CCR outshines as Singapore private home prices edge 1% higher in 2Q2025
Non-landed homes in the Core Central Region outperformed in 2Q2025, rising 3% q-o-q (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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URA’s private residential price index rose 1% q-o-q in 2Q2025, double the flash estimate released on July 1. It also edged up slightly from 0.8% in 1Q2025 but slower than the 2.3% gain in 4Q2024. On a y-o-y basis, prices grew 3.4%.
“The overall gain masks diverging trends,” says Chia Siew Chuin, head of residential research at JLL. “Landed properties led with a 2.2% q-o-q increase, while non-landed homes rose a modest 0.7%.”
Landed segment drives growth
The landed market was buoyed by a surge in Good Class Bungalow (GCB) sales. Huttons Asia CEO Mark Yip notes that 11 GCB transactions worth over $300 million were lodged in 2Q2025, compared to only two in 1Q2025.
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However, landed home transactions overall moderated to 426 units, down 2.3% q-o-q and 9.4% y-o-y, according to Marcus Chu, CEO of ERA Singapore. While rising prices have supported upgrading demand, higher asking prices have led to some buyer resistance.
CCR leads with strong sales
Non-landed homes in the Core Central Region (CCR) outperformed, rising 3% q-o-q. The launch of 21 Anderson and ongoing sales at other high-end projects supported prices.
At 21 Anderson, five buyers paid a median $4,811 psf, while a Skywaters Residences unit sold for $5,841 psf.
Buyer confidence has also been reflected in the July launches, notes ERA’s Chu, with UPPERHOUSE at Orchard Boulevard (54% sold) and The Robertson Opus (41%) achieving encouraging take-up.
“Local buyers continue to drive CCR demand, softening the impact of muted foreign activity,” says JLL’s Chia.
RCR prices dip but may set new benchmarks
The Rest of Central Region (RCR) saw a 1.1% q-o-q price drop despite four new launches, including Amber House, Arina East Residences, Bloomsbury Residences, and One Marina Gardens.
The best-selling projects were One Marina Gardens (479 units at a median price of $2,950 psf, Bloomsbury Residences (158 units) at a median price of $2,473 psf, and The Hill @ one-north (47 units) at $2,490 psf. “Developers priced projects realistically to boost sales amid competition and economic headwinds,” observes JLL’s Chia.
RCR prices may reach fresh benchmarks in the coming months, particularly for projects located near the CCR-RCR boundary, where buyer interest remains strongest, reckons ERA’s Chu
In the Outside Central Region (OCR), prices rose 1.1% q-o-q, up from 0.3% in 1Q2025, driven by resale demand despite no new launches.
The best-selling project in 2Q2025 was One Marina Gardens with 479 units sold at a median price of $2,950 psf (Photo: Kingsford Group)
Resales drove 2Q2025 home transactions
In total, developers launched 1,520 new homes in 2Q 2025 compared to 3,139 new homes in 1Q 2025, notes ERA’s Chu. Developers sold a total of 1,212 new homes in 2Q2025, lower than the 3,375 new homes sold in 1Q2025, he adds.
Hence, resales made up 71.1% of total sales in 2Q2025, the highest in three quarters, says Kelvin Fong, CEO of PropNex. Resale transactions rose 2.3% q-o-q to 3,647 units, he adds.
Sub-sales fell to 269 units, the lowest in nine quarters, according to Fong, but their share rose to 5.2% due to lower overall sales volumes.
“In contrast, new home sales are expected to rebound in 3Q2025, supported by a strong pipeline of ten launches yielding around 4,500 units,” says ERA’s Chu.
For 1H2025, the index rose 1.8%, easing from 2.3% in 1H2024, signalling broader market stabilisation amid policy measures and global uncertainties.
Unsold stock remains tight
Unsold units in 2Q2025 inched up 2.1% q-o-q to 18,653, still well below 2Q2024 levels and significantly below the pre-COVID average of 26,930 units.
CCR inventory fell 14.5% to 7,200 units, while RCR and OCR stocks rose due to increased Government Land Sales (GLS) supply.
“Developers remain cautious in land acquisition given tight margins and market uncertainties,” says JLL’s Chia. She adds that developers currently hold about two years of landbank.
Rents extend gains, shifts in developer sentiments
Leasing contracts rose 2.8% q-o-q, supported by new business cycles and expatriate demand. Islandwide rents climbed 0.8% q-o-q, faster than the 0.4% in 1Q2025.
CCR rents led with a 1.8% gain, while RCR rents remained flat and OCR rents increased by 0.1%. Landed rents rose 0.7%.
JLL forecasts private home prices to rise 3–4% this year, with developer sales expected at 8,000–9,000 units (excluding ECs). Chia says local demand, supported by liquidity, new household formation, and flight-to-safety trends, should sustain the market unless global conditions worsen.
In total, 1H2025 saw 2,329 private home completions, with another 2,620 units due in the second half. Excluding executive condos ( ECs), completions for 2025 are projected at just 4,949 units, significantly below the 8,460 units completed in 2024, says ERA’s Chu.
With completions below the five-year average, rents could rise up to 3%, JLL’s Chia estimates.
“The recent bidding for land under the Government Land Sales (GLS) programme may herald a shift in sentiments among developers,” adds Huttons’ Yip. In June, the top bid for sites in Dunearn Road ($1,410 psf per plot ratio) and Lakeside Drive was the highest in recent years ($1,132 psf per plot ratio).
Flash estimates on the Singapore economy showed resilience with an estimated average growth of 4.2% year-on-year in 1H2025, Yip points out. Together with the easing in the SORA rate below 2% in July 2025, buying momentum has shown renewed impetus, he adds.
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