Leasing contracts for private residential properties, excluding executive condos (ECs), surged last quarter, according to data tabulated by Savills. In 3Q2025, a total of 26,882 leasing contracts were registered, jumping 24.2% q-o-q from the 21,638 contracts the quarter before. This is the highest quarterly volume in four years, since 27,145 contracts were logged in 3Q2021, Savills adds.

The surge in 3Q2025 leasing volume was led by landed homes, which recorded a 36.4% q-o-q spike in leasing contracts, followed by the non-landed segment, which rose 23.6%.

Among condo properties, Normanton Park, the 1,862-unit mega development near Kent Ridge Park, topped the list for the number of leasing contracts commencing in 3Q2025 at 199, rising from third place in the second quarter. Midtown Modern, located on Tan Quee Lan Street and completed in 1Q2025, ranked second with 157 contracts, followed by The Sail @ Marina Bay with 156 contracts. 

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 Non-landed Private Residential Projects with Most Leasing Transactions, 3Q2025

Within the non-landed segment, all three planning regions charted q-o-q gains in leasing contracts in 3Q2025, led by the Outside Central Region at 24.6%, followed by the Rest of Central Region (24.2%) and the Core Central Region (21.7%).

In its research report, Savills attributes the surge in leasing activity to seasonal factors. “The third quarter of each year generally marks the peak season for Singapore’s private residential leasing market, primarily attributable to the annual influx of expatriates and international students in line with global corporate relocation cycles and academic calendars,” the report states.

Higher supply may have also contributed to leasing activity. The stock of completed private residential properties island-wide, excluding ECs, stood at 421,656 units as of September, up 0.4% compared to the previous quarter. The growth was underpinned by the completion of 1,776 private residential units last quarter from projects including the 605-unit Lentor Modern, the 407-unit Piccadilly Grand and the 364-unit One Bernam.

Despite the strong performance exhibited last quarter, Savills predicts rental market activity may slow in the coming months. “All may be well with the leasing market for now, but the road ahead is clouded by business uncertainty,” cautions Alan Cheong, Savills Singapore’s executive director for research and consultancy. 

Cheong notes that uncertainty in the economic environment, driven by various factors, including Liberation Day tariffs, has remained elevated for over a year and could prompt businesses and MNCs to reduce operational costs, which, in turn, could have a knock-on effect on leasing activity. 

Cheong adds: “We believe that much of the rental increase in 3Q2025 was probably front-loaded to July and August as most major international schools here begin their year in mid-August.” Consequently, leasing activity is likely to moderate in the subsequent quarter. 

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