In the midst of a turbulent macroeconomic environment, Singapore's private residential market has shown extraordinary resilience in 2025, with annual new private residential sales expected to exceed 10,000 units, setting a four-year high since 2021.
<img src="https://imageproxy.pbkrs.com/https://dss0.zbstatic5.com/s3fs-public/articles/2025/12/21/UntitledArtwork201202.jpg/query-MTAyMg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://dss0.zbstatic5.com/s3fs-public/articles/2025/12/21/UntitledArtwork201202.jpg/query-MTAyMg"/>
Looking ahead to the property market next year, analysts anticipate it will remain hot, with private residential prices likely to maintain the current growth momentum of 3% to 4% per year. However, due to a limited number of launched projects, sales may drop below 10,000 units.
<img src="https://imageproxy.pbkrs.com/https://dss0.zbstatic5.com/s3fs-public/articles/2025/12/21/251207SunBiz20Real20estate20marketCHART201.jpg/query-MTAyMg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://dss0.zbstatic5.com/s3fs-public/articles/2025/12/21/251207SunBiz20Real20estate20marketCHART201.jpg/query-MTAyMg"/>
Additionally, developers will continue to face pressure and rising costs in land acquisition, leading to persistently high private residential prices, which may prompt the government to implement cooling measures, such as tightening loan limits.
This year's property market can be described as a bustling year, with new project sales exceeding market expectations. Several projects sold over 80% of their units upon launch, with some selling out completely.
For example, Skye at Holland in Holland Village sold 658 out of 666 units within a month of its launch in October, achieving a sales rate of 98.8% and an average price per square foot of SGD 2,953, making it the most sought-after new luxury private residential project of the year.
<img src="https://imageproxy.pbkrs.com/https://dss0.zbstatic5.com/s3fs-public/articles/2025/12/21/251207SunBiz20Real20estate20marketCHART202.jpg/query-MTAyMg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://dss0.zbstatic5.com/s3fs-public/articles/2025/12/21/251207SunBiz20Real20estate20marketCHART202.jpg/query-MTAyMg"/>
<h3>This Year's New Private Residential Sales Expected to Increase by Over 70% Year-on-Year</h3>
According to data from the Urban Redevelopment Authority, overall private residential prices have increased by 2.7% in the first nine months of this year. Analysts surveyed expect the annual price increase for new private residential units to be between 3% and 5%, roughly maintaining last year's growth rate of 3.9%.
In terms of sales, data provided by various real estate consulting firms to Lianhe Zaobao indicates that approximately 26 new projects were launched this year, supplying 11,400 units to the market, a more than 70% increase compared to the 6,600 units launched last year. This is also the highest number of units launched since 2013.
With more units launched by developers, the number of sold units naturally increased significantly.
In the first 11 months of this year, developers have sold 10,500 new private residential units, with total annual sales estimated to be between 11,000 and 11,500 units, far exceeding last year's sales of 6,469 units. This will be the highest level since 2021, when sales reached 13,027 units
It is worth mentioning that this year the external macroeconomic environment has been turbulent, especially with the tariff measures announced by U.S. President Trump in April impacting the globe, dragging down the global economic performance, including that of Singapore.
According to the economic survey report released by the Ministry of Trade and Industry last month, the economic growth forecast for this year is about 4%, slightly lower than last year's growth of 4.4%. Authorities also stated that the impact of U.S. tariffs will become significantly apparent next year, with the economic growth rate expected to slow down, increasing by 1% to 3%.
Despite this, the prices and sales of private residential properties in Singapore have not declined in line with the expected economic slowdown, with sales increasing by more than 70%, demonstrating the resilience of the property market and strong local demand for home purchases.
<h3>The New Wealth of Households in Our Country Allows Buyers to Have More Funds</h3>
<img src="https://imageproxy.pbkrs.com/https://dss0.zbstatic5.com/s3fs-public/articles/2025/12/21/Visitors20at20Skye20at20Holland20sales20gallery.jpg/query-MTAyMg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://dss0.zbstatic5.com/s3fs-public/articles/2025/12/21/Visitors20at20Skye20at20Holland20sales20gallery.jpg/query-MTAyMg"/>
Skye at Holland is the most sought-after new luxury private residential project this year, with nearly sold out since its launch in October, selling 658 out of 666 units, achieving a sales rate of 98.8%, with an average price per square foot of 2,953 SGD. (Photo by UOL and CapitaLand)
What factors have contributed to the strong buying momentum in the local property market?
Zheng Weiming, Senior Director of Research at Knight Frank, pointed out in an interview with Lianhe Zaobao that the resilience of the local private residential market is attributed to low unemployment rates and healthy household balance sheets. Most residents remain employed, and even under pressure from the global economy and geopolitical issues, demand can still be maintained.
