New home market on track to meet full-year projections

Looking ahead, Knight Frank expects rental growth to remain moderate at 1-3% for the rest of 2025.

Singapore’s private new home market is on track to meet full-year expectations, with 7,730 units sold year to date, according to Knight Frank.

This places primary sales well within the firm’s projected range of 7,000 to 9,000 units for the year. With prices rising 3.1% from January to September, Knight Frank expects full-year 2025 price growth to reach the upper end of its 3–5% forecast, supported by resilient employment and household finances.

Looking over five years from Q3 2020 to Q3 2025, private home prices in the Core Central Region (CCR) rose 27%, compared to 47% in the Rest of Central Region (RCR) and 46% in the Outside Central Region (OCR).

The narrowing gap suggests potential value opportunities in the CCR, especially among completed freehold properties, Knight Frank noted.

Market activity accelerated in Q3 2025, with total non-landed transactions (excluding Executive Condominiums) rising to 6,169 units, up 35.0% QoQ and 30.6% YoY. The rebound was driven by a slate of new launches ahead of the Lunar Seventh Month, which diverted attention from the secondary market.

New private home sales surged 174.2% QoQ to 3,238 units (up 204.0% YoY), whilst resale transactions fell 13.5% to 2,931 units, marking the fifth consecutive quarter of decline in the secondary segment.

According to URA flash estimates, the non-landed private home price index rose to 209.1, a 1.1% increase from the previous quarter and 5.9% higher YoY. The price uplift was largely led by strong performance in the primary market.

In the leasing market, 18,155 rental contracts were signed in July–August 2025 — up 38.9% from April to May and 4.2% YoY.

Despite the increase in rental volume, rents fell across segments every quarter, with ultra-luxury rents down 6.1%, as landlords responded to cost-of-living pressures by prioritising occupancy over asking prices.

Looking ahead, Knight Frank expects rental growth to remain moderate at 1-3% for the rest of 2025, citing ongoing macroeconomic uncertainty and tenant caution amid concerns over job security.

Whilst the private housing market remains resilient, Knight Frank noted that the balance of supply, buyer sentiment, and affordability will continue to shape outcomes through the end of the year.

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