 100 units each. Wong Xian Yang, head of research for Singapore and Southeast Asia at Cushman & Wakefield (C&W), notes that most of these launches performed well, continuing the momentum from earlier quarters. C&W’s data shows that 11 out of the 18 major private residential launches in 2025 achieved take-up rates of more than 50% during their launch month.
The Core Central Region (CCR) led the growth in private non-landed property prices, posting a 2.4% increase in 3Q2025 compared to 3% in 2Q2025. This was supported by new launches such as The Robertson Opus, UpperHouse at Orchard Boulevard, and River Green, which contributed to record sales of around 900 units in the CCR for the quarter. According to Kelvin Fong, CEO of PropNex, this was the highest quarterly CCR sales since 4Q2010.
Meanwhile, the Rest of Central Region (RCR) saw a reversal in its previous decline, with prices increasing by 0.4% in 3Q2025. Similarly, the Outside Central Region (OCR) saw a 1% price growth, on par with the increase in 2Q2025.
Wong from C&W points out that the CCR has seen the highest price growth year-to-date at 6.3%, outpacing the 1% and 2.4% growth rates in the RCR and OCR respectively. He adds that this is in line with the historical trend of CCR prices lagging behind the RCR and OCR, and highlights the increasing interest in CCR properties among buyers.
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Looking ahead, PropNex’s Fong maintains an optimistic outlook for the private residential market in 4Q2025. He believes that with lower interest rates, attractive new launches, and stable demand from first-time buyers and HDB upgraders, the market will continue to see growth.
In particular, he expects the CCR condo market to remain strong, with the launch of Skye at Holland, a joint development by UOL Group, Singapore Land Group, Kheng Leong Co and CapitaLand Development, slated for this quarter. Other upcoming launches include Penrith and Zyon Grand in the RCR, as well as Faber Residence in the OCR. Fong estimates that the full-year new home sales volume, excluding executive condos, could reach 9,000 to 10,000 units, while prices could see a 4% to 5% increase, surpassing last year’s 3.9% growth.
Revising his previous forecast, C&W’s Wong now expects private residential prices to grow by 3% to 4% for the whole of 2025. He attributes this upward revision to resilient demand for private housing from upgraders, as well as strong buying interest driven by lower interest rates and positive wealth effects from the global equity market.