Landed homes market puts up strong 4Q2025 performance, bolstered by upgraders: analysts
The landed housing market saw higher sales volume and transacted prices in 4Q2025 (Picture: Samuel Isaac Chua/EdgeProp Singapore)
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The landed residential property market showed a stronger performance in the last quarter of 2025, backed by healthy demand, according to market analysts. Research compiled by Huttons Asia shows that 482 landed homes (excluding Good Class Bungalows, or GCBs, and strata landed homes) changed hands in 4Q2025, 7.6% higher than in the previous quarter. The homes were sold for a total value of $2.8 billion, up 6.7% q-o-q.
The 4Q2025 figures represent the highest quarterly sales volume and value since 4Q2021, observes Lee Sze Teck, Huttons’ senior director for data analytics. On average, prices of landed homes grew 4% q-o-q to hit $2,148 psf in 4Q2025.
Source: URA, Huttons Data Analytics (As of Jan 23)
The figures also cap off a solid year for the landed housing market. According to Huttons, 1,801 landed homes were sold for the whole of 2025, jumping 14.4% compared to the year before. The homes fetched an average price of $2,056 psf, rising 7% y-o-y, while the average quantum for a landed home last year was $5.79 million, 9.2% higher y-o-y.
Lee attributes the performance in 2025 to resilient demand. “The stronger-than-expected economic growth, rising stock market, falling interest rates and the rising prices of non-landed homes were some key reasons behind the robust demand for landed homes,” he explains.
In a separate research report, Marcus Chu, CEO of ERA Singapore, notes that the landed property market has seen a “stellar year”. “Overall, the landed segment performed remarkably well, with 1,852 transactions in 2025, the highest since 2021,” he comments. The figure also surpasses ERA’s initial forecast range of 1,500 to 1,800 landed housing deals for 2025.
Higher transactions in the RCR and OCR
In ERA’s report, Chu also points to higher condo prices as a contributing factor to the landed property market’s performance. “Rising non-landed home prices have improved affordability for condo upgraders,” he says. “With the ability to command higher prices for their condos, these homeowners have greater access to the landed market.”
This has become particularly apparent in the Rest of Central Region (RCR) and Outside Central Region (OCR). As condo prices in these regions have appreciated, so too have landed home transactions.
According to ERA’s research, landed home transactions in the OCR grew 12.4% q-o-q to 452 deals in 4Q2025, while those in the RCR grew 5.4% q-o-q to 98 deals. “Lower prices of less centrally located homes provided a more attractive price-point for upgraders, as they seek to balance their locational preferences, spatial needs and affordability,” adds Chu.
On the other hand, landed homes in the Core Central Region (CCR) saw fewer transactions, with only 25 properties changing hands in 4Q2025, down 30.6% from 36 properties in the previous quarter. Chu pegs the lower activity to mismatched expectations between buyers and sellers. “CCR landed home sellers, typically with higher holding power, are less inclined to reduce their prices.”
Price growth across all segments
Terraced homes continued to make up the bulk of landed property transactions, with 1,033 terraced homes changing hands in 2025, according to Huttons’ research. This made up over 57% of total landed property deals last year, and is 9% higher compared to the 948 terraced home transactions in 2024.
Semi-detached homes accounted for 594 transactions (33% of landed property transactions), compared to 478 transactions in 2024. Meanwhile, detached homes made up 174 transactions (9.7%), rising from 148 the year before.
The higher volume was in tandem with price growth across all segments. Detached homes saw the biggest increase, with the average price of such homes rising by 8.8% to $1,838 psf in 2025. This was followed by terraced home prices, which climbed 8.2% to $2,184 psf, and semi-detached homes, which grew 5.3% to $1,897 psf.
Source: URA, Huttons Data Analytics (As of Jan 23)
In terms of tenure, freehold and 999-year leasehold homes made up 1,544 (85.7%) of landed home transactions in 2025, up four percentage points from 2024. On the other hand, the proportion of 99-year leasehold landed home transactions fell to 14.3%.
According to Huttons, the average quantum for freehold and 999-year leasehold landed homes rose in 2025, with terraced home prices rising 8.6% y-o-y to $4.7 million, while semi-detached and detached homes saw prices rise 5.9% and 2.9% to $6.9 million and $12.1 million, respectively.
Biggest landed property deals
The upbeat sentiment in the landed property segment also extended to the GCB market, which recorded a resilient performance last quarter, according to a January research report by Realion (OrangeTee & ETC) Research.
In 4Q2025, nine GCBs were sold at an average land rate of $2,021 psf, based on caveats lodged. The volume is on a par with the eight GCB deals recorded in 3Q2025, though average prices dipped slightly from $2,120 psf in 3Q2025.
Nonetheless, this brings GCB deals to 28 for the whole year, roughly similar to the 30 GCB transactions in 2024. In addition, the average land rate stood at $2,100 psf for the whole year, higher than the $2,030 psf for 2024.
Top deals in Good Class Bungalow Areas in 2025 by price:
Source: URA, Huttons Data Analytics as of Jan 23, 2026.
The steady performance in the GCB market reflects renewed demand within the wider luxury home market, supported by new launches.
Realion’s report indicates that 644 landed and non-landed luxury homes were sold in 2025, spiking 47.4% compared to 437 units in 2024. Total luxury housing sales value was $6.35 billion in 2025, up 57.3% y-o-y.
The biggest GCB transaction in 2025 by absolute price was the sale of property along Peirce Road with a land area of 80,448 sq ft last December. The house changed hands for $148 million ($1,840 psf).
The Good Class Bungalow at Peirce Road that fetched $148 million last December (Picture: Samuel Isaac Chua/EdgeProp Singapore)
Excluding GCBs, the biggest landed property deal in 2025 was the sale of a freehold detached home at Namly Grove. The property, spanning a land area of 10,880 sq ft, fetched $30.3 million ($2,785 psf) in October of last year.
On the other end of the spectrum, the cheapest landed house transacted in 2025 was a terraced property on Jalan Chempaka Kuning with around nine years remaining on its 70-year lease. The house changed hands for $518,000 in August 2025, which translates to $140 psf on its land area of 3,694 sq ft.
Mixed outlook
Moving forward, ERA’s Chu expects the robust landed housing performance in 4Q2025 to be sustained this year. “We foresee the sales momentum carrying into 2026, projecting between 1,750 and 1,950 transactions, with price growth of 5% to 7% for the full year.”
Huttons’ Lee, on the other hand, takes a slightly more cautious view. With condo prices expected to test new benchmarks in 2026, he anticipates further spillover demand in the landed market from condo upgraders.
However, renewed tariff threats and ongoing geopolitical tensions could potentially increase uncertainty, weighing down sentiment. “On balance, prices of landed homes may be steady in 2026, while volume may decrease slightly,” Lee predicts.
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