How did Singapore’s housing market fare in Q3? It held firm, with prices inching up and activity broadening out. Private home prices rose 0.9% in Q3 2025, a touch below the 1% gain in Q2, suggesting steady, not exuberant, momentum. Landed properties increased 1.4%, down from 2.2% previously, while non-landed prices grew 0.8%, slightly faster than Q2’s 0.7%. In the Core Central Region, CCR non-landed prices rose by 1.7%, while Rest of Central Region values ticked up 0.3%, reversing a 1.1% decline in Q2.
Q3 housing held firm: prices inched up, signaling steady momentum across landed and non-landed homes
In the Outside Central Region, non-landed values also climbed 0.8%, moderating from 1.1%. Buyers still paid up for quality, with Springleaf Residences, the top-selling project, achieving a median price of S$2,166 per square foot. Four 99-year private residential land parcels were awarded during the quarter, underscoring four parcels.
New launches changed the pace. Developers rolled out 4,191 private units excluding ECs, up sharply from 1,520 in Q2, and nine non-landed projects entered the market, including Artisan 8, Canberra Crescent Residences, and W Residences Marina View. Supported by greater Government Land Sales supply, new home sales surged to 3,288 units, 171.3% higher than Q2’s 1,212. Interestingly, private condos are gaining popularity over Executive Condominiums due to rental income potential without the 5-year Minimum Occupation Period restriction.
The mix of attractive pricing and improving sentiment did some heavy lifting, the property market’s version of a double espresso.
Transaction volumes widened beyond the primary market. Total private transactions, excluding ECs, reached 7,404 units, up 44.4% from 5,128 in Q2. Resale volumes rose 6.4% quarter-on-quarter to 3,881 units.
In public housing, HDB resale deals ticked up 1.7% to 7,221 from 7,102, though they remained 11.3% lower than a year earlier. Across the first three quarters of 2025, 19,793 private units changed hands, already exceeding the 14,517 recorded in the same period of 2024.
Investment appetite reawakened in tandem. Residential investment sales nearly hit S$5.0 billion, more than doubling Q2’s S$2.01 billion. Private sector values rose 105.8% quarter-on-quarter, while public sector values jumped 189.1%.
Tender participation strengthened, with an average of 6.5 bids per private residential GLS site. City Developments Limited secured two EC sites at record land rates of S$771 and S$782 per square foot per plot ratio, and Chiku Mansions sold en bloc for S$22.2 million, or S$1,180 psf ppr.
Sentiment benefited from easing interest rates and better-than-expected economic readings, and buyers returned after the June school holidays, encouraged by narrower gaps between new and resale prices.
Upgrader demand and confidence in long-term fundamentals kept the sales engine humming, even as macro risks lingered. Developers, facing strong sales, showed renewed confidence and sought to replenish land banks.
Risks persist: only 10% flagged inflation and rates, while cooling measures, job worries, softer Singaporean demand, and pricier land loom large.