He also stated, &#34;Since interest rates have been continuously declining since September last year and have been cut multiple times this year, previously hesitant homebuyers have finally made up their minds. This includes some buyer groups who expect property prices to rise further and choose to act early to purchase homes.&#34;
The three-month Singapore Overnight Rate Average (SORA), which is referenced for local housing loans, has dropped from 3.0227% at the beginning of this year to 1.2565%, a decline of about 1.76 percentage points.
Generally speaking, lower loan interest rates are a major driving force in the real estate market.
As interest rates decrease, buyers' affordability improves, attracting them back to the market. For instance, in 2021, when SORA was nearly zero, new private residential sales immediately surpassed 10,000 units; during the period from 2023 to 2024, when SORA rose to nearly 4%, private residential sales also fell below 7,000 units.
Li Side, Senior Data Analytics Director at Huttons, attributed the strong buying momentum to the significant growth of local household wealth, allowing buyers to have more funds at hand.
According to data compiled by Huttons, as of the second quarter of this year, the total amount of currency and deposits held by households in our country reached SGD 680.154 billion, an increase of SGD 9.05971 billion from the previous quarter, with a growth rate of 15.4%
Li Side said: &#34;If converted, the new wealth of households in our country is enough to purchase 9,000 luxury homes worth 10 million yuan each.&#34;
Zhang Minzhang, Executive Director of Research and Consultancy at Savills, also pointed out that much of the wealth accumulation among Chinese people comes from the baby boomer generation.
&#34;These individuals are concerned that their children cannot afford private housing, so they choose to purchase private homes under their children's names, paying the full or partial amount. This situation of 'parents helping children buy homes' has become common nowadays.&#34;
<h3>Core Central Region High-End Private Homes Have Shown Strong Sales This Year</h3>
<img src="https://imageproxy.pbkrs.com/https://dss0.zbstatic5.com/s3fs-public/articles/2025/12/21/W20Residences20photo.jpg/query-MTAyMg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://dss0.zbstatic5.com/s3fs-public/articles/2025/12/21/W20Residences20photo.jpg/query-MTAyMg"/>
The Marina View (W Residences Marina View) in the Marina Bay area began exclusive previews in July, but sales have been slow. According to data from the Urban Redevelopment Authority, only five units have been sold so far. (Photo by IOI Properties Group)
A detailed analysis of the market shows that this year has been a remarkable year for high-end private homes in the Core Central Region (CCR), with about eight projects launching over 2,600 high-end units.
<h4>Further Reading</h4>
Observing the Trends: Snowless Mountains and Flooded Deserts, Climate Change Disrupts the Global Tourism Industry

 Observing the Trends: Robots Are Getting Closer to Daily Life, Local Robotics Industry Sees Opportunities


Their sales performance has mostly been impressive, including Skye at Holland, UpperHouse@Orchard Boulevard on Orchard Road, The Robertson Opus at Robertson Quay, and River Green on Jervois Road, which were nearly sold out or sold nearly half of their units in the first weekend of opening
This has also led to a significant increase in the transaction volume of luxury homes located in the core central area, valued at least SGD 5 million. In the first three quarters of this year, there were 455 luxury home transactions, a year-on-year increase of 35%, with a total transaction value of SGD 4.5 billion, up 73.7% year-on-year.
However, some high-end private residential projects have underperformed.
For example, W Residences Marina View, located in the Marina Bay area, began its exclusive preview in July but has seen slow sales. According to data from the Urban Redevelopment Authority, it has only sold five units to date, with transaction prices ranging from SGD 3,302 to SGD 4,256 per square foot.
<h3>The Best-Selling Project This Year is in Tampines</h3>
Overall, the best-selling project this year is the premium project PARKTOWN Residence in Tampines, which has 1,193 units. When launched in February, it successfully sold 87% or 1,041 units, making it the first project in the local real estate market to sell 1,000 units on its opening weekend. To date, a total of 1,111 units have been sold, with a median price of SGD 2,363 per square foot.
Other best-selling projects include Springleaf Residence (904 units), The Orie (730 units), Skye at Holland (662 units), and Zyon Grand (605 units).
According to Huang Xiuying, Head of Research and Content at PropNex, the strong performance of high-end private residences this year is due to attractive pricing and the gradually narrowing price gap with other central region (RCR) mid-range private residences.
She expects that supported by this year's outstanding sales performance, high-end private residences will continue to be favored by buyers next year.
