With the ramp-up in the supply of private housing via the Government Land Sales (GLS) programme in recent years, a “significant” supply pipeline of about 57,000 private residential units (including ECs) is expected to be completed in the next few years, adds URA.
Meanwhile, the overall private residential rental index decreased by 0.5% in 4Q2025, reversing from a 1.2% increase in 3Q2025, marking the first decline since 2Q2024.
For 2025 as a whole, the private residential rental index registered an increase of 1.9%, reversing from a 1.9% decrease in 2024.
URA’s final 4Q2025 and 2025 real estate statistics follow the release of flash estimates on Jan 2.
See also: 2025 private property prices rise at slowest pace since 2020: URA
See also: Who is New Vision, owner-developer of Ascott’s Shenton Way hotel and serviced apartment?
OCR, landed properties lead price rise
Overall, prices of non-landed private properties decreased by 0.2% in 4Q2025, compared with the 0.8% increase in 3Q2025.
In the Core Central Region (CCR), prices decreased by 3.5% in 4Q2025, compared with the 1.7% increase in 3Q2025. This marks a reversal after four consecutive quarters of price growth, as the “stellar performance” of Skye at Holland skewed 3Q2025 volumes, says Marcus Chu, CEO of ERA Singapore.
Meanwhile, prices in the Rest of Central Region (RCR) and Outside Central Region (OCR) increased in 4Q2025.
Prices of both non-landed and landed private homes rose in 2025. “Landed homes continue to be viewed highly by local high-net-worth individuals due to their stability, offering both long-term capital preservation and appreciation potential,” says Chu of ERA.
RCR rentals lead the pack
Rentals of non-landed and landed properties generally increased in 2025.
While underlying demand remains healthy, the market as a whole is reaching an affordability ceiling, preventing tight supply conditions from translating into further rental growth, says Chia Siew Chuin, JLL’s head of residential research, Singapore.
This is giving rise to a “two-speed rental market”, Chia adds. In the prime CCR and city-fringe RCR, strong net demand pushed vacancy rates down to 8.8% and 6.0% respectively in 4Q2025. Conversely, in the suburban OCR, rents fell by 2.0% q-o-q despite having the tightest vacancy rate on the island, at 4.9%.
“While a ‘flight to centrality’ is supporting rents in prime areas, the tenant base in the suburbs has hit a firm affordability wall, compelling landlords to lower asking rents even in a tight market,” says Chia.
Moving forward, landlords will likely face stiffer competition for tenants as more private homes will be completed this year, says Christine Sun, chief researcher and strategist of Realion (OrangeTee & ETC) Group.
“They may also face more competition from newer HDB flats as the public housing stock is poised to increase substantially. The overall private rental price index is expected to hold steady at 2% to 3% for 2026, while 82,000 to 87,000 homes could be leased,” she adds.
More launches, more sales in 2025
Developers launched 2,632 uncompleted private residential units (excluding ECs) for sale in 4Q2025, compared with the 4,191 units in 3Q2025.
In 2025, developers launched 11,482 uncompleted private residential properties (excluding ECs) for sale — the highest since 2013 — compared with the 6,647 units in the previous year.
Developers sold 2,940 private residential units (excluding ECs) in 4Q2025, compared with the 3,288 units sold in 3Q2025.
In 2025, developers sold 10,815 private residential units (excluding ECs) — the highest since 2021 — compared with the 6,469 units in the previous year.
Surpassing 10,000 units in new home sales for the first time in four years “clearly signals the deep-seated confidence and purchasing power that continues to support housing demand”, says JLL’s Chia.
‘Subdued’ sub-sales a good sign
In 2025, there were 14,622 resale transactions, compared with the 14,053 resale transactions in 2024. There were 1,055 sub-sale transactions during the year, compared with the 1,428 sub-sale transactions in 2024.
A key indicator of market health was the “subdued” level of sub-sale transactions, adds Chua, at 6.7% of total secondary market transactions in 2025.
Falling sub-sales — commonly seen as a proxy for property speculation — may indicate that buying activity is increasingly driven by owner-occupiers and purchasers who take a longer-term view, says Kelvin Fong, CEO of PropNex. “Fewer sub-sales could also mean that buyers have stronger financial holding power, or face less financing stress due to high interest rates.”
The top three best-selling projects in 2025 were Parktown Residence (1,116 units sold), Springleaf Residence (904) and The Orie (735).
Huttons Data Analytics estimates developers’ sales for 2026 may be as high as 10,000 units, with prices set to grow between 2% and 5% in 2026. Meanwhile, PropNex forecasts a tighter 3%–4% price growth this year.
Wong Shanting, research head at Newmark, forecasts a more conservative 8,500 and 9,500 units of developers’ sales this year. “There are concerns that an overly exuberant market could prompt some degree of policy intervention… With completion set to remain subdued for the second consecutive year, homebuyers are expected to gravitate towards the new home market amid tighter resale supply.”
In 2025, developers launched 1,360 EC units for sale and sold 1,630 EC units, compared with the 1,016 EC units launched and 1,227 EC units sold in 2024.
PropNex expects sales of ECs to remain elevated in 2026, with up to five new EC projects potentially in the launch pipeline. Coastal Cabana EC in Pasir Ris sold 66.5% (498 units) of its 748 units over its launch weekend on Jan 17-18.
For the whole of 2026, 18 new private residential developments comprising about 9,852 units and five EC projects with around 1,972 units are expected to be launched.
Tables: URA
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