Commentary on the Q3 2025 Residential Price Index Flash Estimate

By Tricia Song (宋明蔚), Head of Research, Southeast Asia, CBRE

The flash estimate of URA’s price index for private residential properties in Q3 2025 shows that Singapore’s private housing price growth continued to accelerate, rising 1.2% q-o-q in Q3 2025 after recording 1.0% q-o-q growth in Q2 2025, and +0.8% in Q1, bringing year-to-September price growth to 3.1%. 

This comes amid an uptick in Q3 2025 new home sales on the back of healthy take-up at a slew of attractive new launches. Homebuying appetite has recovered strongly against the backdrop of low interest rates and better-than-expected economic performance.

Based on caveats downloaded from realis on 1 Oct 2025, 3,242 new private homes (excluding ECs) were sold in Q3 2025, surging 167.5% q-o-q from Q2 2025’s 1,212 units and matching Q1 2025’s bumper 3,375 units. On the other hand, secondary sales including resale and subsales saw a moderate fall of 13.3% q-o-q from 3,916 units in Q2 2025 to 3,394 units as homebuyers gravitated to the attractive new launches in the quarter.

URA Q3 2025 flash 

Flash estimates show that private home prices rose 1.2% q-o-q in Q3 2025, picking up from the 1.0% q-o-q increase in Q2 2025. 

Q3 2025 private home price increase was consistent between landed and non-landed, led by the landed segment which posted 1.4% q-o-q growth. This, however, represented a slowdown from the 2.2% increase for landed properties in Q2 2025. The non-landed segment trailed slightly, recording 1.1% q-o-q growth but picking up from the 0.7% increase in Q2 2025. 

There was a good mix of new launches in the quarter across all market segments. As such, all 3 non-landed segments observed price growth in Q3 2025, led by the CCR which recorded 2.4% q-o-q growth. This was followed by the OCR with 1.0% q-o-q growth and lastly the RCR which posted a 0.4% q-o-q increase. 

While the RCR underperformed relative to the other segments this quarter, this marked a recovery after a 1.1% decline in Q2 2025. RCR prices have outperformed all segments since its trough in Q2 2020, rising 50.5% since. The OCR followed closely with a 48.7% while CCR has been lagging, and is now just playing some catch up, with prices up 27.1% since its trough in Q3 2020. 

• CCR’s Q3 outperformance could have been attributed to pent-up demand and attractive launches. UpperHouse at Orchard Boulevard (301 units) sold 202 units (67%) at a median price of $3,273 psf. Comparatively, existing launches in the Orchard district, albeit on the other end of Orchard Road, at Sophia Road, Orchard Sophia and The Collective at One Sophia traded at $2,712 psf and $2,826 psf respectively in Q3 2025. In the River Valley locality, 99-year River Green sold 88% of its 524 units at an average price of $3,130 psf during its launch weekend in early August, on efficiently-sized layouts and affordable quantum. 999-year project The Robertson Opus (348 units), in the CCR, did well on scarcity factor as its Robertson Quay precinct had not seen a new launch in more than a decade since The Wharf Residence launched in 2008, and there is pent-up demand for a freehold-equivalent prime product. The Robertson Opus moved 169 units or 48% of 348 units at a median price of $3,359 psf.
• New OCR launches Canberra Crescent Residences (376 units) and Springleaf Residence (941 units) set new benchmark prices in their respective districts. Canberra Crescent Residences sold 233 units at a median price of $1,993 psf and Springleaf Residence saw 883 units change hands at a median price of $2,166 psf.
• The RCR saw major new launches Lyndenwoods (343 units) and Promenade Peak (596 units) which were priced more realistically. The former is the first condo launch at Singapore Science Park and sold 336 units or 98% at a median price of $2,464 psf, while the latter also moved 336 units, or 56% of 596 units at a median price of $2,920 psf by end of Q3.

Outlook

Despite persistent trade uncertainty and geopolitical tensions, the MTI upgraded its 2025 GDP growth forecast to 1.5 – 2.5% from a prior 0 – 2% on 12 Aug 2025. Domestic interest rates have also fallen significantly, with the 3-month SORA down more than 150bpbs at 1.45% on 1 Oct compared to 3.02% on 3 Jan 2025. 

Amid low interest rates and economic resilience, homebuying appetite has recovered. New home sales rebounded strongly in Q3 2025 on the back of strong take-up at bumper new launches which were priced and designed sensitively. 

With the current tally of new sales in the year-to-September at 7,829 units already exceeding FY2024’s 6,469 units, CBRE Research has upgraded our full year 2025 new home sales forecast to 8,000 – 9,000 units from the prior 7,000 – 8,000 units. 

Correspondingly, private home prices which have risen 3.1% so far could see similar growth momentum in Q4 2025, given attractive projects such as Skye at Holland in CCR and Penrith at Queenstown in the RCR slated to launch in October and November. We expect the full year price increase will likely be at the higher end of our 3-4% forecast, matching or exceeding 2024’s 3.9% full year growth.