Private home prices inch up in Q1 amidst new launches

Despite firm price growth, overall private home sales (excluding ECs) fell by 11.2% QoQ to 6,085 units.

Private home prices in Singapore inched up in the first quarter of 2025, supported by strong new launch activity in the suburban and fringe regions, even as overall transaction volumes dipped, according to the latest residential market report from Knight Frank Singapore.

The non-landed private residential price index rose by 0.6% QoQ and 4.3% YoY, reflecting a stabilisation in price growth compared to the previous quarter. Price increases were led by units in the Rest of Central Region (RCR) and Outside Central Region (OCR), with launches such as The Orie and Parktown Residence driving demand.

Despite firm price growth, overall private home sales (excluding ECs) fell by 11.2% QoQ to 6,085 units, although they were up by 54% YoY. The primary market held steady, with 3,310 new homes sold, whilst secondary market transactions declined by over 20%.

In the Core Central Region (CCR), new sales saw a 41.2% QoQ increase, driven by projects like One Bernam and Aurea.

However, total volumes remained below 1,000 units for the eighth straight quarter. Prices in the CCR rose by 0.6% QoQ and 1.7% YoY, reflecting subdued momentum in the high-end segment.

The RCR recorded a 1% QoQ price increase, largely due to the launch of The Orie at an average of $2,704 psf, while sales volumes dropped 38.9% QoQ.

Meanwhile, the OCR saw a 0.3% QoQ price gain, with new sales jumping by 57.4% on the back of strong launches at Lentor Central and Hillhaven.

Rental activity rebounded, with leasing volumes increasing 4.7% in January–February 2025 compared to the previous two months.

Rents rose by 1–2% in most segments, but ultra-luxury rents declined by 3% due to weaker high-end demand and more stock availability. Smaller units faced higher vacancy rates than larger family homes.

Knight Frank projects 7,000 to 9,000 new private home sales in 2025, depending on policy developments. Total non-landed transactions could reach 19,000 to 23,000 units, with prices expected to rise 3–5% for the year.

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