Private leasing rises 24.2% in Q3 to four-year high

Landed leasing volumes declined 7.6%, which was attributed to a smaller pool of senior expatriates and tighter housing allowances.

Private residential leasing activity climbed to a four-year high in the third quarter of 2025, driven by seasonal demand and a strong rebound in landed and non-landed rental volumes.

According to data compiled by Savills, the number of private residential leasing contracts (excluding executive condominiums) rose 24.2% QoQ to 26,882 in Q3, up 3.2% YoY and the highest level since Q3 2021.

Savills attributed the spike in activity primarily to seasonal demand tied to the start of international school terms. Leasing volumes increased across all segments, with landed home leases rising 36.4% QoQ and non-landed properties up 23.6%.

Within the non-landed segment, leasing activity rose 24.6% in the Outside Central Region (OCR), 24.2% in the Rest of Central Region (RCR), and 21.7% in the Core Central Region (CCR).

On a year-on-year basis, trends diverged across segments. Landed leasing volumes declined 7.6%, which Savills linked to a smaller pool of senior expatriates and tighter housing allowances.

By contrast, leasing volumes for apartments and condominiums grew 4.0% YoY, with gains broadly consistent across regions—CCR (+4.2%), RCR (+3.8%), and OCR (+3.9%).

Despite the recent rise in leasing activity, underlying demand may be moderating. Employment Pass holders, a key tenant group, declined from 205,400 in December 2023 to 202,100 in December 2024, and 201,200 as of June 2025, reflecting a gradual contraction in the expatriate workforce.

In the non-landed segment, Normanton Park recorded the highest number of leasing contracts with 199, followed by Midtown Modern, which benefited from its new completion and connectivity to the Bugis and City Hall area.

The Sail @ Marina Bay ranked third with 156 leases, whilst Parc Riviera and Lakeville placed fourth and fifth, respectively, both supported by demand linked to the International Business Park and the Canadian International School in Lakeside.

Looking ahead, Savills cautioned that the strong Q3 figures may have been front-loaded into July and August, with leasing activity likely to moderate amid elevated business uncertainty and external risks, including potential impacts from “Liberation Day” tariffs.

Whilst the URA rental index rose 2.4% year-to-date, Savills expects private residential rents to remain broadly flat for 2025, with minor fluctuations possible depending on market conditions.

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