A flurry of new launches in Q3 2025, including several projects in the city has helped to prop up private home prices in the quarter, posting the fourth consecutive quarter of increase. Meanwhile, HDB resale flat prices rose at a slower pace in Q3 2025, marking the fourth straight quarter of easing price growth, according to flash estimates released today.
Q3 2025 URA Private Residential Property Index (FLASH)
Prices of private residential property edged higher in Q3 2025, rising by 1.2% QOQ amid robust primary market sales. This follows the 1.0% QOQ price growth in Q2 2025, and marks the second consecutive quarter where private home prices grew at a slightly faster pace (see Table 1). Taken together, the URA PPI has increased by a cumulative 3.1% in the first nine months of 2025 (9M 2025), based on the flash estimates. In 9M 2024, the URA PPI rose by 1.6%. The flash estimates cover transactions up till mid-September, and the final PPI data will be released on 24 October.
Table 1: URA Private Property Price Index (PPI) Q3 2025 Flash estimates
Price Indices Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 F (QOQ % Change) (YOY % Change) (QOQ % Change) Overall PPI 1.4 0.9 -0.7 2.3 3.9 0.8 1.0 1.2 Landed 2.6 1.9 -3.4 -0.1 0.9 0.4 2.2 1.4 Non-Landed 1.0 0.6 0.1 3.0 4.7 1.0 0.7 1.1 CCR 3.4 -0.3 -1.1 2.6 4.5 0.8 3.0 2.4 RCR 0.3 1.6 0.8 3.0 5.8 1.7 -1.1 0.4 OCR 0.2 0.2 0.0 3.3 3.7 0.3 1.1 1.0 Source: PropNex Research, URA
In Q3 2025, non-landed private homes prices climbed by 1.1% QOQ, accelerating from the 0.7% QOQ increase in the previous quarter. Within this segment, home prices in the Core Central Region (CCR) witnessed the steepest increase in the quarter, rising by 2.4% QOQ - building on the 3.0% QOQ growth in Q2 2025. The uptick in CCR home prices may be attributed to the flurry of new launches in this sub-market in Q3 2025, namely The Robertson Opus, UpperHouse at Orchard Boulevard, and River Green. According to caveats lodged, the three projects collectively sold 835 new units in the quarter (see Table 2 below) - helping to push overall CCR new home sales to around 900 units in Q3 2025 (till 21 Sep) which is the highest quarterly CCR sales since Q4 2010.
Over in the Rest of Central Region (RCR), non-landed private home prices rose by 0.4% QOQ in Q3 2025, reversing the 1.1% QOQ decline in the previous quarter. LyndenWoods and Promenade Peak were the two major new launches that had propelled sales and supported prices in the RCR. Based on URA Realis caveat data, LyndenWoods and Promenade Peak have each sold 336 units during the quarter since their respective launch dates.
Non-landed private home prices in the Outside Central Region (OCR) also climbed in Q3 2025, rising by 1.0% QOQ compared with the 1.1% growth in Q2 2025. The healthy demand for mass market homes has contributed to the resilient prices in the OCR. In particular, the 941-unit Springleaf Residence has shifted 883 (94% of total units) as per caveats lodged (till 21 Sep) since the project hit the market in August. Another new launch in the quarter, Canberra Crescent Residences sold 233 out of its 376 units (62%).
Table 2: New project launches (ex. EC) in Q3 2025
Project Region Units sold Average transacted $PSF price SPRINGLEAF RESIDENCE OCR 883 $2,176 RIVER GREEN CCR 464 $3,120 PROMENADE PEAK RCR 336 $2,969 LYNDENWOODS RCR 336 $2,462 CANBERRA CRESCENT RESIDENCES OCR 233 $1,986 UPPERHOUSE AT ORCHARD BOULEVARD CCR 202 $3,304 THE ROBERTSON OPUS CCR 169 $3,356 ARTISAN 8 RCR 16 $2,388 Total 2,639 Source: PropNex Research, URA Realis (*data till 21 September 2025)
Meanwhile in the landed homes segment, prices continued to rise in Q3 2025, climbing by 1.4% QOQ following the 2.2% QOQ increase in the previous quarter. As per caveats lodged (till 23 Sep), the average transacted unit price on land rose in all three landed housing types - detached, semi-detached, and terrace - in Q3 from Q2 2025, with detached homes posting the steepest jump of 9% QOQ amid an uptick in sales volume to 49 transactions in Q3 from 46 in Q2 2025. Overall, there were 458 landed home transactions in Q3, down from the 509 deals in the previous quarter. The priciest landed home sold in the quarter was a detached house in the Chee Hoon Avenue good class bungalow area which had fetched $55 million.
