A clear trend of demand in the primary market has emerged, as secondary market sales flounder according to data released by the Urban Redevelopment Authority (URA), Knight Frank says.
In a report released Oct 7, Knight Frank says that sales momentum picked up in 3Q2025 with an influx of new launches by developers. The boost was due to the 174.2% q-o-q increase in new sales to 3,238 units in the third quarter. On a yearly basis, this represented 204% more new sales.
Secondary sales transactions fell for the fifth consecutive quarter, declining 13.5% q-o-q and 19.9% y-o-y to 2,931 in 3Q2025.
Total units sold amounted to 6,169 units, up 35.0% q-o-q and 30.6% y-o-y. Flash estimates released by the URA showed that non-landed private home prices (excluding executive condominiums) in 3Q2025 grew by 1.1% q-o-q.
New sale transactions in the core central region (CCR) rose sharply in 3Q2025 q-o-q, by more than 20 times to 894 units skyrocketed in the third quarter of 2025, increasing more than 20 times to 894 units from 43 units in 2Q2025.
Four new projects were launched: River Green, The Robertson Opus, UpperHouse at Orchard Boulevard, and W Residences Marina View Singapore.
Knight Frank says local homebuyers supported all this activity.
The rest of central region (RCR) also picked up in the third quarter with the launch of Artisan 8, Lyndenwoods and Promenade Peak. A total of 1,065 new sales was recorded in 3Q2025, up 21% q-o-q.
Prices increased by 0.4% q-o-q and 4% y-o-y during the quarter, and total transaction volume in the RCR grew 3.4% q-o-q to 2,052 despite the secondary market showing a 10.7% q-o-q to 987 units.
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New sale volume in outside of central region (OCR) totalled 1,279 units in the third quarter, almost five times the 258 units in the second quarter.
Springleaf Residence sold 870 units (92%) out of 941 units at an average price of $2,175 psf during its launch weekend, the best performer in 3Q2025 in the OCR. Overall sales volume of private homes in the OCR totalled 2,707 units in during the third quarter, up 37.8% q-o-q, underpinned by primary sales. Secondary sales fell 16.3% q-o-q to 1,428 units. Prices increased 1.0% q-o-q and 5.8% y-o-y.
Leasing activity for non-landed private homes was supported by a 38.9% rise in contracts during July and August vs April and May, and 4.2% higher than the same period in 2024.
On a quarterly basis, rents across all market segments declined, with the ultraluxury segment falling the most by 6.1%.
Knight Frank expects Singapore’s to remain resilient despite global uncertainty, supported by low unemployment and healthy household balance sheets. “Most residents remain employed, and strong domestic savings provide households with financial flexibility, sustaining demand even as global economic and geopolitical pressures persist.”
In the months ahead, the key factors to watch are the unfolding global macroeconomic headwinds, interest rates, and the unemployment levels. With private home price movement in 2025 at 3.1% between January to September, the overall growth for the year is likely to fall at the higher end of the 3% to 5% projected range.
In the past five years (3Q2020 to 3Q2025), the non-landed private home price index for the CCR grew by a cumulative 27%, against the gains of 47% and 46% made in the RCR and OCR respectively. With a narrowing price gap between the prime locations versus the rest of the island, value opportunities could emerge for the observant homebuyer. And this includes options for capital preservation and legacy transfer, especially when a substantial proportion of the completed freehold inventory is in the CCR.
In the leasing market, conditions are expected to remain stable, where the overall rental growth remains on track to range between the 1% and 3% forecasted, Knight Frank says.
