Although the past year felt subdued, Singapore’s property market has shifted gears, with investment sales rebounding and a full-year 2025 target of about S$30 billion now in sight. Momentum improved in Q3 2025, when total investment sales climbed to S$10.5 billion, up 23.8% year on year and 7.5% quarter on quarter, led by private transactions and strong Government Land Sales activity.
The private sector contributed S$6.3 billion, helped by moves such as CapitaLand Integrated Commercial Trust’s S$1.05 billion stake purchase, while residential deals reached S$4.2 billion, with S$4.0 billion arising from four private GLS site awards.
Prices have been steady rather than exuberant. In Q1 2025, the Property Price Index for private homes rose 0.81% quarter on quarter and 3.33% year on year. Non-landed prices increased 0.95% QoQ and 4.74% YoY, buoyed by new launches in suburban estates, while landed values edged up 0.38% QoQ but were down 1.3% YoY.
The Outside Central Region, a bellwether for mass-market demand, accounted for 58% of total private home sales across the primary and secondary markets. The opening of Thomson-East Coast Line in November 2022 has significantly enhanced connectivity to previously underserved areas, boosting property values in these locations. Transaction volumes told a similar story: 3,375 new-home sales (down 1.32% QoQ, yet up 189.95% YoY) and 3,886 resales (down 3.16% QoQ, up 26.74% YoY).
Foreign buying remained muted under the 60% ABSD, so locals and PRs did more heavy lifting. In 2024, foreign purchases made up 2% of new sales and 1.4% of resales, reflecting the sustained impact of ABSD hikes on non-resident demand.
In Q1 2025, the residential sector dominated with S$3.7 billion in investment sales, primarily from GLS, as developers stayed selective. The commercial sector posted S$1.6 billion, with Frasers Centrepoint Trust’s S$1.2 billion acquisition of Northpoint City’s South Wing. Industrial deals also strengthened, with transaction value up 46.1% quarter on quarter to S$2.5 billion.
Mixed-use and other assets added S$0.8 billion, and River Valley Apartments found a collective-sale buyer at S$56 million. Hospitality volumes fell 42% quarter on quarter, but recovery is expected as travel demand firms.
The mix suggests investors are focusing on scalability and income visibility, while staying cautious on pricing—sensible, not sleepy.
Looking ahead, Knight Frank suggests 2025 could close near the S$27–S$29 billion range originally projected, with current momentum nudging optimism toward S$30 billion.
Strong GLS bidding, active REITs, and pent-up suburban demand are supportive, and a pipeline of about 7,000 units in 2026, rising above 11,000 by 2029, should keep supply credible, barring timing delays.
If confidence holds, that headline S$30 billion figure may soon look less like a stretch, and more like the new baseline.
