2Q 2025 URA Private Residential Report: Sales Dip Driven by Holiday, Election Timing and Tariff

SINGAPORE, 1 July 2025 – Singapore’s private residential market posted a stable performance in 2Q 2025, growing at a moderate pace of 0.5% quarter-on-quarter (q-o-q). The slower price growth was largely due to fewer new launches seen in 2Q 2025, which typically helps prop up prices. Likewise, the uptick in sales of CCR new homes helped push prices further upwards during the quarter.

By contrast, the total volume of private homes transactions up to mid-June plummeted 40.2% to 4,340 units over the same period owing to a quieter new home market with fewer launches and external contributing factors; these include the election season in April and May, as well as the June school holidays.

According to flash estimates released by the Urban Redevelopment Authority (URA), the non-landed CCR property index exhibited the most significant growth among the regional sub-markets with a 2.3% quarter-on-quarter (q-o-q) uptick in prices. This was followed by the OCR sub-market, which grew 0.9% q-o-q. Only the RCR saw a decrease in 2Q 2025, falling -1.1% q-o-q.

Meanwhile, the landed price index grew 0.7%, continuing the uptick observed in 4Q 2024.

Chart 1: All-Residential Property Price Index and Total Private Transaction Volume

Source: URA as of 30 June 2025, ERA Research and Market Intelligence *Based on flash estimates.

“Home prices rose 0.5% in the quarter, supported by more moderate price growth across all regions. Among which, CCR saw the highest q-o-q price growth, driven by an uptick in luxury projects. Overall transactions for 2Q plummeted across the board. The smaller volume of new home transactions was mainly driven by fewer and smaller-scale project launches. In the secondary market, fewer completions led to subdued sub-sale and resale activity, further weighing on transaction volumes.” said Marcus Chu, CEO, ERA Singapore.

“While global economic uncertainty and weaker trade demand may have dampened buyer sentiment, the full impact remains to be seen. Singapore’s property market remains resilient, supported by a stable labour market and healthy domestic demand. Softer core inflation and the prospect of interest rate cuts by the U.S. Federal Reserve should further underpin homebuying confidence. In addition, firm HDB resale prices will continue to pave the way for upgraders. Separately, Singapore’s policy stability and safe-haven status is a draw for foreign buyers seeking long-term capital preservation. Though the punitive foreign buyer ABSD remains a significant challenge.”

New sale transactions saw a sharper decline in 2Q 2025, primarily due to a fewer and smaller-scale new home launches. This includes 21 Anderson (19 units), Bloomsbury Residences (358 units), One Marina Gardens (937 units) and Arina East Residences (107 units). Some launches were held back due to May’s election period and the June school holidays.

Among the projects launched in 2Q 2025, Bloomsbury Residences and One Marina Gardens stood out for their location in emerging residential precincts near business hubs. Such areas typically draw greater interest from investors. Likewise, this also explains the more gradual take-up rate of both projects, given that investors have more time to assess their options.

Both 21 Anderson and Arina East Residence are freehold boutique developments catering to more discerning buyer profiles given their freehold status. 21 Anderson features ultra-luxury, large units in District 10 which naturally see a smaller pool of buyers. By contrast, Arina East Residences is located in the Tanjong Rhu precinct that will set to see massive transformation over the next decade. These qualities likely drew strong interest from buyers seeking exclusivity and long-term value.

Table 1: Top 10 Best-Selling Projects in 2Q 2025

Source: URA as of 7 July 2025, ERA Research and Market Intelligence

“In the EC market, buyers are quickly snapping up depleting stock. As of 30 June 2025, only four EC units remain unsold. With only one EC launch at Plantation Close (Otto Place) slated to be launched this year, its supply will likely fall short of buyers’ demand.”

The coming months will likely see launches located across various estates in Singapore. They will cater to a diverse range of buyer profiles, depending on their needs, lifestyles, and preferred locations. Notable launches in 3Q 2025 include The Robertson Opus (CCR), River Green (CCR), UPPERHOUSE at Orchard Boulevard (CCR), Lyndenwoods (RCR), and Springleaf Residence (OCR).

In particular, the CCR is set to see four new launches, following a relatively quiet pipeline in recent years. These projects will offer a wider selection, from luxury residences to more mass-market projects. That said, new home sales in the CCR are still likely to progress at a more measured pace given their higher price point. Therefore, we expect the bulk of new home sales in 3Q 2025 to still come from upcoming RCR and OCR launches.

“Turning towards a broader outlook, we also expect to see more widespread economic impact arising from global uncertainty and weaker trade demand. These outcomes may further dampen consumer sentiment, leading homebuyers to adopt a more prudent stance before committing to a purchase.

However, possible silver linings may be found in a potential interest rate cut by the Feds in July, as well as the recent 2025 Draft Master Plan announcements. The latter saw the introduction of new housing neighbourhoods in areas such as Dover, Defu, Newton and Paterson, in addition to integrated community hubs in Sengkang, Woodlands North, and Yio Chu Kang on top of other initiatives. Together, these developments could help promote buyer confidence by reinforcing the Government’s long-term plans for urban renewal and liveability.”

“Looking ahead, we may possibly see nine new private home launches (totalling 4,154 units) in 3Q 2025, with four of these projects debuting in the CCR. Compared to 2Q 2025, buying activity in 3Q 2025 is expected to pick up, albeit at a more measured pace than 4Q 2024 and 1Q 2025’s strong performances. Collectively, 2H 2025 will see 15 new home launches and 1 EC that will bring a total of 7,332 homes.

“The coming months will likely see launches located across various estates in Singapore. They will cater to a diverse range of buyer profiles, depending on their needs, lifestyles, and preferred locations. Notable launches in 3Q 2025 include The Robertson Opus (CCR), River Green (CCR), UPPERHOUSE at Orchard Boulevard (CCR), Lyndenwoods (RCR), and Springleaf Residence (OCR).”

“In particular, the CCR is set to see four new launches, following a relatively quiet pipeline in recent years. These projects will offer a wider selection, from luxury residences to more mass-market projects. That said, new home sales in the CCR are still likely to progress at a more measured pace given their higher price point. Therefore, we expect the bulk of new home sales in 3Q 2025 to still come from upcoming RCR and OCR launches.”

“In light of current conditions and barring any unforeseen circumstances, ERA projects 8,500 to 9,000 new homes to be sold for the whole of 2025. In conjunction, sub-sale and resale transactions are also expected to reach between 1,100 to 1,300 units and 14,000 to 15,000 units respectively by the close of 2025.”

Table 2: Upcoming launches in 2025

Executive Condominium

Source: ERA Project Marketing

For media enquiries, please contact:

Ning Peh, Senior Marketing Communications Manager, ERA Singapore

Email: ning@era.com.sg

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