Condo prices hit new highs, driven by prime and city fringe properties
River Green sold 86.1% of the entire project within its first month of launch and was the top-selling project in the prime CCR last month (Photo: Wing Tai)
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Condominium prices reached new highs during the July-August period, signalling buyers' confidence in the real estate market despite the prevailing macroeconomic uncertainties surrounding the global tariff hikes.
The observed price uptrend is a precursor to the anticipated robust market performance in the third quarter of this year. The full quarterly data will be released at the end of October 2025.
According to caveated data from the Urban Redevelopment Authority (URA), the average price of condos or non-landed private homes excluding executive condominiums (EC) for the overall market hit a new high at $2,295 psf in July-August 2025, jumping substantially by 13.2% from $2,027 psf in the second quarter of this year.
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Source: URA, Realion (OrangeTee & ETC) Research
Price surge driven by the prime segment
The overall price surge is primarily driven by the prime segment, specifically the Core Central Region (CCR), and city fringe areas, known as the Rest of Central Region (RCR).
The average price of condos in CCR escalated by 26.2% from $2,326 psf in 2Q2025 to $2,937 psf in July-August. The average price climbed by nearly 30% y-o-y from July-August 2024.
The sharp price increase within the prime segment was within expectation as a wave of exciting new project launches boosted demand, leading to a corresponding rise in prices. Many buyers were willing to pay a price premium for these properties, as they were situated in attractive locations.
For instance, River Green at River Valley Green was a highly sought-after project, having sold 86.1% of the entire project within its first month of launch. It was the top-selling new project in the prime CCR in August. Buyers were attracted by its competitive pricing and proximity to the Orchard Road shopping district, the Central Business District, and the Great World MRT Station on the Thomson-East Coast Line.
Based on URA caveated data, River Green achieved impressive sales with 451 transactions at an average price of $3,120 psf last month.
Another popular project was The Robertson Opus at Unity Street, which moved 149 out of 348 units during the July launch month. Its 999-year leasehold tenure enticed buyers seeking to preserve and grow their wealth over generations. Others may have been drawn to its prime location, being a short drive away from Orchard Road and the Central Business District.
URA caveat data showed that The Robertson Opus sold 162 units at an average price of $3,354 psf in July-August. Other best-selling new projects in the prime segment were Upperhouse at Orchard Boulevard, Hill House and Orchard Sophia.
Furthermore, the recent harmonisation of the Gross Floor Area (GFA) policy has led to an increase in unit prices for new properties. Under the new policy, developers can no longer include non-functional spaces such as void areas or air-con ledges in the GFA calculations. Previously, these “free” spaces could be included, which contributed to a lower psf price.
The intention of the policy change is to provide buyers with a clearer understanding of how prices are derived and the actual usable space they are purchasing, thus increasing transparency. Developers are also encouraged to design units with more efficient layouts to optimise living spaces. Consequently, the psf prices have increased across the board due to a smaller listed floor area.
Healthy demand for luxury and super-luxury condos
Furthermore, nearly 60% of prime condos were transacted at high price tags: 715 (58.6%) of 1,221 condos in CCR exceeded $3,000 psf in the first two months of 3Q2025, while 35 were above $3,600 psf. Nine luxury condos breached $4,000 psf at 21 Anderson, Boulevard 88, and 3 Orchard by-The-Park.
During the same period, 70 luxury homes were sold for at least $5 million, with nine ultra-luxury condos changing hands for at least $10 million. The priciest units were two freehold condos at 21 Anderson, which sold for a staggering $52.25 million each.
Overall prices of city fringe condos near $2,400 psf
Condo prices in the city fringe, or RCR, set new benchmark prices at $2,384 psf in July-August 2025, above the previous quarterly record of $2,363 psf in the fourth quarter of 2024 and higher than $2,062 psf in 3Q2024. Resale condos in the city fringe similarly registered a new high at $1,928 psf in July-August 2025, up from $1,855 in Q3 2024.
Comparatively, the average new sales prices dipped marginally from S$2,787 psf in 2Q2025 to $2,699 psf over the same period, but up from $2,601 in 3Q2024. The top-selling new condos in RCR were Lyndenwoods, Promenade Peak, Bloomsbury Residences, Grand Dunman, One Marina Gardens, Amber House and Nava Grove in July-August 2025.
Source: URA, Realion (OrangeTee & ETC) Research
Quantum prices kept at bay for certain locales and unit mix
Despite the new overall benchmark prices set in RCR, developers are adopting a prudent approach by ensuring prices remain accessible in terms of price quantum. For instance, average prices of new condos in RCR dipped for certain size ranges. For instance, the non-landed new condos in RCR, which are at least 600 sqft to less than 800 sqft, stabilised at around $1.9 million for both 1Q2025 and July-August 2025.
Similarly, the average price for units that are 800 sqft to less than 1,000 sqft slipped from $2.4 million to $2.3 million, while those that are at least 1,200 sqft to less than 1,400 sqft held steady at $3.3 million over the same period.
The data indicates that even as average prices rose on a per unit square foot basis, developers tried to keep the price quantum of homes affordable this year.
New launches to sustain prices
As we look ahead, condo prices in the prime and city fringe areas may continue to hold firm. The final quarter of this year is set to witness the launch of several exciting new developments, with strong demand anticipated among homebuyers and investors. Among the new projects are Penrith, The Sen, Zyon Grand and the GLS (Government Land Sales) site at River Valley Parcel B.
Penrith is an iconic new residence by GuocoLand Limited and Hong Leong Holdings Limited, strategically located at the heart of Queenstown in District 3. The development boasts unparalleled convenience- direct access to the Queenstown MRT station, close to Orchard Road, Holland Village, and a short 15-minute drive to the Central Business District.
In the same district, Zyon Grand, jointly developed by City Developments Limited and Mitsui Fudosan (Asia), is expected to draw significant interest from both owner-occupiers and investors.
Zyon Grand stands out as a masterpiece of architectural excellence, infusing opulence with contemporary design, which is perfect for city living. The project has direct access to the Havelock MRT station and is in proximity to the Great World City shopping mall. Investors may be enticed by the attractive rental returns, as its location near Robertson Quay will appeal to many expat tenants.
Nearby in District 9 is the River Valley Green (Parcel B) land site, purchased by GuocoLand Limited in February this year for a land rate of S$1,420 psf per plot ratio (PPR). This site, with a maximum gross floor area of 442,142 sq ft, is expected to yield about 475 residential units along with commercial space on the first floor. The future development will enjoy direct access to key amenities and transport links, including the Great World MRT station, Kim Seng Park, and alfresco dining along the Singapore River. The project will likely launch in 2026.
Lastly, The Sen is an exclusive development nestled in District 21 developed by Sustained Land Pte Ltd. Set amidst a tranquil landed enclave; the project offers a peaceful oasis surrounded by lush greenery and an ideal sanctuary for residences. Conveniently situated near renowned educational institutions, the project is expected to attract many families seeking a high-quality living experience and access to top-tier schools.
Therefore, the many outstanding project launches may sustain overall condo prices in the city fringe and prime areas, and even breach new highs in certain locales.
Christine Sun, chief researcher & strategist, Realion (OrangeTee & ETC) Group
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