<h3>20 New Projects Expected Next Year</h3>
<img src="https://imageproxy.pbkrs.com/https://dss0.zbstatic5.com/s3fs-public/articles/2025/12/21/8V7A6281.JPG/query-MTAyMg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://dss0.zbstatic5.com/s3fs-public/articles/2025/12/21/8V7A6281.JPG/query-MTAyMg"/>
Next year, more than half of the new projects will come from outside the central region (OCR), which represents mass-market private residences, including a new private residential project in the Punggol area that has not been seen for a long time. This site was won by SingHaiyi in March this year, with a bid equivalent to SGD 1,388 per square foot of gross floor area, the highest land price per square foot ever recorded outside the central region. (Photo by He Bingyao)
According to ERA property statistics, 20 new private residential projects are expected to launch next year, along with five EC projects. More than half of these new projects are located outside the central region (OCR), including the Coastal Cabana EC project adjacent to Downtown East, a new private residential project in the Punggol area, and a premium project with over 1,000 units on Chuan Grove.
ERA President Zhu Yongqiang stated that next year will be a leading year for mass-market private residential projects, with demand coming from HDB upgraders. The current hot state of the property market is expected to continue until 2026, with overall private residential transaction activity remaining strong
However, due to the reduction in the number of units to be launched next year, the total sales of private residential properties may only reach 9,000 to 10,000 units for the year.
According to various analysts' forecasts, new private residential sales next year are expected to range between 7,500 and 10,000 units, with price increases between 3% and 5%.
In addition, Zhu Yongqiang pointed out that the recent rise in land costs may weaken the affordability of some upgrading flat owners, while the continued strong sales of new private residential properties may increase the likelihood of the government implementing regulatory measures to cool the property market.
In fact, to curb speculative behavior, the government adjusted the seller's stamp duty and the holding period for residential real estate in early July. Subsequently, Minister of State for the Prime Minister's Office and Second Minister for Finance and National Development, Indranee Rajah, reminded at the Real Estate Developers' Association of Singapore (REDAS) seminar on the 2025 outlook for the real estate market that the government continues to closely monitor the trends in the real estate market and will adjust policies as necessary.
Last month, the National University of Singapore's Institute of Real Estate and Urban Studies released the Real Estate Sentiment Index (RESI) for the third quarter of 2025, showing that real estate developers' confidence in the market continued to improve in the third quarter, but concerns about the government taking further action to cool the market also increased.
Sixty percent of the surveyed developers believe that the likelihood of government intervention has increased, significantly higher than the 42.3% in the previous quarter.
Southeast Asia Research Director at CBRE, Song Mingwei, stated in an interview that the biggest downside risk facing the market next year is the government's implementation of cooling measures.
She said, &#34;With strong rebounds in private residential sales and fierce bidding for recently released land parcels leading to continuous increases in land prices, the prices of new private residential properties are likely to remain high, with increases potentially exceeding economic fundamentals, forcing the government to introduce more cooling measures.&#34;
<h3>Completion of Private Residential Properties Expected to Increase by 30% Next Year, Rental Prices Likely to Face Downward Pressure</h3>
Not only has the performance of new private residential properties been impressive, but the resale market for private residential properties has also shown resilience this year. Zhu Yongqiang indicated that resale transactions for private residential properties have been active, with 11,825 units resold in the first 11 months, and the total resale volume for the year is expected to reach last year's level of 14,053 units. One reason may be the 40% reduction in completed units this year, which has contributed to the continued upward trend in property prices.
This year, approximately 5,249 units were completed, including the first private residential project in the Lentor area, Lentor Modern, Piccadilly Grand, Perfect Ten, and Irwell Hill Residences.
Next year, the number of completed units is expected to be around 7,006, an increase of about 30% compared to this year, including Canninghill Piers, Tembusu Grand, Pinetree Hill, and Lentor Hills Residences.
On the other hand, the increase in the supply of completed private residential properties may pose greater resistance to the rise in private residential rental prices next year. Zhang Minzhang believes that landlords will face significant competition in attracting tenants, and the regional economic outlook is expected to be weak
Li Side also said that the leasing market will be relatively cautious next year, with private residential rental growth between 1% and 4%.
In the first three quarters of this year, the private residential project with the highest rental volume is Normanton Park, which rented out a total of 489 units, with an average monthly rent of SGD 6.27 per square foot.
<img src="https://imageproxy.pbkrs.com/https://dss0.zbstatic5.com/s3fs-public/articles/2025/12/21/251207SunBiz20Real20estate20marketCHART204.jpg/query-MTAyMg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://dss0.zbstatic5.com/s3fs-public/articles/2025/12/21/251207SunBiz20Real20estate20marketCHART204.jpg/query-MTAyMg"/>

This year, Singapore's private residential market has performed strongly, with annual sales expected to exceed 10,000 units, setting the highest record since 2021. Analysts expect private residential prices to continue rising next year, but sales may decline to below 10,000 units, and the government may introduce cooling measures to address the issue of excessively high prices

Observing the Trends: This Year’s New Private Housing Market is Booming, What’s the Forecast for Next Year? A Cooling Down is Coming? | Lianhe Zaobao