Mr Kelvin Fong, CEO of PropNex said:
"The sustained buyer interest in new launches in Q3 2025 has helped to prop up private home prices. Overall, we expect the private residential property market to remain positive with modest price upside, particularly for well-located projects. For 2025, we project that private home prices may rise by 4% to 5% - close to the 3.9% increase in 2024. Based on URA figures and caveats lodged, developers have sold an estimated more than 3,200 new homes (ex. EC) in Q3 2025 (till 21 Sep), taking the sales this year to over 7,800 units (ex. EC). We believe the new home sales volume could reach 9,000 to 10,000 units (ex. EC).
A key highlight in Q3 2025 is the rebound in the CCR, as three launches - The Robertson Opus, UpperHouse at Orchard Boulevard, and River Green - drove sales. In our view, the CCR remains one to watch in Q4 2025, with the final CCR launch of 2025 coming up. The 666-unit Skye at Holland is competitively priced with prices of two-bedders starting from around $1.51 million, while prices of the three-bedders start from $2.40 million - which are in the pricing sweet-spot of many prospective homebuyers. The other upcoming launches in Q4 2025, including Penrith (RCR), Faber Residence (OCR), and Zyon Grand (RCR) will also provide more options for homebuyers and property investors.
Of note, about 68% of the new non-landed private homes (ex. EC) sold in Q3 2025 (till 21 Sep) were priced at below $2.5 million (see Table 3). From our observations, buyers are increasingly focused on value, amenity, and convenience. Hence, projects that are attractively priced and have strong transport links will see more robust demand, as seen in Springleaf Residence which sold an impressive 92% of 941 units on its launch weekend in August.
Table 3: Proportion of non-landed private new home sales (ex. EC) by price range
Price range Q1 2025 Q2 2025 Q3 2025 Below $1.5 mil 13.5% 24.9% 19.0% $1.5 mil to <$2 mil 37.9% 20.0% 28.9% $2 mil to <$2.5 mil 20.5% 21.2% 19.8% $2.5 mil to <$3 mil 15.0% 13.9% 14.7% $3 mil to <$3.5 mil 7.7% 7.7% 8.1% $3.5 mil to <$4 mil 4.0% 7.0% 4.9% $4 mil to <$5 mil 0.7% 2.8% 2.7% $5 mil to <$10 mil 0.6% 1.8% 1.6% $10 mil and above 0.2% 0.8% 0.2% Total 100.0% 100.0% 100.0% % below $2.5 million 71.9% 66.0% 67.7% Source: PropNex Research, URA Realis (*data till 21 September 2025)
Moving forward, we continue to be optimistic about the private housing market, amid lower interest rates, pipeline of attractive launches, as well as stable homebuying interest among first-timer buyers and HDB upgraders. In September 2025, the US Federal Reserve cut rates for the first time this year, and it is the fourth rate cut after 11 hikes from March 2022. Owing to downside risk to growth and the labour market in the US, some observers expect there may be two further rate cuts by the US Fed in Q4 2025.
We expect the moderation in interest rates to continue to support the property market in Singapore. In a PropNex consumer survey conducted earlier this year, about 55% of the 1,100 respondents said that they are either "motivated" or "very motivated" to purchase a residential property amid lower interest rates. As at 1 October 2025, the 3-Month Compounded SORA (Singapore Overnight Rate Average) - which banks used to price home loan packages - has fallen to about 1.45% p.a. from 3.02% p.a. at the start of 2025.
That said, amidst the rebound in sales and healthy buying interest, the macro environment remains a wildcard, including the US trade tariffs. The support factors for private housing demand and prices in Singapore continue to hinge on a positive economic outlook, tight labour market, and rising household income."
Q3 2025 HDB Resale Price Index (FLASH)
Flash estimates released by the Housing and Development Board (HDB) showed that resale flat prices rose at a slower pace of 0.4% QOQ in Q3 2025, decelerating further from the 0.9% QOQ increase in the previous quarter. This is the fourth straight quarter of slower growth in the HDB resale price index, and the price increase in Q3 2025 is also the slowest quarterly growth in over 5 years since the 0.3% QOQ increase in Q2 2020. Cumulatively, HDB resale flat prices have risen by 2.9% in 9M 2025 as per flash estimates - significantly slower than the 6.9% growth in 9M 2024.
The HDB noted that there were 7,157 flats resold in Q3 2025 (till 29 September 2025). This is slightly higher than the 7,102 HDB resale flats transacted in the previous quarter. The latest data took the number of resale flats sold to 20,849 in the first nine months of 2025 (till 29 September). In comparison, there were 22,562 HDB flats resold in 9M 2024.
