Singapore private property prices sustains growth in Q3

CBRE noted that price momentum has steadily picked up over the year.

Private residential property prices in Singapore rose 1.2% QoQ in Q3, according to URA’s flash estimates.

That brings total price growth for the first nine months of the year to 3.1%.

Landed homes posted a 1.4% increase, whilst non-landed prices rose 1.1%. Regionally, the Core Central Region (CCR) outperformed with a 2.4% gain, followed by the Outside Central Region (OCR) at 1.0%, and the Rest of Central Region (RCR) at 0.4%.

CBRE noted that price momentum has steadily picked up over the year—Q1 (+0.8%), Q2 (+1.0%), and now Q3 (+1.2%)—driven by healthy new launch activity.

Key performers included UpperHouse at Orchard Boulevard (around 67% sold at $3,273 psf), River Green (88% sold at launch, ~S$3,130 psf), and The Robertson Opus (48% sold, ~S$3,359 psf).

CBRE cited improving economic sentiment, including the Ministry of Trade and Industry’s GDP upgrade (1.5–2.5%) and falling interest rates, with the 3-month SORA sharply down since January.

The firm raised its full-year new home sales forecast to 8,000–9,000 units and expects price growth to end 2025 at the upper end of the 3–4% range, supported by a stronger Q4 pipeline.

On the other hand, Cushman & Wakefield said the price gap between CCR and other regions has narrowed significantly—CCR/OCR at 1.5x and CCR/RCR at 1.3x this year, compared to 2.0x and 1.7x respectively in 2016.

Sales volumes were also robust. C&W estimated about 6,594 private homes were sold in Q3 (up 28.6% qoq, 22.7% yoy), driven by eight major launches—half in the CCR. Notably, 11 of 18 key projects launched in 2025 sold more than 50% of units in their first month.

The firm now projects 2025 price growth at 3–4% and full-year sales potentially exceeding 23,000 units, barring any cooling measures or external shocks.

OrangeTee–Realion emphasized the role of non-landed homes (+1.1% in Q3), with the CCR (+2.4%) leading the charge. The region saw a dramatic jump in new sales—from just 44 units in Q2 to 896 in Q3. OCR sales also surged, whilst RCR volumes rose from 883 to 1,067.

Luxury demand played a key role. OrangeTee noted a 24.1% quarter-on-quarter rise in transactions above $3m, with 1,340 units sold in Q3 versus 1,080 in Q2.

The firm expects steady demand going forward as developers front-load launches following the Hungry Ghost Month, and as potential Fed rate cuts and easing measures provide tailwinds. Its 2025 price growth forecast stands at 3.5–5%.

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