Table 4: HDB Resale Price Index
Quarter QOQ % change YOY % change Q1 2022 2.4% 12.2% Q2 2022 2.8% 12.0% Q3 2022 2.6% 11.6% Q4 2022 2.3% 10.4% Q1 2023 1.0% 8.8% Q2 2023 1.5% 7.5% Q3 2023 1.3% 6.2% Q4 2023 1.1% 4.9% Q1 2024 1.8% 5.8% Q2 2024 2.3% 6.6% Q3 2024 2.7% 8.1% Q4 2024 2.6% 9.7% Q1 2025 1.6% 9.4% Q2 2025 0.9% 8.0% Q3 2025 Flash 0.4% 5.6% Source: PropNex Research, HDB
Ms Wong Siew Ying, Head of Research and Content, PropNex Realty said:
"The continued deceleration in quarterly price growth in Q3 2025 as per the flash estimates suggests that the run-up in HDB resale prices in prior years is giving way to a more measured climb, following both demand- and supply-side measures from the government in recent years. The 0.4% QOQ increase in Q3 2025 is the slimmest quarterly price growth since the HDB resale price index inched up by 0.3% QOQ in Q2 2020 (when circuit breaker measures were implemented during the COVID-19 pandemic).
Meanwhile, the resale flat volume was relatively stable, with more than 7,100 flats resold in Q3 2025. Overall, we project that HDB resale transactions may range from 27,000 to 28,000 units for the whole of 2025, while HDB resale prices could climb by 3% to 4% this year - slowing significantly from the 9.7% increase in 2024.
In our view, the ample supply of new flats - including projects in attractive locations - under HDB's build-to-order (BTO) and sale of balance flats (SBF) exercises acts as counterbalance, helping to meet public housing demand and potentially drawing some buyers from the HDB resale market to apply for new flats that have shorter waiting time. The sustained BTO supply is also useful in offering alternatives to prospective buyers, particularly in a year where the number of flats attaining the 5-year minimum occupation period (MOP) is low, at 8,000 units in 2025 which may potentially crimp the resale stock of flats.
Chart 1: Number of million-dollar resale flats sold
Source: PropNex Research, data.gov.sg (*data retrieved 1 October 2025)
While the overall HDB resale market is stabilising, we note there remains a small pocket of strength in certain areas which have contributed to another record-breaking quarter of million-dollar resale flats sold in Q3 2025. During the quarter, there were 480 resale flats transacted for at least $1 million, up from 415 units in Q2 2025 (see Chart 1), and pushing the total tally of such flats resold to 1,243 units in the first nine months of 2025 - which is about 6% of the total HDB resale volume during the period. The figure has already surpassed the all-time high of 1,035 units of million-dollar resale flats that changed hands in the entire 2024. At this rate, the number of flats resold for at least $1 million looks certain to exceed 1,500 units this year.
The 480 million-dollar flats resold in Q3 2025 comprised one 3-room terrace flat, 204 units of 4-room flats, 172 units of 5-room flats, 102 executive flats and a multi-gen flat. In particular, the number of such flats sold in the 4- and 5-room flat types are quarterly highs. By town, Toa Payoh led million-dollar resale flat transactions in Q3 2025, with 92 such deals, followed by 61 units in Bukit Merah, and 40 units in Kallang Whampoa.
Overall, we expect a more stable and gradual HDB resale market in Q4 2025 amid existing policy guardrails and the increased supply of new flats. That said, we believe prices of well-located resale flats with sought-after attributes - close to the city, near to MRT station and amenities, on a high floor, large unit size, lengthy lease balance etc. - will remain supported due to the healthy buying interest for these flats.
The continued moderation in HDB resale price growth could help pave the way for the easing of the 15-month wait-out period measure. Meanwhile, the government has said that it is looking at reviewing the monthly household income ceiling for BTO flats. When the change takes place, we reckon there may possibly be some knock-on impact on the resale segment. For instance, perhaps some buyers have had to turn to resale flats as they could not apply for a BTO flat due to their higher household income, but they may potentially be able to do so should the income ceiling be increased. In a way, the raising of the monthly household income ceiling will likely enlarge the demand pool for the ample supply of BTO flats, while at the same time help to moderate resale demand."
[SRC] https://www.propnex.com/news-details/11241/private-home-prices-rose-in-q3-2025-helped-by-city-launches-pace-of-hdb-resale-price-growth-continued-to-ease-flash-estimates
